---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-25-014194"
form_type: "8-K"
ticker: "CIFR"
cik: "0001819989"
company_name: "Cipher Digital Inc."
filed_at: "2025-11-04T23:59:59+00:00"
generated_at: "2026-05-17T00:41:39.657916+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "medium"
source: SEC EDGAR
---

# Cipher Mining discloses illustrative financials for 244 MW HPC data center lease with Fluidstack

## Summary
- Projected total rent revenue of ~$3.0B over lease term (2026-2036).
- Year 1 opex estimated at ~$36M, escalating 3% annually; 8.0% illustrative coupon on debt.
- Backstop debt of $1.4B amortizes over lease; 50% excess cash flow offer assumed.
- Lease commencement assumed September 30, 2026; final terms subject to financing.
- Illustrative NOI margins shown, but figures are projections, not guidance.

## SEC filing metadata
- accession: 0000950103-25-014194
- form_type: 8-K
- ticker: CIFR
- cik: 0001819989
- company_name: Cipher Digital Inc.
- filed_at: 2025-11-04T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: medium
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819989/000095010325014194/0000950103-25-014194-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819989/000095010325014194/dp236870_8k-financials.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-25-014194
- JSON: https://secwatch.observer/filing/0000950103-25-014194.json
- Plain text: https://secwatch.observer/filing/0000950103-25-014194.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.