Cipher Digital secures a $200M revolving credit facility to fund its pivot from Bitcoin mining to long-duration, AI and HPC data center revenues anchored by multi-campus leases.
New credit facility underpins data center growth
Cipher Digital said in its first-quarter 2026 business update that it has “secured a revolving credit facility of up to $200 million supported by a syndicate of leading global financial institutions,” describing the transaction as its first syndicated corporate revolver.
The facility provides $200 million of committed capacity with an additional accordion option of up to $50 million, carries a scheduled maturity in March 2030, and is priced at the Secured Overnight Financing Rate plus 1.25%–1.75%, with step-downs based on Cipher’s total debt-to-market-capitalization ratio.
According to company disclosures, proceeds are earmarked to “enhance liquidity, support working capital, and fund growth initiatives,” including the construction and fit-out of its expanding portfolio of AI and HPC data center campuses.
The company noted that the facility was undrawn at closing, giving it a sizable liquidity backstop as it signs long-term leases with hyperscale tenants and ramps capex across multiple sites.
Chief financial officer Greg Mumford called the agreement “a major step in the evolution of our capital structure,” saying the revolver “highlights the continued strength and maturation of our business, as well as the growing confidence in our long-term strategy from premier financial institutions.”
Q1 revenue and third AI campus lease
In the same update, Cipher reported first-quarter 2026 revenue of $35 million and an adjusted EBITDA loss of $48 million, reflecting the heavy upfront investment required to reposition the company from a pure Bitcoin miner into an AI-focused data center operator.
The company also announced that it has executed a 15-year lease agreement for its third large AI data center campus with an investment-grade hyperscale tenant, under which Cipher will develop and deliver a new HPC facility at one of its existing sites.
“This agreement for our third large AI campus reinforces Cipher’s position as a trusted partner to develop high-quality HPC data center infrastructure for the world’s leading companies,” CEO Tyler Page said, framing the lease as further evidence of demand for its AI-ready capacity.
Recent coverage from Yahoo Finance and Investing.com has emphasized that the combination of a multi-campus lease pipeline and a $200 million undrawn revolver gives Cipher the financial flexibility to continue its pivot away from the volatility of Bitcoin mining and toward long-duration, contracted AI compute revenue.
A crypto.news overview noted that investors are increasingly valuing Cipher on its data center franchise rather than its hash rate, with the new credit facility seen as “critical scaffolding” for a balance sheet built around AI infrastructure.
