Cipher Digital Secures $200M Credit Line and Signs Third AI Campus Lease
Cipher Digital topped out the Barber Lake data center and began Phase II site work at Black Pearl while signing a third AI campus lease with an investment-grade hyperscale tenant. The company closed a $200 million revolving credit facility and reported Q1 revenue of $35 million with adjusted EBITDA of negative $48 million.
1. Development Progress at Barber Lake and Black Pearl
The Barber Lake data center building reached structural topping out in April, with mechanical, electrical and networking installations now underway. At the Black Pearl campus, Phase I retrofitting of the existing structure is progressing on schedule and Phase II layout and site work commenced in April, keeping both projects on track.
2. Third AI Data Center Campus Lease Signed
Cipher secured its third AI-focused campus lease in Q1, partnering with an investment-grade hyperscale tenant. This deal builds on last year’s momentum and reinforces Cipher’s position as a leading developer of high-performance computing data centers.
3. $200 Million Revolving Credit Facility Closed
The company obtained a $200 million revolving credit facility backed by a syndicate of global financial institutions, boosting liquidity and ensuring funding for the equity portion of the third data center campus plus near-term capital needs.
4. Q1 2026 Financial Results
Cipher reported Q1 revenue of $35 million alongside an adjusted EBITDA loss of $48 million, reflecting ongoing investment in data center construction and development as the company scales its industrial HPC platform.