Greg Mumford

$CIFR

[Greg Mumford @GregJMumford]

The way AI infrastructure is built is evolving rapidly. Staying closely aligned with our tenants has never been more important. We’re proud of the partnerships we’re building and remain relentlessly focused on execution and delivering for our customers.

[Cipher Digital @CipherInc]

Cipher Digital Expands Barber Lake Lease Term to 20 Years, Increasing Revenue to Over $9 Billion

· Additional 10-year term adds ~$5.2 billion of contracted revenue at Barber Lake
· In connection with change orders and continued evolution of the tenant’s design, the lease amendment establishes a phased delivery schedule for the site, with individual data halls expected to be delivered between Q4 2026 and Q1 2027
· Cipher remains on track with the revised delivery schedule

“Extending Barber Lake’s contracted life reflects the enduring value of the infrastructure we're building,” said Tyler Page, CEO. “Barber Lake was designed as a long-lived, mission-critical asset, and securing a firm commitment that extends well beyond the original lease term demonstrates the long-term utility and strategic relevance of the campus, as well as the durability of demand for hyperscale computing capacity.”

Read the full press release here: https://t.co/CrHvKIKk7N

[Greg Mumford @GregJMumford]

We’ve got some building to do.

[Cipher Digital @CipherInc]

After the conclusion of follow-up discussions with our transmission service providers, Cipher has received the following designations:

Conditional Base Load
· Stingray (100 MW)
· Colchis (1 GW)

Conditional Studied Load
· Mikeska (500 MW, PCLR qualified)
· Apollo (900 MW, PCLR qualified)
· Stingray Phase II (200 MW, PCLR qualified)
· McLennan (500 MW)

As a reminder, Barber Lake (300 MW), Black Pearl (300 MW), and Odessa (207 MW) are already energized, and Reveille (70 MW) and Ulysses (200 MW) are fully interconnection-approved.

We look forward to complying with the comprehensive audit and will share final designations when available in December.

[Greg Mumford @GregJMumford]

Exactly right

[Tyler Page @rftylerpage]

As the data center industry continues to evolve, the ability to work well with grid operators, utilities and regulators is going to be a key differentiator for those who successfully scale. We are excited to have Bill join our team, and Cipher continues to accelerate.
$CIFR

[Greg Mumford @GregJMumford]

@CipherInc has now raised $4.5 billion of bonds across three issuances, with aggregate order books of $34 billion.

Cipher Digital Inc. Announces Pricing of $810.0 Million of Senior Secured Notes https://t.co/TqDL3WfVkT

[Greg Mumford @GregJMumford]

Introducing Cipher Digital

[Cipher Digital @CipherInc]

This morning, Cipher released its Q4 and FY’25 business update and announced an official rebrand to Cipher Digital, reflecting $CIFR's strategic transition into a leading HPC data center development platform.

The Company also announced the following updates:

- Barber Lake and Black Pearl developments remain on schedule and on budget
- Divested 49% interests in the Alborz, Bear, and Chief JV sites and select mining equipment for ~$40 million in an all-stock transaction
- Reported Q4 2025 revenue of $60 million

“Building on a transformative 2025, the fourth quarter reflected continued momentum as we advanced our evolution into a leading HPC data center development company,” said Tyler Page, CEO. “With financing fully secured and construction on track for both of our currently contracted developments, 2026 is a year of execution as we establish Cipher Digital as a premier platform powering next-generation compute.”

More here: https://t.co/mDgkNyTAVO

[Greg Mumford @GregJMumford]

@BlackPantherCap 6.125%!

[Greg Mumford @GregJMumford]

https://t.co/nVNrc0amtR

[Greg Mumford @GregJMumford]

Feeding the pipeline and expanding to PJM. On to 2026 $CIFR

[Cipher Digital @CipherInc]

@CipherInc is pleased to announce the acquisition of a 200 MW site in Ohio. The site, named Ulysses, is Cipher’s first outside of Texas.

*195 acres with secured interconnection approvals to participate in the PJM market
*Expected to energize in Q4 2027
*Well-suited for HPC given its acreage, energization timeline, availability of diverse fiber paths, and proximity to a major metropolitan area

With this addition, $CIFR's development pipeline totals ~3.4 GW across 8 sites.

Full release: https://t.co/2xmcHSVI7S

[Cipher Digital @CipherInc]

Structural concrete and steel erection are underway at Barber Lake, just 8 weeks after lease execution. Another example of $CIFR's best-in-class team delivering quality execution at scale, with speed.

[Cipher Digital @CipherInc]

Cipher Mining Signs Additional 56 MW, 10-Year AI Hosting Agreement with Fluidstack

In this transaction, Cipher will deliver 39 MW of Critical IT Load to Fluidstack at its Barber Lake site, securing ~$830M in contracted revenue over the initial 10-year term.

The agreement also includes two 5-year extension options. If exercised, these extension options would bring the total contracted revenue to ~$2.0 billion for this transaction and ~$9.0 billion in total for the entire lease.

With these newly contracted megawatts, Fluidstack is increasing the size of its original transaction and leasing the entire 300 MW of capacity at $CIFR's Barber Lake site.

To support the buildout, @Google will backstop an additional $333M of @fluidstack's lease obligations.

“We’re excited to expand our partnerships with Fluidstack and Google as we develop the remaining current capacity at our Barber Lake site,” said Tyler Page, Cipher’s CEO. “This third transaction further validates Cipher’s position as a leader in HPC development and underscores the strong momentum that will continue to drive growth across our pipeline of sites.”

Full Press Release here: https://t.co/PqoqKufber