Cipher Digital (formerly Cipher Mining) is transitioning from a bitcoin miner into a developer and operator of industrial-scale data centers for high-performance computing and AI workloads. The core business involves sourcing greenfield sites with large-scale power grid interconnections, building out electrical infrastructure and data center facilities, and leasing completed campuses to hyperscalers under long-term contracts. Cipher's two flagship projects under construction are Barber Lake (300 MW in Colorado City, TX), leased to Fluidstack and backstopped by Google under a 10-year agreement worth ~$3B, and Black Pearl (300 MW in Wink, TX), under a 15-year lease directly with Amazon Web Services worth ~$5.5B. Both are targeted for delivery in late 2026. Beyond these two sites, Cipher has a development pipeline of ~3.4 GW across eight additional sites in Texas and Ohio at various stages of development. Cipher's HPC business model centers on constructing turnkey campuses and leasing them on 10–15 year terms, funded primarily through non-recourse project-level debt supported by the long-term leases. Cipher also operates ~207 MW of bitcoin mining at its Odessa, TX facility under a fixed-price power purchase agreement, which continues to generate cash flow but is expected to shrink in importance as HPC lease revenue begins in 2026.