Overview
- Cipher disclosed on Monday that Stingray Compute LLC priced $810.0 million of 6.000% senior secured notes due 2031 at 99.750% of par and expects the private placement to close on or about June 15, 2026 subject to customary conditions.
- Cipher says net proceeds will finance remaining construction costs of the 70-megawatt Stingray high-performance computing facility, reimburse about $61.5 million of prior equity contributions, and fund debt service reserves.
- The notes are fully and unconditionally guaranteed by Cipher Stingray, secured by first-priority liens on substantially all issuer and guarantor assets, and backed by a customary completion guarantee from Cipher to cover any shortfall.
- Market coverage reported that the Stingray project is fully pre-leased to Amazon Web Services, a tenancy that market participants cited as key to the financing case and that coincided with an immediate positive move in Cipher’s share price.
- The offering is a private placement to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S, so closing remains subject to market and other customary conditions and carries the execution risks outlined in Cipher’s SEC filings.