Cipher Prices Google-Linked Bond

Cipher Mining Inc. has successfully priced a $1.4 billion high-yield bond offering. The proceeds will be used to finance the construction of the Barber Lake Facility, a high-performance computing data centre near Colorado City, Texas. This facility is linked to Alphabet Inc.’s Google.

The notes, with a 7.125% interest rate and due in 2030, are being sold to qualified institutional buyers. The subsidiary, Cipher Compute LLC, priced the senior secured notes at par. The offering is expected to close around November 13, 2025. The notes are guaranteed by Cipher Barber Lake LLC and secured by first-priority liens on assets and a pledge by Google LLC of warrants to purchase Cipher common stock. Cipher Mining will provide a completion guarantee for the Barber Lake Facility.

This move signifies Cipher Mining's strategic shift from Bitcoin mining towards AI-focused operations. Google has also secured the right to potentially acquire a 5.4% stake in Cipher Mining.