Jun 09, 2026 | Posted by Abdul-Rahman Oladimeji
Cryptominer-turned-HPC developer Cipher Digital is planning to raise $810 million through senior secured notes due in 2031. Most of the proceeds will fund the remaining costs of its 100MW Stingray data center project in West Texas, with about $63.6 million earmarked to reimburse prior equity contributions. Additional funds will go toward debt service reserves. The timing and pricing of the offering have not yet been disclosed.
The 250-acre site in Andrews County, west of the city of Andrews, is planned to deliver 100MW of front-of-the-meter capacity. Cipher acquired the land early last year and, according to its latest 10-K filing, expects the site to be energized in the first half of this year. Separately, the company’s Barber Lake data center is fully pre-leased to Fluidstack and Google, while its Black Pearl facility is pre-leased to Amazon Web Services.
Both projects are also being financed through note offerings.
Cipher has outlined a broader pipeline of data center developments totaling up to 3.4GW across seven sites. One of these is the “Ulysses” project in Ohio, where the company acquired 195 acres in January 2026, while the remaining projects are located in Texas. In June, reports also surfaced of plans for a 500MW data center near Waco, Texas.
