Cipher Digital up 9% on 15-year AI lease, $200M credit

The update gives investors two new signals at once: a long-term customer commitment for Cipher’s expanding data center business and fresh financing to support that buildout. The company said the lease is tied to its third data center campus, where it will develop and deliver a new high-performance computing facility at one of its existing sites. The tenant was not named.

The new campus agreement adds to Cipher’s push into hyperscale computing infrastructure. In the company’s announcement, CEO Tyler Page said the deal supports its position as a provider of HPC data center capacity for large customers.

The financing side of the update adds flexibility as the company expands beyond its Bitcoin mining roots. Cipher said the revolving facility was undrawn at closing, matures in March 2030, and carries interest at SOFR plus 1.25% to 1.75%, with pricing that can step down depending on its debt-to-market-cap ratio.

The credit line also includes a $50 million accordion option and is backed by a syndicate of global banks. Morgan Stanley acted as administrative agent, lead arranger, and lead bookrunner, while Santander, Goldman Sachs, JPMorgan Chase, SMBC, and Wells Fargo also participated. Cipher said the proceeds can be used to support liquidity, working capital, and growth initiatives.

In February, the company changed its name from Cipher Mining to Cipher Digital to reflect a shift away from bitcoin mining to operating industrial-scale data centers for AI and cloud workloads.

Financial terms of the lease and a construction timeline were not disclosed.