Cipher Mining (NASDAQ: CIFR) announced the pricing of $2.0 billion in senior secured notes to fund the completion of its industrial-scale data center in Wink, Texas according to a company press release on Wednesday.
The $2 billion senior unsecured notes carry an interest rate of 6.125% and are due in 2031.
Cipher expects to close the transaction on February 11, 2026, subject to customary market conditions.
The issuer intends to use the net proceeds primarily to finance remaining construction costs for the Black Pearl Facility. This site focuses on AI/HPC infrastructure rather than traditional cryptocurrency mining.
Approximately $232.5 million of the raise will reimburse Cipher for previous equity contributions used to fund early capital expenditures. The remaining funds will cover debt service reserves and transaction fees.
Cipher is trading down 5% to $13.53 in pre-trading hours as of publication time, per Yahoo Finance.
