Cipher Digital's subsidiary, Stingray Compute LLC, announced a proposed private offering of $810.0 million in senior secured notes due 2031. The proceeds are intended to finance the construction of the "Stingray" high-performance computing (HPC) data center, which is fully pre-leased to Amazon Data Services, Inc. (AWS).
Key Details
- Offering: Proposed private placement of $810.0 million in senior secured notes due 2031 by subsidiary Stingray Compute LLC.
- Use of Proceeds: Funds will be used for the construction of a 70 MW HPC data center in Andrews, TX, to reimburse Cipher for approximately $63.6 million in prior capital contributions, and to fund debt service reserves.
- AWS Lease Agreement: The data center is 100% pre-leased to Amazon Data Services, Inc. (AWS) under a 15-year base term, with a targeted rent commencement of April 2027. The lease represents approximately $2.0 billion in contracted revenue over the initial term.