AI Data Center Issues $2 Billion Corporate Bonds for Bitcoin Mining Fundraising

Cipher Mining Inc. (CIFR)’s wholly owned subsidiary, Black Pearl Compute, has finalized a private placement of $2 billion (approximately KRW 2.6 trillion) in 6.125% senior secured notes due 2031. Today, it signed an indenture with Wilmington Trust to apply the proceeds toward remaining construction costs, debt‐service reserves and fees for its high‐performance computing data center project, “Black Pearl,” in Wink, Texas.

The notes are secured by a first‐priority lien on the project’s assets and equity and are backed by a subsidiary guarantee. Parent company Cipher Mining has provided a completion guarantee to ensure timely facility delivery if construction costs exceed the bond proceeds. Cash flows generated by the data center will follow a project cash‐waterfall structure—conditioned on a lease agreement with Amazon Data Services—and will be prioritized for debt service.

In November 2025, the company signed a 15-year lease agreement with Amazon Web Services for 300 MW of capacity, securing roughly $5.5 billion (about KRW 7.3 trillion) in long-term revenue and rapidly expanding its AI and cloud infrastructure business.

Cipher Mining has also repeatedly expanded its colocation agreement with FluidStack, an AI cloud platform backed by Google, generating multibillion-dollar long-term lease revenue at its Barber Lake facility alone. This strategy is broadening the company’s footprint from Bitcoin mining into high-performance computing hosting.

Founded in 2021 and headquartered in New York, Nasdaq-listed Cipher Mining grew initially on Bitcoin mining operations. More recently, the company has made data-center development and long-term lease agreements in Texas and elsewhere—leveraging large-scale power infrastructure to meet AI and HPC demand—its core growth pillars.