---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-25-015073"
form_type: "8-K"
ticker: "CIFR"
cik: "0001819989"
company_name: "Cipher Digital Inc."
filed_at: "2025-11-20T23:59:59+00:00"
generated_at: "2026-05-16T18:09:09.457122+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950103-25-015073
- form_type: 8-K
- ticker: CIFR
- cik: 0001819989
- company_name: Cipher Digital Inc.
- filed_at: 2025-11-20T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819989/000095010325015073/0000950103-25-015073-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819989/000095010325015073/dp237633_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-25-015073
- JSON: https://secwatch.observer/filing/0000950103-25-015073.json
- Plain text: https://secwatch.observer/filing/0000950103-25-015073.txt

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