Company: CIFRW
Filing Date: 2025-05-23
Form Type: 424B5
Source: 0001193125-25-125868
Chunk: 10

Company: Cipher Mining Inc.
Filing Date: 2025-05-23
Form: 424B5
Chunk 10
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.0 million, plus up to an additional $22.5 million aggregate principal amount of Notes that the 
 underwriters in the Concurrent Notes Offering have the option to purchase from us.                                                                                                                                               |

| We estimate that the net proceeds to us from the Concurrent Notes Offering, if it is consummated, will be approximately                                                                                                                  
 $144.1 million (or approximately $166.0 million if the underwriters in the Concurrent Notes Offering fully exercise their option to purchase additional Notes), after deducting the underwriters’ discounts and commissions and our      
 estimated offering expenses. We expect to use the net proceeds of the Concurrent Notes Offering to complete Phase 1 of the Black Pearl data center project (“Phase 1”), including: (i) purchasing at a discount the remaining balance of 
 mining rigs                                                                                                                                                                                                                              |

S-3

| required for Phase 1; (ii) paying expected tariffs and shipping costs for the mining rigs to be used for Phase 1; and (iii) paying other infrastructure-related capital expenditures in                                                  
 connection with Phase 1, and for general corporate purposes. If the underwriters in the Concurrent Notes Offering exercise their option to purchase additional Notes, then we intend to use the proceeds for general corporate purposes. |

| The Concurrent Notes Offering is being made pursuant to a separate prospectus supplement and accompanying base prospectus (and not pursuant to this prospectus supplement). The completion of this offering is contingent                                
 upon the completion of the Concurrent Notes Offering, and the completion of the Concurrent Notes Offering is contingent upon the completion of this offering. This prospectus supplement does not constitute an offer to sell, or the solicitation of an 
 offer to buy, any of the Notes, or the shares of common stock, if any, issuable upon conversion of the Notes, we are offering in the Concurrent Notes Offering. See “The Concurrent Notes Offering” for additional information.                          |

| Use of Proceeds | We will not receive any proceeds from the short sale of the shares of our common stock by the Underwriter in this offering. No new shares of common stock will be offered in this offering. |

| Underwriting | The Underwriter for this offering, Morgan Stanley & Co. LLC, acting on behalf of itself and/or its affiliates, is offering and selling short 17,540,000 shares of our common stock to facilitate hedging transactions by certain Convertible 
 Arbitrage Investors subscribing for the Notes.                                                                                                                                                                                               |

| The number of shares of common stock subject to this offering is expected to be no greater