Wobi retweeted
Cipher Begins Development of Lateral Pipelines to Facilitate Data Center Expansion via Bring-Your-Own-Generation
- Lateral pipelines capable of supporting up to 2.5 GW of new generation across multiple sites
- New generation expected to increase Cipher’s leasable HPC data center capacity and is a significant step toward making new power available by 2027
“Securing and delivering power is the foundation of everything we do. Bringing our own electricity generation allows us to unlock significant new capacity quickly while proactively contributing to greater grid stability in the communities in which we build our data centers,” said Tyler Page, Chief Executive Officer.
Read the full press release here: bit.ly/4dkG7z5
Wobi retweeted
Team, we can’t control the day-to-day moves in $CIFR , but I have never been more excited about what’s coming. Thank you for your patience, and apologies for the bumps. I promise we are doing everything we can to reward your support, and the future is bright.
Wobi retweeted
$CIFR | 𝐂𝐢𝐩𝐡𝐞𝐫 𝐌𝐢𝐧𝐢𝐧𝐠: Clear Street reiterates 𝐁𝐮𝐲, maintains 𝐏𝐓 𝐚𝐭 $𝟑𝟐
Analyst sees new data center lease reinforcing AI/HPC pivot, with strong demand signals across the sector.
📢 𝐉𝐔𝐒𝐓 𝐈𝐍: $CIFR Cipher Digital Signs 𝟏𝟓-𝐘𝐞𝐚𝐫 AI Data Center Lease, Secures $𝟐𝟎𝟎𝐌 Facility
👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:
➤ Cipher signs 𝟏𝟓-𝐲𝐞𝐚𝐫 lease with 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭-𝐠𝐫𝐚𝐝𝐞 hyperscale tenant.
➤ Will develop new 𝐇𝐏𝐂 𝐀𝐈 data center at existing site.
➤ Marks company’s 𝐭𝐡𝐢𝐫𝐝 large-scale AI campus agreement.
➤ Secures 𝐫𝐞𝐯𝐨𝐥𝐯𝐢𝐧𝐠 𝐜𝐫𝐞𝐝𝐢𝐭 facility up to $𝟐𝟎𝟎𝐌.
➤ Includes additional $𝟓𝟎𝐌 accordion expansion option.
➤ Facility priced at 𝐒𝐎𝐅𝐑 + 𝟏.𝟐𝟓%–𝟏.𝟕𝟓%, matures 𝟐𝟎𝟑𝟎.
➤ Provides 𝐧𝐨𝐧-𝐝𝐢𝐥𝐮𝐭𝐢𝐯𝐞 capital to support AI infrastructure growth.
Wobi retweeted
It's starting to feel like the '27 Yankees around here...2026 is going to be gigantic.
$CIFR
Cipher is pleased to welcome industry veterans @lee_bratcher and @_drewarmstrong_ to the team.
*Lee Bratcher joins as Head of Policy & Government Affairs
*Drew Armstrong joins as Head of Strategic Initiatives
“As Cipher continues to grow into one of the world’s largest data center developers, adding experienced leaders of the caliber of Lee and Drew is critical,” said Tyler Page, Chief Executive Officer. “Their combined regulatory, strategic, and industry experience will help accelerate our growth as we continue on our path to becoming the leading innovator in the AI and HPC data center industry.”
Press Release: globenewswire.com/news-relea…
Wobi retweeted
@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: bit.ly/3Lckfv0
Wobi retweeted
The market needs to learn how to differentiate among the teams building data centers. We are on schedule at Barber Lake and our confidence is unwavering.
$CIFR
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.
Wobi retweeted
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: bit.ly/3XCnhez
Wobi retweeted
$CIFR to $65
$CIFR 2027 Price Target - $65 (currently $12)
I had the privilege of interviewing @rftylerpage $cifr this past Sunday and came away more bullish about the future following the Barber Lake deal closure with @fluidstack @Google resulting in 5.4% equity granted in warrants and a $1.4B backstop pledged to help construction funding.
@CipherInc followed up with a $1.3B convertible bond offering (upsized from $800m, $1.1B) with 0% interest and a capped call that essentially converts debt to equity at $23.22 per share. The company for now will pursue 100% ownership of sites and try to avoid JV (like Fortress) unless necessary.
Tyler referenced playing both offense and defense on the call, reminding me of former Heisman Trophy winner Charles Woodson of Michigan (Tyler is a U of M JD grad).
$cifr not only secured their ability to fulfill their deal obligations (defense) but has the ability to get more aggressive on future deals with the new capital and existing HODL (offense) for their existing pipeline but also new potential sites.
Let's run through the valuation components below:
1) Colocation properties are detailed but most notably, I predict $cifr will convert Odessa and Black Pearl I to colocation and stop mining bitcoin at those sites.
2) Mining value is minimal and related to HODL. The company will likely load balance and monetize their existing fleet but it's too difficult to forecast the EH at this time and it is more conservative to exclude.
3) Cloud Service Provider I believe the $iren template of FMV leasing will eventually be adopted by $cifr but my friend @litigious_dulce finds it likely that the late adopters will be incentivized to purchase Rubin CPX due to the next generation efficiency gains.
For illustrative purposes, I have detailed GB 300 to emphasize the value creation possibility but acknowledge Tyler's concern with GPU obsolescence.
4) Developmental Pipeline based on the $5-12m value assigned to grid connections by Morgan Stanley in an April 2024 report, I took the midpoint of $8.5m value on the remaining MW given the shortage of power and the delay in getting grid connections if you start today. While these sites are not approved, I feel more confident after asking Tyler the question regarding approval.
Comments and questions encouraged but you will not convince me that @rftylerpage does not have the ability and team to pull this value off over time.
Interview link below in comments.
NFA DYOR
@mikealfred @ericjackson @GaryCardone
Wobi retweeted
$CIFR CONVERTIBLE ROUND WAS 7X OVERSUBSCRIBED & UPSIZED AGAIN TO $1.3B.
Capital is flowing to GPU-dense AI-utility build-outs as Cipher ramps its $GOOGL-backed power-secured co-location campuses & lines up its own cloud service to capture the next wave of inference workloads.
