Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 328

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 5
Chunk 328
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 the necessary characteristics for development of an HPC data center.

Amazon Web Services Lease

On October 29, 2025, we executed a 15-year data center campus lease with Amazon Web Services to provide turnkey space and power for artificial intelligence (“AI”) workloads. Under the terms of the lease agreement, Cipher will deliver 

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300 MW of capacity in 2026. The capacity will be delivered in two phases, expected to begin in July 2026 and complete in the fourth quarter of 2026, with rent commencing in August 2026. 

Shareholder Approval to Increase Authorized Shares

On October 30, 2025, our shareholders approved an amendment to our Second Amended and Restated Certificate of Incorporation to increase the number of shares of common stock, par value $0.001 per share, authorized for issuance from 500,000,000 shares to 1,000,000,000 shares. The amendment became effective upon filing with the Delaware Secretary of State on October 30, 2025. 

Factors Affecting Our Results of Operations

There have been no material changes to the “Factors Affecting Our Results of Operations” in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our 2024 Form 10-K. Our financial position and results of operations depend to a significant extent on those factors.

Summary of Bitcoin Inventory

The following table presents information about our Bitcoin inventory for the nine months ended September 30, 2025, including bitcoin production and sales of bitcoin (dollar amounts in thousands):

Quantity Amounts Opening balance994 $92,651 Bitcoin received from equity investees205 20,714 Bitcoin received from mining activities1,334 139,858 Bitcoin received from loan180 16,551 Bitcoin loan payments (2)(140)Proceeds from sales of bitcoin(1,563)(150,226)Realized gains on sale of bitcoin— 16,092 Unrealized losses on bitcoin(2)— (2,927)Realized loss on bitcoin transferred to collateral, net— (3,195)Bitcoin transferred from collateral, net345 $40,925 Ending balance1,493 $170,303 

Components of our Results of Operations

For a description of the components of our results of operations, refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our 2024 Form 10-K