secwatch.observer — SEC 8-K summary
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Issuer:     Cipher Digital Inc. (CIFR)
CIK:        0001819989
Form:       8-K
Filed at:   2025-11-20T23:59:59+00:00
Accession:  0000950103-25-015073
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819989/000095010325015073/0000950103-25-015073-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819989/000095010325015073/dp237633_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950103-25-015073

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