Why it matters
The strategic read
Adds a direct AWS hyperscale lease to the miner-to-AI infrastructure conversion map. Cipher is turning an energized Texas bitcoin-mining site into a fully pre-leased HPC campus, backed by project debt, Amazon parent support, ERCOT interconnection, liquid/air cooling, and dark-fiber routes to major Texas metros.
Source-supported terms
What was disclosed
- 01
Cipher announced an approximately $5.5B, 15-year lease agreement with Amazon Web Services to provide turnkey space and power for AI workloads.
- 02
Cipher said it would deliver 300 MW of capacity in 2026, including both air and liquid cooling to the racks.
- 03
Cipher's May 2026 10-Q says the Amazon Data Services lease covers approximately 300 gross MW of turnkey data-center capacity at the Black Pearl Facility, with phased delivery expected to commence in 2026.
- 04
The February 2026 financing presentation describes 216 MW of critical IT load under contract, three five-year tenant extension options, and a triple-net lease structure.
- 05
Cipher said AI hosting contracts from the Fluidstack/Google and AWS transactions represented approximately $8.5B in lease payments.
- 06
Black Pearl is a 300 MW facility in Wink, Texas, with interconnection/agreements necessary to participate in ERCOT, immediate energized substation capacity, favorable water flow rates, and multiple dark-fiber routes to major Texas metros.
- 07
Black Pearl Compute issued $2.0B of senior secured notes in February 2026 to fund construction of the 300 MW HPC data center, reimburse prior capex, fund reserves and pay related fees.
- 08
Cipher's financing summary says Amazon agrees to cover construction cost overruns above $9.5M per IT MW and Amazon.com guarantees an amount equal to base rent and operating expenses.
Disclosure boundary
What is known—and what is not
Primary Cipher announcement, 10-Q disclosure and 8-K financing presentation; full AWS lease, construction/EPC contracts, power-market economics, tenant workload allocation, detailed cooling design, delivery-by-phase covenants, termination mechanics and full debt indenture terms are not fully public.