Building HPC Center with $27 Billion Big Deal: U.S. Data Center Developer Awaiting Amazon Lease

Cipher Mining Inc.’s subsidiary, Black Pearl Compute, has completed a private placement of $2 billion of 6.125% senior secured notes due 2031. The proceeds will fund the remaining construction costs of the high-performance computing data center now under development in Wink, Texas, repay approximately $232.5 million of capital already invested by Cipher (about ₩310 billion), and cover debt service reserves and fees. The notes are secured by first-priority liens on the assets and equity of both the issuer and its guarantor subsidiary, are subject to strict financial covenants, and are linked to the cash flows of the data center leased to Amazon Web Services. Should there be any shortfall in construction financing, Cipher, as the parent company, has provided a completion guarantee to ensure the facility’s delivery.

Separately, the company announced it will release its fourth-quarter and full-year 2025 results and a business update before the U.S. market opens on February 24, 2026, followed by a conference call and webcast the same day. In its third-quarter 2025 update, Cipher disclosed a 15-year, approximately $5.5 billion lease agreement with Amazon Web Services to supply up to 300 megawatts of AI and high-performance computing capacity beginning in 2026, and that it is advancing development of a new 1-gigawatt data center site in West Texas.

Cipher Mining, a Nasdaq-listed U.S. digital infrastructure company, develops and operates large industrial data centers for Bitcoin mining and high-performance computing, expanding its pipeline across Texas and other regions. In the United States, growing demand for AI compute and intensifying Bitcoin mining competition have rapidly increased development of HPC data centers—and large, long-term leases with Big Tech—in power-abundant regions like Texas.