Cipher Compute $1.733 Billion Notes Offerings to Fund Barber Lake Data Center Expansion

Davis Polk advised Cipher Mining, Inc. and certain of its subsidiaries, including wholly owned subsidiary Cipher Compute, LLC, on two Rule 144A/Regulation S offerings. The transaction comprised two issuances by Cipher Compute, LLC: $1.4 billion aggregate principal amount of 7.125% senior secured notes due 2030, issued on November 13, 2025, and $333 million aggregate principal amount of additional notes of the same series, issued on November 24, 2025, for an aggregate of $1.733 billion. The initial notes were issued in connection with financing the construction of the Barber Lake Facility, a high-performance computing data center near Colorado City, Texas, and the additional notes were issued in connection with the expansion of that facility. Davis Polk’s infrastructure team also advised Cipher in connection with the Barber Lake Facility expansion. Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting, seeking to lead in bitcoin mining growth, data center construction, and HPC hosting partnerships. Davis Polk represented Cipher Mining, Inc. and certain of its subsidiaries, including Cipher Compute, LLC, with a team composed by: capital markets partner Marcel Fausten, counsel John H. Runne and associate Elli Park; infrastructure finance partner David J. Penna and associate Mostafa Al Khonaizi; real estate partner Brian D. Hirsch and counsel Nick Soilleux; intellectual property counsel Mikaela Dealissia and associate Jordan Khorshad; and corporate partner Michael Davis and counsel Saagar Kaul. Members of the Davis Polk team are based in the New York and Washington, D.C. offices.

Cipher Compute $1.733 Billion Notes Offerings to Fund Barber Lake Data Center Expansion

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