We advised Cipher on the offerings and the facility

Davis Polk advised Cipher Mining, Inc. and certain of its subsidiaries on two Rule 144A / Regulation S offerings by Cipher Compute, LLC, a wholly owned subsidiary of Cipher Mining, consisting of $1.4 billion aggregate principal amount of 7.125% senior secured notes due 2030, issued on November 13, 2025 and $333 million aggregate principal amount of additional notes of the same series, issued on November 24, 2025. The initial notes were issued in connection with financing of the construction of the Barber Lake Facility, a high-performance computing data center near Colorado City, Texas, and the additional notes were issued in connection with the expansion of such facility. Davis Polk’s infrastructure team advised Cipher in connection with the Barber Lake Facility expansion.

Cipher 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 associate Mostafa Al Khonaizi. The real estate team included partner Brian D. Hirsch and counsel Nick Soilleux. The intellectual property team included partner Frank Azzopardi, counsel Mikaela Dealissia and associate Jordan Khorshad. The corporate team included partner Michael Davis and counsel Saagar Kaul. Members of the Davis Polk team are based in the New York and Washington DC offices.

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