Cipher expands Fluidstack lease by 39 MW, adds $830M revenue; raises $333M notes for Phase II

Cipher Digital Inc.

Lease amended to add 39 MW critical IT load (Phase II) at Barber Lake; total capacity leased becomes 300 MW.
Expected ~$830M contracted revenue over initial 10-year term; two five-year extension options could bring total to ~$2.0B.
Google backstop of Fluidstack's lease obligations increased by $333M to $1.73B total.
Cipher Compute to offer up to $333M of 7.125% senior secured notes due 2030 to finance Phase II construction.
Phase I delivery expected by September 2026; Phase II by January 2027.

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