Bitcoin miner and HPC provider, Cipher Mining Inc. (Nasdaq: CIFR), released its third-quarter 2025 business update Monday, reporting $72 million in revenue and non-GAAP adjusted earnings of $41 million.

The company’s standout development was a $5.5 billion, 15-year lease with Amazon Web Services (AWS) to provide turnkey data center space and power dedicated to AI applications.

Under the lease terms, Cipher stated it will deliver 300 megawatts of capacity in 2026 with both air and liquid cooling systems. The project will roll out in two phases, beginning in July 2026 and completing in the fourth quarter of 2026, with rent starting in August 2026. The deal, the release notes, highlights Cipher’s move deeper into high-performance computing (HPC) hosting beyond bitcoin mining.

Cipher’s Chief Executive Officer, Tyler Page, described the quarter as “truly transformative,” noting that Cipher “executed a pivotal transaction with Fluidstack and Google, which firmly established our credibility in the HPC space.” Page said the AWS deal follows that momentum, marking the company’s “first direct lease with a Tier 1 hyperscaler”.

Cipher also announced majority ownership in a new joint venture to develop a 1-gigawatt site in West Texas called “Colchis.” The company is expected to provide most of the financing, resulting in roughly 95% equity ownership under standard lease and development terms. The site includes a 1-gigawatt direct connect agreement with American Electric Power (AEP), which will build the interconnection facility for a targeted energization in 2028.

The firm explained that the 620-acre Colchis site sits adjacent to an existing substation and meets key criteria for large-scale HPC data center development. The company added that the construction of the interconnection will proceed alongside ERCOT’s review and approval process. Cipher said its pipeline now totals 3.2 gigawatts of potential capacity, with AI hosting contracts representing approximately $8.5 billion in total lease payments.

Cipher reported a net loss of $3 million for the quarter, or $0.01 per share, while adjusted earnings reached $41 million, or $0.10 per diluted share. The company also completed a $1.3 billion convertible note offering during the period.

• What is Cipher Mining’s new deal with AWS?
  Cipher Mining signed a $5.5 billion, 15-year lease with Amazon Web Services to provide 300 megawatts of AI data center capacity.
• When will the AWS project begin operations?
  The project will begin in July 2026 and reach completion by the fourth quarter of 2026, with rent commencing in August 2026.
• Where is Cipher Mining expanding its infrastructure?
  Cipher is developing a 1-gigawatt site in West Texas called Colchis, expected to be energized in 2028.
• What were Cipher’s third-quarter 2025 results?
  Cipher reported $72 million in revenue, a $3 million net loss, and adjusted earnings of $41 million for the quarter.

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