Third Quarter 2025 Revenue of $72m and Non-GAAP Adjusted Earnings of $41m
Executed 15-Year data center campus lease with Amazon Web Services to support AI workloads
Secured Majority Ownership in Joint Venture to Develop 1-Gigawatt Site in West Texas
NEW YORK, Nov. 03, 2025 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced its third quarter 2025 financial results, as well as an update on its operations and business strategy, including two significant corporate developments.
“The third quarter was truly transformative for Cipher,” said Tyler Page, CEO. “We executed a pivotal transaction with Fluidstack and Google, which firmly established our credibility in the HPC space. We are now following that transaction with another major step forward by signing our first direct lease with a Tier 1 hyperscaler.”
Cipher today announced an approximately $5.5 billion, 15-year lease agreement with Amazon Web Services to provide turnkey space and power for AI workloads. Under the terms of this lease agreement, Cipher will deliver 300 MW of capacity in 2026, including both air and liquid cooling to the racks. The capacity will be delivered in two phases, expected to begin in July 2026 and complete in the fourth quarter of 2026, with rent commencing in August 2026.
In addition, Cipher today announced the formation of a joint entity to develop a 1-gigawatt (“GW”) site, named “Colchis”, in West Texas. Under the terms of the agreement, Cipher is expected to provide the majority of the financing, which would result in approximately 95% equity ownership assuming standard lease and development terms in a future HPC lease.
The Colchis site includes a fully executed 1-GW Direct Connect Agreement with American Electric Power (“AEP”), under which AEP will construct the necessary dual interconnection facility for a targeted energization in 2028. Construction of the interconnection facility will proceed in parallel with ERCOT’s final review and approval. The 620-acres of land under option sit adjacent to the existing substation, and the site has all the necessary characteristics for development of an HPC data center.
“Last quarter, we discussed our aggressive aim to position Cipher ahead of the curve, anticipating where the industry is heading and aligning our strategy accordingly. Since then, we’ve delivered on that vision, executing two milestone HPC transactions, as well as our most significant pipeline addition to date,” said Mr. Page. “As the industry evolves rapidly and validates our thesis that Tier 1 hyperscalers would turn to Cipher and to non-traditional areas in Texas, we’re more confident than ever that Cipher is among the best-positioned companies in the world to seize additional opportunities created by the growing power shortfall.”
Finance and Operations Highlights
- Executed 10-Year AI Hosting Agreement with Fluidstack and Google
- Executed 15-Year data center campus lease with Amazon Web Services to support AI workloads
- AI hosting contracts represent approximately $8.5 billion in lease payments
- Successfully completed $1.3 billion convertible note offering
- Secured ~95% Ownership in Joint Venture to Develop a 1-Gigawatt Site in West Texas, called Colchis, assuming standard development terms in a future HPC lease
- Pipeline of 3.2 GW of site capacity
- Q3 2025 Net Loss of $3 million, or $0.01 per share, and Adjusted Earnings of $41 million, or $0.10 per diluted share
Business Update Call and Webcast
The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher’s website at https://investors.ciphermining.com/. To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.
About Cipher
Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies.
