AI Governance
Data Centers
Drones
Climate
Privacy
2026 Maine Senate
Bob Dylan
Cipher's Texas Pivot Needs Power and Capital
Coverage from AOL, Cipher Digital Inc., and others
Cipher Digital is converting its Texas portfolio from Bitcoin mining toward AI and high-performance computing facilities, with Amazon Web Services leasing major capacity at Stingray and Black Pearl.
Black Pearl began delivering capacity ahead of schedule, while Cipher funded Stingray with $810 million in secured notes and advanced a 900-megawatt Apollo site near San Antonio through ERCOT's studied-load process. The expansion shows stronger customer and financing support, but also leaves Cipher exposed to execution, leverage, power-supply, and profitability risks.
Cipher Digital’s transition has moved from construction and financing toward initial operational delivery, with Black Pearl supplying capacity ahead of schedule and AWS linked to both major facilities. The portfolio also broadened through the optional Apollo site and ERCOT’s studied-load process, while reported losses and negative adjusted EBITDA underscore continuing execution and profitability risks.
The biggest update is that AWS is now identified as Stingray’s tenant, making the facility’s commercialization path more concrete. The financing details are also sharper, with the notes priced and structured around a specific 2031 maturity, while Barber Lake has advanced to structural completion.