Cipher Digital has secured a major financing lifeline as it shifts from Bitcoin mining to building out AI and high-performance computing (HPC) data centers.
The company announced a syndicated revolving credit facility of up to $200 million — with an accordion option to add another $50 million — that matures in March 2030. The loan is priced at SOFR +1.25%–1.75%, with potential step-downs tied to Cipher’s total debt-to-market-capitalization ratio. Cipher said the facility is its first syndicated corporate revolver and was undrawn at closing, giving the company a sizable liquidity backstop as it signs long-term leases and ramps capital spending across multiple campuses.
Cipher plans to use proceeds to boost liquidity, support working capital and bankroll growth initiatives, specifically the construction and fit-out of its expanding portfolio of AI and HPC data center campuses. CFO Greg Mumford called the revolver “a major step in the evolution of our capital structure,” saying the deal signals “growing confidence in our long-term strategy from premier financial institutions.”
The financing comes alongside Cipher’s Q1 2026 results: $35 million in revenue and an adjusted EBITDA loss of $48 million. Management framed the loss as the cost of heavy upfront investment required to pivot from a pure Bitcoin miner to an AI-focused data center operator.
Adding to that repositioning, Cipher said it has signed a 15-year lease with an investment-grade hyperscale tenant for its third large AI campus. Under the agreement, Cipher will develop and deliver a new HPC facility at one of its existing sites. CEO Tyler Page described the deal as proof of demand for Cipher’s AI-ready capacity and a sign that the company is becoming “a trusted partner” for enterprise-grade HPC infrastructure.
Market observers have highlighted how the combination of a multi-campus lease pipeline and an undrawn $200 million revolver gives Cipher flexibility to reduce reliance on volatile mining revenue and pursue long-duration, contracted AI compute income. Coverage from outlets such as Yahoo Finance and Investing.com, and a crypto.news overview, noted investors are increasingly valuing Cipher as a data center franchise rather than purely on hash rate — and view the new credit line as “critical scaffolding” for that balance-sheet transformation.
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