Cipher Mining

Sources - 26

Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.

1. S01primarycompany filing2026-02-24
   Cipher Digital Form 10-K for the year ended 31 December 2025
   Item 1's description of the Barber Lake (Fluidstack, Google backstop) and Black Pearl (Amazon Web Services, 15 years) leases with their delivery targets, the site pipeline, the Odessa power agreement, the Competition section naming ten rivals, and the risk factors on construction delay, tenant termination and capped guarantees
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2. S02primarycompany filing2026-08-04
   Cipher Digital Form 10-Q for the quarter ended 30 June 2026
   the balance sheet and cash flow statement, the debt table, the convertible conversion rates, the Google warrant terms and its $430.0M make-whole, the antidilutive share table, the at-the-market programme, construction commitments and the accelerated Black Pearl delivery
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3. S03primarycompany release2026-08-04
   Cipher Digital second-quarter 2026 business update, Form 8-K Exhibit 99.1
   Q2 revenue of $25M and adjusted EBITDA of negative $30M, the Black Pearl acceleration with rent commenced, the Apollo option and the Stingray bond
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4. S04primarycompany release2026-08-04
   Cipher Digital second-quarter 2026 business update presentation, Form 8-K Exhibit 99.2
   700 MW contracted, about $11.4bn of contracted revenue, about $793M average annualised NOI and the year-by-year NOI path, the capital structure table, equipment secured by site, the Odessa snapshot and the 5.3 GW pipeline timeline subject to ERCOT's batch process
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5. S05primarytranscript2026-08-04
   Cipher Digital second-quarter 2026 earnings call transcript
   management's reading of the Texas Governor's letter, the 477 MW available in 2027, the equity-funding answer, the cost cap behind the early delivery, and nine analyst turns from seven analysts, the first of them on the Governor's letter: the questions are a separate origin from the answers

   Cipher has 477 megawatts potentially available in 2027 outside of this process. And we are pretty involved in discussions with multiple tenants

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6. S06primarycompany filing2026-09-25
   Cipher Digital Form 8-K dated 24 September 2026, Item 8.01: Barber Lake lease amendment and commitment
   the phased delivery now running from the fourth quarter of 2026 into the first quarter of 2027, the first $359.3M of excess cost borne by Cipher, the 50% reimbursement above it, and the binding ten-year commitment from a leading AI lab worth about $5.2bn
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7. S07primarycompany release2026-09-25
   Cipher Digital press release, 25 September 2026: Barber Lake lease term expanded to 20 years, Form 8-K Exhibit 99.1
   Barber Lake contracted revenue rising from $3.8bn to over $9bn, and management's framing of the amendment
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8. S08primarycompany release2026-02-24
   Cipher Digital fourth-quarter 2025 business update presentation and results release, Form 8-K Exhibits 99.1 and 99.2
   the Amazon lease at about $5.5bn over 15 years with Amazon.com, Inc. guaranteeing base rent and a stated ~100% NOI margin, Barber Lake at about $3.8bn over 10 years, the bond loan-to-cost ratios (~71% Barber Lake, ~85% Black Pearl), the rebrand and the sale of the joint-venture sites to Canaan
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9. S09primarycompany release2026-05-05
   Cipher Digital first-quarter 2026 business update, Form 8-K Exhibits 99.1 and 99.2
   the third campus lease, 15 years with an investment-grade hyperscale tenant, both existing campuses described as on schedule, and the $200M revolver
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10. S10primaryvendor data2026-10-02
    Research pack, frozen at content/CIFR/research-pack.json
    the 1 October close, the 52-week range and returns, the price-move decomposition, the analyst rating series and target drift, FINRA consolidated short interest, the insider roster and base rate, and the quarterly revenue series
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11. S11primarycompany filing2026-10-02
    Form 4 filings for Cipher Digital insiders, last 365 days, read by scripts/insider_fetch.py
    37 open-market sales and no purchases, 27 of them discretionary and 10 under a Rule 10b5-1 plan, read off each Form 4's own checkbox
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12. S12primarygovernment data2026-09-15
    U.S. Energy Information Administration, Today in Energy - data center server energy use across the commercial building stock EIA
    the underlying rate of change, measured by a statistical agency rather than the industry; quote as frozen by the Applied Digital thesis's read of the same page

    Servers alone accounted for an estimated 7% of commercial sector electricity consumption in 2025. Data center server electricity use grows to 22%-33% of commercial building electricity use by 2050 across our cases.

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13. S13secondaryindustry data2026-09-15
    CBRE, North America Data Center Trends H1 2026 CBRE
    vacancy at 1.4%, 80.4% of capacity under construction pre-committed, under 1,500 MW available: the scarcity the moat rests on, measured outside the company

    primary market vacancy fell to a record low of 1.4% in H1 … commitments made on 80.4% of all under-construction capacity … Total under-construction capacity across primary markets increased by 24.8% in H1 to a record high of 7,481.1 MW … Less than 1,500 MW of future capacity across all primary markets remains available, representing approximately six months of demand

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14. S14secondaryindustry data2026-09-15
    Synergy Research Group - hyperscale operators to account for 67% of all data center capacity by 2031 Synergy Research Group
    the size of the substitute: how much of their own capacity the concentrated buyers build rather than lease

    Almost 60% of that hyperscale capacity is now in own-built, owned data centers with the balance being in leased facilities … they now account for 48% of the worldwide capacity of all data centers … by 2031 hyperscale operators will account for 67% of all capacity

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15. S15primaryindustry data2026-08-11
    JLL news release - Data center demand exceeds expectations as H1 2026 absorption hits record 25 GW (North America Data Center Report, Midyear 2026) JLL
    a broker's North American absorption, capacity under construction and the owner-occupied part of it

    North America data center demand reached an all-time high in the first half of 2026 with 25 GW of absorption, double the level from a year ago and five times that of two years prior. … North America now has 66 GW under construction, 95% of which is pre-committed. … Hyperscalers remain the dominant force, accounting for 59% of 2026 data center tenant demand while meeting capacity needs through both leasing and self-building, with 28 GW of owner-occupied capacity currently under construction.

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16. S16primarycompany filing2026-07-29
    Applied Digital Corporation Form 10-K for the fiscal year ended 31 May 2026 APLD
    a named competitor selling the same product to the same buyer: approximately 15-year leases to investment-grade hyperscalers on a standardised design
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17. S17primarycompany filing2026-08-05
    TeraWulf Inc. Form 10-Q for the quarter ended 30 June 2026 WULF
    a named competitor leasing to the same tenant: Fluidstack HPC leases at Lake Mariner, 102 MW of critical IT energised in July 2026, and the sale of its Abernathy joint venture stake to Fluidstack
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18. S18primaryregulator2026-06-18
    ERCOT news release, 18 June 2026: PUCT approves ERCOT's batch study process for large loads ERCOT
    the size of the Texas large-load queue and the batch process every Texas pipeline site waits on; read through press_fetch.py

    ERCOT is tracking more than 438,000 MW of large load requests, nearly 89 percent from data centers alone. "Batch Zero" is the name of the first group of large-user applicants to go through the new process.

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19. S19primaryregulator2026-09-11
    ERCOT Board of Directors, 14-15 September 2026, Item 14: Batch Zero Update ERCOT
    conditional classification of 204 projects (66.4 GW) as base load and 158 (127.9 GW) as studied load, the audit report due 10 December 2026, and an undetermined study timeline against the original 9 April 2027; the PDF was downloaded with curl and read with pdftotext by the research agent, a different client from press_fetch

    ERCOT has provided conditional classification for all Batch Zero Large Loads: 204 projects (66.4 GW) met the qualifications to be conditionally included as base load; 158 projects (127.9 GW) met the qualifications to be conditionally included as studied load. … ERCOT has begun a verification and audit of the eligibility of all Large Loads provisionally included in Batch Zero. ERCOT will file the Batch Zero Eligibility Verification Report with the Commission by December 10, 2026.

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20. S20primaryregulator2026-08-03
    Office of the Texas Governor, 3 August 2026: Governor Abbott Directs Comprehensive Data Center Audit Office of the Texas Governor
    the directive behind the paused Batch Zero classification, and the 474 GW of requests, about 90% data centres; read through press_fetch.py

    directed the Public Utility Commission of Texas (PUCT) and the Electric Reliability Council of Texas (ERCOT) to conduct a comprehensive verification and audit of all data centers advancing through ERCOT's interconnection process. The PUCT and ERCOT must complete this audit before any data center project moves forward.

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21. S21secondarynews2026-09-21
    Texas Tribune, 21 September 2026: Abbott orders a halt to data center permits pending audits Texas Tribune
    the second directive: no state environmental permits for data centre projects until the grid and water audits are complete; read through press_fetch.py

    Data centers must pay their own way, protect our grid and water and complete the ERCOT and TWDB audits. Until they do, TCEQ will issue no permits sought by data center projects.

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22. S22secondarynews2026-09-15
    San Angelo LIVE!, 15 September 2026: Colorado City given $10 million by AI data center companies San Angelo LIVE!
    a local outlet placing Anthropic inside Barber Lake beside Fluidstack, and stating a Cipher project near San Angelo is in Batch Zero; circumstantial on who the 'leading AI lab' is, and not used to identify it

    Fluidstack and Anthropic are tenants inside it. Anthropic is the company behind Claude; those models run on the compute in the data center. Google backstops Fluidstack's lease.

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23. S23secondarynews2025-09-25
    Coinspeaker via Yahoo Finance, 25 September 2025: Google gains 5.4% of Cipher in Fluidstack backstop Coinspeaker
    the size of the original Google backstop, and that TeraWulf's Fluidstack lease carried the same Google structure

    Under the arrangement, Google will backstop $1.4 billion of Fluidstack's lease obligations in exchange for approximately 24 million shares of Cipher common stock, giving the Mountain View company a 5.4% stake.

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24. S24primarycompany release2025-11-12
    Anthropic, 12 November 2025: Anthropic invests $50 billion in American AI infrastructure Anthropic
    the end buyer behind Fluidstack's Texas leasing, in the buyer's own words: a $50bn commitment to build with Fluidstack

    building data centers with Fluidstack in Texas and New York, with more sites to come. These facilities are custom built for Anthropic with a focus on maximizing efficiency for our workloads

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25. S25secondarynews2026-09-11
    Houston Public Media, 11 September 2026: ERCOT to survey more than 400 data centers as part of Abbott audit Houston Public Media
    how much of the Texas queue was excluded from Batch Zero, measured by the grid operator and reported independently of any developer

    According to the agency, 373 projects were excluded from Batch Zero. The projects were requesting more than 300 gigawatts of electricity from the grid.

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26. S26primarycompany filing2026-04-20
    Cipher Digital definitive proxy statement (DEF 14A) for the 2026 annual meeting
    the executive officers and their start dates, the beneficial ownership table at 8 April 2026, the 2025 bonus goals and payouts, the 2025 PSU design and payout, and the CEO's 2021 market-capitalisation PSUs
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