We advised Cipher Mining on the transaction

Davis Polk advised an affiliate of Cipher Mining Inc. on its 15-year data center lease with Amazon Web Services to support AI workloads. Under the agreement, Cipher Mining will deliver 300 megawatts of gross capacity. The agreement represents approximately $5.5 billion in contracted revenue over the initial 15-year term.

Cipher Mining is focused on the development and operation of industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting. Cipher Mining 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.

Amazon Web Services is the world’s most comprehensive and broadly adopted cloud. The company offers the greatest choice of innovative cloud capabilities and expertise, on the most extensive global infrastructure with industry-leading security, reliability and performance.

The Davis Polk real estate team included partner Brian D. Hirsch and counsel Nick Soilleux. The infrastructure team included partner David J. Penna. The corporate team included partner Michael Davis and counsel Saagar Kaul. The intellectual property team included partner Frank Azzopardi and associate Gabrielle Mazero. Members of the Davis Polk team are based in the New York and Washington DC offices.

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