CIFR Cipher Digital Inc.
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Executive Summary
Cipher Digital's wholly-owned subsidiary Stingray Compute LLC announced a proposed $810 million senior secured notes offering due 2031 to fund construction of a 70 MW HPC data center pre-leased to AWS. The notes are backed by a long-term lease with Amazon, which guarantees rent and covers cost overruns above $10.5M/IT MW. The offering underscores Cipher's ability to secure non-dilutive financing for a fully contracted, creditworthy project.
Actionable Insight
Monitor the closing of the notes offering as it de-risks the Stingray project and confirms Cipher's access to capital markets for HPC data center funding. Successful completion would validate the Amazon-backed business model and potentially reduce equity dilution risk for common shareholders.
Key Facts
- Stingray Compute LLC intends to offer $810M aggregate principal amount of senior secured notes due 2031.
- Proceeds will fund remaining construction costs of the Stingray Facility, reimburse Cipher for $63.6M prior equity contributions, and fund debt service reserves.
- Stingray is a 70 MW critical IT load HPC data center in Andrews, TX, pre-leased to Amazon Data Services (AWS) under a 15-year base lease with three 5-year extensions.
- Total contracted lease payments are approximately $2.0B (base term) to $5.7B (if all extensions exercised), with 3.0% annual rent escalator.
- Amazon covers construction cost overruns above $10.5M per IT MW.
- Cipher provides a completion guarantee for the facility.
- Notes will be secured by substantially all assets of Stingray Compute and Cipher Stingray, and guaranteed by Cipher Stingray.
- Target initial rent commencement: April 1, 2027 (Network Hall) and May 1, 2027 (Data Hall).
Financial Impact
Contracted lease payments of ~$2.0B to $5.7B; note offering of $810M; prior equity reimbursement of $63.6M.
Risk Factors
- Offering is subject to market conditions and may not close as planned.
- Construction could face delays or cost overruns beyond the Amazon cost cap.
- Interest rate environment may affect terms or completion of the notes.
- Potential dilution from parent-level equity if project exceeds budget despite Amazon overrun protection.
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000950103-26-008635 |
| Document: dp248110_ex9901.htm | 0000950103-26-008635 |
| Document: dp248110_ex9902.htm | 0000950103-26-008635 |
| Document: 0000950103-26-008635-index-headers.html | 0000950103-26-008635 |
| Document: 0000950103-26-008635-index.html | 0000950103-26-008635 |
| Document: 0000950103-26-008635.txt | 0000950103-26-008635 |
Filters
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Jun 8, 2026
1d ago
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8-K
| $23.03 awaiting T+5 | awaiting T+5 | — | $24.29 (+5.49%) |
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May 14, 2026
26d ago
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Insider Cluster
| $20.33 $21.97 | ▼ −8.07% | ▼ −7.10% | $24.29 (−19.48%) |
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May 6, 2026
5w ago
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Insider Cluster
| $21.91 $21.24 | ▲ +3.06% | ▲ +4.23% | $24.29 (−10.86%) |
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May 6, 2026
5w ago
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Insider Cluster
| $21.91 $21.24 | ▲ +3.06% | ▲ +4.23% | $24.29 (−10.86%) |
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May 6, 2026
5w ago
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Insider Cluster
| $21.91 $20.06 | ▼ −8.44% | ▼ −9.57% | $24.29 (+10.86%) |
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May 5, 2026
5w ago
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8-K
| $22.10 $20.28 | ▲ +8.24% | ▲ +10.22% | $24.29 (−9.91%) |
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May 5, 2026
5w ago
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Press Release
| $22.10 $20.28 | ▼ −8.24% | ▼ −10.22% | $24.29 (+9.91%) |
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Apr 21, 2026
7w ago
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Press Release
| $19.44 $17.05 | ▼ −12.29% | ▼ −12.35% | $24.29 (+24.95%) |
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Apr 20, 2026
7w ago
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DEFA14A
| $18.04 $17.26 | ▼ −4.32% | ▼ −5.41% | $24.29 (+34.65%) |
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Mar 25, 2026
10w ago
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Press Release
| $15.88 $12.64 | ▼ −20.40% | ▼ −20.16% | $24.29 (+52.96%) |
US Market Status
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