Cipher Digital announces 2025 update, pivots to HPC data centers

Cipher Digital (formerly Cipher Mining) announced a strategic rebrand and business update focusing on HPC data center development.

• Main announcement: Cipher Digital rebranded from Cipher Mining and sold a 49% interest in three 40 MW joint-venture sites (Alborz, Bear, Chief) to Canaan Inc. for approximately $40 million (all-stock). The Company completed three high-yield bond offerings to fully finance construction at its two named HPC projects (Barber Lake and Black Pearl), raising aggregate proceeds of $3.73 billion. The financing includes $1.4 billion of senior secured notes at 7.125%, an additional $333 million at 7.125% (bringing Barber Lake financing to $1.73 billion), and $2.0 billion of senior secured notes at 6.125%.
• Background and details: Cipher has 600 MW gross contracted HPC capacity via two leases (a 15-year 300 MW lease with AWS and a 10-year 300 MW lease with Fluidstack and Google). Both Barber Lake and Black Pearl developments are reported on schedule (Barber Lake: ~95% of long-lead equipment secured and design milestones achieved; Black Pearl: EPC activities underway). Financial highlights include Q4 2025 revenue of $60 million and Adjusted Net Loss of $55 million.