Main highlights:
- Cipher Mining signs a $5.5 billion, 15-year AI hosting lease with AWS.
- The company announced a 1GW HPC development in Texas.
- The total value of AI hosting contracts currently stands at approximately $8.5 billion.
Cipher Mining (NASDAQ: CIFR) has announced strong financial results for the third quarter of 2025, with numbers showing strong progress in business growth and financial results. Along with its earnings report, the company also announced that it had signed a large-scale 15-year lease agreement with Amazon Web Services (AWS) worth $5.5 billion. This agreement ensures long-term capacity access for advanced computing workloads. The company also announced a new development partnership for a large HPC site in Texas. The move will allow the company to benefit from the growing demand for energy-intensive AI infrastructure.
The press release stated that the company had revenue of $72 million and non-GAAP adjusted income of $41 million, despite a GAAP net loss of $3 million (a loss of approximately $0.01 per diluted share). These numbers reflect solid operational execution on the back of ambitious growth targets in Bitcoin mining and HPC hosting infrastructure.
AWS contract: $5.5 billion, 300 MW capacity
A big highlight is the $5.5 billion, 15-year lease agreement with AWS, under which Cipher will provide 300MW of turnkey space and power for AI workloads. The capacity is scheduled to be delivered in two phases starting in July 2026, with completion by the fourth quarter of the year, and rental payments to begin in August 2026. The site will incorporate air and liquid cooling technologies adapted to the needs of advanced AI data centers.
1-GW “Colchis” HPC Site in Texas
In conjunction with this development, Cipher has formed a consortium to develop the “Colchis” 1-GW site in West Texas. Cipher will provide the majority of the financing and retain an approximately 95% stake under standard lease/development terms.
The project already has a 1 GW direct connection agreement with American Electric Power (AEP). AEP will be responsible for constructing the dual interconnect facility, which is expected to be energized in 2028, pending final approval from ERCOT. The site spans 620 acres adjacent to an existing electrical substation and is ideal for a large-scale HPC data center deployment.
$8.5 billion in additional hosting contracts
These efforts build on Cipher’s recent 10-year AI hosting agreement with Fluidstack and Google. The agreement secures 168 MW at its Barber Lake facility in Texas and, when combined with AWS contracts and other active hosting agreements, has an estimated value of approximately $8.5 billion over the term. This is reinforcing strong demand from leading hyperscalers and leading AI infrastructure providers.
Expert comments
CEO Tyler Page highlighted the strategic alignment behind these milestones, saying, “The third quarter was a truly transformative time for Cipher as we executed two milestone HPC deals and expanded our development pipeline. “This confirms our hypothesis that there will be a greater reliance on non-traditional Texas locations.”
Cipher Mining continues to develop large-scale data centers for Bitcoin mining and HPC workloads, with a focus on efficient construction and partnerships with leading AI and HPC companies. The expansion into AI hosting and colocation reflects the company’s growing shift toward specialized computing infrastructure.
Investor sentiment is solid. Immediately after this development was announced, the company’s stock price soared 15%, further reinforcing confidence in the company’s strategy.
With project activation targeted for 2026 and 2028, Cipher is positioning itself as a leading provider of power-enabled capabilities for HPC and AI demands.
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