Cipher Digital has secured a $200 million revolving credit facility to fund its pivot from Bitcoin mining to long-term AI and HPC data center revenues under multi-campus leases.
New credit facility to support data center growth
“We have secured a revolving credit facility of up to $200 million with the support of a syndicate of leading global financial institutions,” Cipher Digital said in its first quarter 2026 business update, describing the transaction as the company’s first syndicated corporate revolver transaction.
The facility provides $200 million in committed capacity with up to $50 million in additional accordion options, is scheduled to mature in March 2030, and is priced at a secured overnight financing rate plus 1.25% to 1.75%, with gradual reductions based on Cipher’s total debt-to-market capitalization ratio.
According to the company’s disclosure, the proceeds will be used to “strengthen liquidity, support working capital, and fund growth initiatives,” including the construction and maintenance of a growing portfolio of AI and HPC data center campuses.
The company noted that the facility was not drawn down at the time of closure, providing a significant liquidity backstop to enter into long-term leases with hyperscale tenants and increase capital expenditures across multiple sites.
Chief Financial Officer Greg Mumford called the agreement “a major step in the evolution of our capital structure,” and said Revolver “underlines the continued strength and maturity of our business and the growing confidence in our long-term strategy from leading financial institutions.”
1st quarter revenue and 3rd AI campus lease
In the same update, Cipher reported first-quarter 2026 revenue of $35 million and adjusted EBITDA loss of $48 million. This reflects the significant upfront investment required to reposition the company from a pure Bitcoin miner to an AI-centric data center operator.
The company also announced that it has signed a 15-year lease for its third large-scale AI data center campus with an investment-grade hyperscale tenant. Under the agreement, Cipher will develop and deliver a new HPC facility at one of its existing sites.
“This agreement for our third large-scale AI campus strengthens Cipher’s position as a trusted partner developing high-quality HPC data center infrastructure for the world’s largest enterprises,” CEO Tyler Page said, noting that the lease is further evidence of the demand for the company’s AI-enabled capabilities.
Recent reports from Yahoo Finance and Investing.com highlight that the combination of a multi-campus lease pipeline and $200 million undrawn revolver gives Cipher the financial flexibility to continue pivoting away from the volatility of Bitcoin mining and toward long-term contracted AI computing revenue.
A crypto.news brief noted that investors are valuing Cipher’s data center franchise rather than its hash rate, and the new credit facility is seen as a “key scaffolding” for a balance sheet built around AI infrastructure.
