Cipher Digital Debt, Lenders and Contracts
The public financings and compute contracts naming Cipher Digital, with lenders, pricing and sources.
Cipher Digital has raised $6B in 6 public debt and structured financings since 2025, from 1 named lender. Leads include Morgan Stanley.
It is the seller in 3 contracts in the Offtake Tracker, with Amazon Web Services, Fluidstack and Investment-grade hyperscaler (reported AWS); data center leases total $8.5B.
Profile
| Type | Miner turned AI host |
| Headquarters | New York, NY |
| AI status | Signed AI/HPC lease |
| Listing | NASDAQ: CIFR |
| Website | cipherdigital.com |
Debt at Jun 30, 2026
$5.5B of debt and $832M of cash at Jun 30, 2026, from the 10-Q filed Aug 4, 2026. Leases are not counted as debt.
| Facility | Principal | Rate | Maturity | Security | Rating |
|---|---|---|---|---|---|
| Cipher Compute 2030 Senior Secured Notes (Barber Lake)Senior secured notes | $1.7B | 7.125% | Nov 2030 | Secured | Moody's Ba3, Fitch BB- |
| Black Pearl Compute 2031 Senior Secured NotesSenior secured notes | $2.0B | 6.125% | Feb 2031 | Secured | Moody's Ba2, Fitch BB- |
| Stingray Compute 2031 Senior Secured NotesSenior secured notes | $810M | 6.000% | Jun 2031 | Secured | Moody's Ba2, Fitch BB- |
| 2030 Convertible NotesConvertible notes | $173M | 1.750% | May 2030 | Unsecured | - |
| 2031 Convertible NotesConvertible notes | $1.3B | 0.000% | Oct 2031 | Unsecured | - |
| Revolving Credit Facility ($200M)Revolver | Undrawn | SOFR + 1.75% | Mar 2030 | Secured, recourse | - |
Financings (6)
| Date | Amount | Type | Lenders | Pricing | Source |
|---|---|---|---|---|---|
| Jun 15, 2026 | $810M | Senior notes | Not named | 6.00% fixed | SEC |
| Mar 23, 2026 | $200M | Revolver | Morgan Stanley | - | SEC |
| Feb 4, 2026 | $2B | Senior notes | Not named | 6.125% fixed | SEC |
| Nov 20, 2025 | $333M | Senior notes | Not named | 7.125% fixed | GlobeNewswire via Nasdaq |
| Nov 13, 2025 | $1.4B | Senior notes | Not named | 7.125% fixed | SEC |
| Sep 30, 2025 | $1.3B | Convertible notes | Not named | 0.00% | SEC |
Compute contracts (3)
| Date | Buyer | Seller | Type | Value | Term | Source |
|---|---|---|---|---|---|---|
| Mar 24, 2026 | Investment-grade hyperscaler (reported AWS) | Cipher Digital | Data center lease | n/d | 15 yrs | The Energy Mag |
| Nov 3, 2025 | Amazon Web Services | Cipher Digital | Data center lease | $5.5B | 15 yrs | Forklog |
| Sep 25, 2025 | Fluidstack | Cipher Digital | Data center lease | $3B | 10 yrs | The Block |
Sites
| Site | Location | MW | Status |
|---|---|---|---|
| Barber LakeLeased to Fluidstack, Google backs certain obligations | TX | 300 MW | AI/HPC |
| Black PearlInvestment-grade hyperscale tenant; first capacity delivered Aug 2026 | TX | - | AI/HPC |
| Apollo (option)Site option near San Antonio | TX | 900 MW | Planned AI/HPC |
MW as reported: some figures are gross power, some critical IT. Sources: Blockspace, Miner Weekly, ForkLog.
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