We advised Stingray Compute on the high-yield notes offering

Davis Polk advised Stingray Compute LLC, a wholly owned indirect subsidiary of Cipher Digital Inc., on its Rule 144A / Regulation S offering of $810 million aggregate principal amount of 6.000% senior secured notes due 2031, issued on June 15, 2026. The notes were issued in connection with financing of the construction of the Stingray Facility, a high-performance computing (HPC) data center in Andrews, Texas.

Cipher Digital develops and operates industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision and excellence. Cipher Digital brings together deep expertise across power sourcing, construction, engineering, operations real estate, and technology to deliver high-quality data centers purpose built for HPC workloads. By partnering with premier tenants, Cipher Digital seeks to meet the growing demand for industrial-scale data center capacity and become a leading HPC development platform that is built for hyperscale.

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, counsel Costanza Garcia Laposse and associate Julia Y. Chen. The real estate team included partner Brian D. Hirsch, counsel Nick Soilleux and associate Benjamin Montgomery. Members of the Davis Polk team are based in the New York and Washington DC offices.

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