Shares of Cipher Digital (CIFR) jumped 9% in premarket trading after the company, a former Bitcoin miner, announced a new long-term data center lease and said it had secured a $200 million revolving credit facility.
The company, which rebranded Cipher Mining in February, revealed a 15-year lease agreement with an investment-grade hyperscale tenant for its third data center campus. Cipher will develop a high-performance computing facility at an existing site, strengthening its position as a partner to large technology companies building AI infrastructure.
The company renamed itself to reflect a strategic shift from Bitcoin production to the development of industrial-scale data centers for artificial intelligence and cloud workloads. The move allows the company to meet growing demand for high-performance computing capacity.
The revolving credit facility includes an additional $50 million accordion option. Backed by a syndicate of leading global banks, the facility provides non-dilutive capital to support expansion, increase liquidity and fund future growth initiatives.
