We advised Black Pearl Compute on the high-yield offering

Davis Polk advised Black Pearl Compute LLC, a wholly owned indirect subsidiary of Cipher Mining Inc., on its Rule 144A / Regulation S offering of $2 billion aggregate principal amount of 6.125% senior secured notes due 2031, issued on February 11, 2026. The notes were issued in connection with financing of the construction of the Black Lake Facility, a high-performance computing (HPC) data center in Wink, Texas. Davis Polk’s infrastructure team also advised Cipher in connection with the Black Lake Facility construction.

Cipher Mining is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies.

The Davis Polk capital markets team included partner Marcel Fausten, counsel John H. Runne and associate Elli Park. The infrastructure finance team included partner David J. Penna and counsel Costanza Garcia Laposse. The sponsor finance team included partner James A. Florack. The real estate team included partner Brian D. Hirsch and counsel Nick Soilleux. The corporate team included partner Michael Davis. The tax team included partner Lucy W. Farr. Members of the Davis Polk team are based in the New York and Washington DC offices.

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