Cipher Mining adds Amazon Web Services as data center client, announces 1 GW data center JV

Cipher Mining (NASDAQ: CIFR) has signed a second hyperscaler tenant, now with Amazon Web Services (AWS), further entrenching itself as a leader in the Bitcoin mining-to-AI factory pivot.

Listed at $5.5 billion for a 15-year lease, AWS will host dedicated artificial intelligence workloads at Cipher’s Barber Lake facility. The lease covers 300 megawatts and will go live starting July 2026, with rent effective August 2026. Cipher will provide both air and liquid cooling to AWS.

“There will be no need for further equity financing,” Cipher Mining CEO Tyler Page said in Monday’s Earnings call.

Cipher also formed a joint venture in West Texas to develop a new 1-gigawatt site called “Colchis.” Cipher will finance most of the project and expects to retain 95% ownership. The site features a 1-gigawatt Direct Connect Agreement with American Electric Power to construct a dual interconnection facility, scheduled for energization in 2028. The 620-acre site is next to an existing substation and intended for high-performance computing data center use.Source: Cipher Mining

For the quarter ending September 30, Cipher reported a net loss of $3 million, or $0.01 per share, compared to a loss of $86.8 million in the same period last year. Adjusted earnings reached $41 million, or $0.10 per diluted share, reversing an adjusted $3.4 million loss in Q3 2024. Bitcoin mining revenue rose to $71.7 million from $24.1 million last year. Operating expenses totaled $109 million, down from $115 million. Other income reached $34 million, including a $31.9 million fair-value gain on warrant liabilities.

As of September 30, Cipher held $1.2 billion in cash and cash equivalents, up from $5.6 million at the end of 2024. Total assets rose to $2.84 billion from $855 million, due to the note offering and bitcoin holdings. Total liabilities increased to $2.06 billion from $173 million at year-end, following new financing and lease deals.

During the third quarter, Cipher completed a $1.3 billion convertible note offering and signed a 10-year AI hosting agreement with Fluidstack and Google. Combined, AI hosting contracts with AWS, Google, and Fluidstack total $8.5 billion in lease payments. Cipher’s project pipeline stands at 3.2 gigawatts. A business update webcast is available on the investor relations website.

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