Cipher Mining signs $5.5 billion AI lease with Amazon Web Services

Cipher Mining Inc. (NASDAQ: CIFR) announced a 15-year lease agreement with Amazon Web Services valued at approximately $5.5 billion to provide data center space and power for AI workloads, the company said in its third quarter earnings report.

Under the agreement, Cipher will deliver 300 MW of capacity in 2026, including both air and liquid cooling systems. The capacity will be delivered in two phases beginning in July 2026 and completing in the fourth quarter of 2026, with rent payments starting in August 2026.

The bitcoin mining company also announced the formation of a joint venture to develop a 1-gigawatt site called "Colchis" in West Texas. Cipher expects to provide the majority of financing for the project, which would result in approximately 95% equity ownership under standard lease and development terms.

The Colchis site includes a fully executed 1-GW Direct Connect Agreement with American Electric Power, which will construct the necessary dual interconnection facility for targeted energization in 2028. The 620-acre site sits adjacent to an existing substation.

For the third quarter ended September 30, 2025, Cipher reported revenue of $72 million and a net loss of $3 million, or $0.01 per share. The company reported non-GAAP adjusted earnings of $41 million, or $0.10 per diluted share.

Cipher completed a $1.3 billion convertible note offering during the quarter and maintains a pipeline of 3.2 GW of site capacity. The company's AI hosting contracts represent approximately $8.5 billion in total lease payments, according to the press release.

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