secwatch.observer — SEC 8-K summary
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Issuer:     Cipher Digital Inc. (CIFR)
CIK:        0001819989
Form:       8-K
Filed at:   2025-11-04T23:59:59+00:00
Accession:  0000950103-25-014194
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819989/000095010325014194/0000950103-25-014194-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819989/000095010325014194/dp236870_8k-financials.htm
  HTML page:      https://secwatch.observer/filing/0000950103-25-014194

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer