Cipher Mining to Raise $2 Billion for Amazon Data Center Construction in Texas
Cipher Mining Inc. is set to raise $2 billion in the U.S. high-yield bond market to finance the construction of the Black Pearl mining data center in Wink, Texas, which will be fully leased to Amazon Data Services. The facility, currently under construction, is expected to have a gross capacity of 300 MW and is scheduled to begin operations on October 1, 2026, with Amazon covering any construction cost overruns beyond $9.5 million per IT megawatt. The lease agreement spans 15 years and includes options for three five-year extensions, backed by a tenant guarantee from Amazon for base rent and operating expenses.
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Cipher Mining Inc. plans to raise $2 billion through the U.S. high-yield bond market to finance the construction of the Black Pearl mining data center in Wink, Texas, fully leased to Amazon Data Services. The company will issue senior secured notes maturing in 2031 to cover remaining construction costs.
The facility, with a gross capacity of 300 MW and a critical IT load of 216 MW, is currently under construction, targeting a rent commencement date of October 1, 2026. Amazon has agreed to cover construction cost overruns exceeding $9.5 million per IT megawatt.
The lease, secured for 15 years with three five-year extension options, includes a tenant guarantee from Amazon for base rent and operating expenses. ERCOT has approved infrastructure for interconnection at the site.
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