CIFR
Cipher Mining Inc.14.99
+0.25+1.7%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
AWS site, delivery details revealed
Q&A pinned the AWS 300MW lease to Black Pearl, repurposing its existing high-quality 150MW air-cooled build for Phase 1 delivery in July 2026, with Phase 2 design still balancing speed and efficiency at PUE 1.4-1.45. Management expects debt to fund most CapEx, backed by convert proceeds, while eyeing colocation or own-compute for Barber Lake's spare 56MW amid surging lease rates. Deals accelerate ERCOT approvals and credibility with TDSPs. Odessa stays mining through cheap PPA to 2027. Frenzy escalates weekly. Deals beget deals. Investors watch pipeline leasing, construction timelines.
Key Stats
Market Cap
5.92BP/E (TTM)
-Basic EPS (TTM)
-0.17Dividend Yield
0%Recent Filings
8-K
Cipher subsidiary closes $2B notes
Cipher Mining's indirect subsidiary Black Pearl Compute closed a $2.0 billion 6.125% senior secured notes offering on February 11, 2026, maturing February 15, 2031, with semiannual amortization starting post-construction. Proceeds fund the remaining Black Pearl Facility buildout in Wink, Texas, reimburse Cipher $232.5 million in prior equity, and cover reserves. Covenants restrict debt and dividends. Cipher backs timely completion.
8-K
Appoints real estate expert Duda
Cipher Mining expanded its board from seven to eight directors, appointing Thomas Duda effective February 11, 2026. Duda, with over 20 years in real estate investment including his current VP role at Henry Crown and Company, joins the Compensation and Nominating Committees to aid the pivot to data center leadership. Expertise bolsters infrastructure push. Forward-looking benefits carry execution risks.
8-K
Prices $2B notes for data center
Cipher Mining's subsidiary Black Pearl Compute priced $2.0 billion of 6.125% senior secured notes due 2031 at par on February 4, 2026, with closing eyed for February 11 pending conditions. Proceeds target finishing the Black Pearl Facility in Wink, Texas, reimbursing Cipher $232.5 million in prior equity, funding reserves, and fees. Notes carry first-priority liens on key assets. Completion hinges on market winds.
8-K
Black Pearl $2B notes launch
Cipher's subsidiary Black Pearl Compute announced a proposed $2.00 billion senior secured notes offering due 2031 to fund its 300 MW Black Pearl HPC data center in Wink, Texas, fully leased to Amazon Data Services for 15 years with ~$5.5Bn contracted revenue. Proceeds reimburse $232.5 million prior capex, fund construction capped at $9.5MM/IT MW (Amazon covers overruns), reserves, and fees. Amazon parent guarantees rent; Cipher provides completion guaranty. Offering hinges on market conditions.
8-K
Cipher upsizes secured notes
Cipher Mining's subsidiary Cipher Compute closed a $333M private offering of additional 7.125% senior secured notes due 2030 on November 24, 2025, upsizing the series to $1.733B total. Proceeds fund construction of extra facilities at the Barber Lake high-performance computing data center in Texas. Notes amortize semiannually post-completion, with Cipher guaranteeing timely buildout. Covenants restrict debt and dividends.
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