Cipher Digital Inc.
CIFRpublicneocloudData-center hosting
What this company owes, to whom, at what cost and when it comes due. Every figure is the one the company itself states. cohort: neocloud · verified 2026-09-28 How these figures are built →
how it is counted
what the filer owes that is not on its balance sheet at this date: leases not yet commenced plus unrecorded purchase obligations, counted once. A filer that reports the same figure under both (Meta, Alphabet, Equinix, Arm, Applied Digital, Astera Labs) has stated one fact twice, and offBalanceNote says so
- Notes priced since 2024 · 5 →each tranche in the ledger as the company itself states it
how it is counted
principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded)
- $4.9B
- Loans and credit facilities · 3 →as signed; the figure counts new facilities, the count amendments too
how it is counted
the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn; new facilities only: an amendment restates a commitment already counted.
- $300M
- Debt due in 12 months →its own schedule, as of 2026-06-30
how it is counted
the company's own maturity schedule for all its long-term debt, as its latest report states it: principal due in the next twelve months, years two to five and after; USD billions
- $217M
- Long-term debt on the balance sheet →on its balance sheet at 2026-06-30
how it is counted
long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line
- $5.5B
- Cost of debt · 2026 Q2 →interest cover -1.18× · capex over operating cash flow —
how it is counted
4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it
- 6.47%
- Sold at the market, four quarters to 2025-03-31 →47.7M shares, as the company states its own sales
how it is counted
sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found
- $191.4M
When it comes due
Its own schedule, as of 2026-06-30
Notes and facilities since 2024, by maturity year
What has it committed to?
Obligations as the company states them — leases and purchase obligations as it reports them, long-term debt read off its balance sheet — each at the date it last stated it. The off-balance-sheet total is what it owes that its balance sheet does not carry.
Obligations as stated
| Off the balance sheet | $30M | 2026-06-30 | Unrecorded purchase obligations at 2026-06-30 |
| Unrecorded purchase obligations | $26M | 2026-06-30 | unconditional purchase obligations not recorded on the balance sheet |
| Long-term debt on the balance sheet | $5.5B | 2026-06-30 | long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line |
| Lease liabilities on the balance sheet | $45M | 2026-06-30 | operating plus finance, discounted operating + finance lease liabilities |
| Lease payments due | $67M | 2026-06-30 | operating plus finance, undiscounted operating + finance undiscounted payments due |
Obligations created, as announced
| 2026-06-15 | material definitive agreement | $810M | notes due | Stingray Compute LLC, Cipher Digital Inc., Cipher Stingray LLC, Morgan Stanley & Co. LLC, Cipher Stingray Holdings LLC |
| 2026-06-15 | direct financial obligation | $810M | notes due | Stingray Compute LLC, Cipher Digital Inc., Cipher Stingray LLC, Morgan Stanley & Co. LLC, Cipher Stingray Holdings LLC |
| 2026-03-25 | material definitive agreement | $3.0B | credit agreement | Cipher Digital Inc., Morgan Stanley Senior Funding, Inc., Banco Santander, S.A., Goldman Sachs Lending Partners LLC, JPMorgan Chase Bank, N.A., Sumitomo Mitsui Banking Corporation |
| 2026-03-25 | direct financial obligation | $3.0B | credit agreement | Cipher Digital Inc., Morgan Stanley Senior Funding, Inc., Banco Santander, S.A., Goldman Sachs Lending Partners LLC, JPMorgan Chase Bank, N.A., Sumitomo Mitsui Banking Corporation |
| 2026-02-11 | material definitive agreement | $2.0B | notes due | Black Pearl Compute LLC, Cipher Mining Inc., Cipher Black Pearl LLC, Wink LLC, Black Pearl Holdings LLC |
| 2026-02-11 | direct financial obligation | $2.0B | notes due | Black Pearl Compute LLC, Cipher Mining Inc., Cipher Black Pearl LLC, Wink LLC, Black Pearl Holdings LLC |
| 2025-11-24 | material definitive agreement | $1.4B | notes due | Cipher Compute LLC, Cipher Mining Inc., Cipher Barber Lake LLC, Morgan Stanley & Co. LLC, Cipher Songbird LLC |
| 2025-11-24 | direct financial obligation | $1.4B | notes due | Cipher Compute LLC, Cipher Mining Inc., Cipher Barber Lake LLC, Morgan Stanley & Co. LLC, Cipher Songbird LLC |
| 2025-11-20 | material definitive agreement | $1.4B | notes due | Cipher Barber Lake LLC, Cipher Mining Inc., Fluidstack USA II Inc., Google LLC, Cipher Compute LLC, Cipher Songbird LLC |
| 2025-11-13 | material definitive agreement | $1.4B | notes due | Cipher Compute LLC, Cipher Mining Inc., Cipher Barber Lake LLC, Cipher Songbird LLC |
| 2025-11-13 | direct financial obligation | $1.4B | notes due | Cipher Compute LLC, Cipher Mining Inc., Cipher Barber Lake LLC, Cipher Songbird LLC |
| 2025-10-01 | material definitive agreement | $1.3B | senior notes | Cipher Mining Inc., U.S. Bank Trust Company |
| 2025-10-01 | direct financial obligation | $1.3B | senior notes | Cipher Mining Inc., U.S. Bank Trust Company |
| 2025-09-25 | material definitive agreement | $430M | financing | Cipher Mining Inc., Cipher Barber Lake LLC, Fluidstack USA II Inc., Google LLC |
| 2025-05-22 | material definitive agreement | $172M | underwriting agreement | Cipher Mining Inc., Morgan Stanley & Co. LLC, U.S. Bank Trust Company |
| 2025-05-22 | direct financial obligation | $172M | underwriting agreement | Cipher Mining Inc., Morgan Stanley & Co. LLC, U.S. Bank Trust Company |
| 2025-05-20 | material definitive agreement | $150M | purchase agreement | Cipher Mining Inc., Cipher Mining Infrastructure LLC, Cipher Black Pearl LLC, Bitmain Technologies Delaware Limited, Original Agreement. The Company, Morgan Stanley & Co. LLC |
| 2025-01-30 | material definitive agreement | $50M | — | Cipher Mining Inc., Star Beacon LLC, SoftBank Group Corp. |
| 2024-09-04 | material definitive agreement | $726M | — | Cipher Mining Inc., Canaccord Genuity LLC, Compass Point Research & Trading, LLC, Needham & Company, LLC, Bruyette & Woods, Inc., Virtu Americas LLC |
| 2024-07-12 | material definitive agreement | $187M | purchase agreement | Cipher Mining Inc., Cipher Mining Infrastructure LLC, Bitmain Technologies Delaware Limited |
| 2024-06-10 | material definitive agreement | $134M | purchase agreement | Canaan Creative Global Pte. Ltd., Cipher Mining Inc., Cipher Mining Infrastructure LLC, Bitmain Technologies Delaware Limited |
| 2024-03-06 | material definitive agreement | $297M | — | Cipher Mining Inc., Canaccord Genuity LLC, Compass Point Research & Trading, LLC, Needham & Company, LLC, Virtu Americas LLC, Sales Agreement. The Company |
What has it borrowed, and at what cost?
Each note tranche in the ledger priced since 2024, as the company itself states it, and each credit facility as signed. Nothing is netted, nothing is estimated.
Notes priced since 2024
| 2026-06-15 | $810M | 6% | 2031 | fixed | — |
| 2026-02-24 | $333M | floating | 2030 | floating | — |
| 2026-02-11 | $2.00B | 6.125% | 2031 | fixed | — |
| 2025-11-20 | $333M | 7.125% | 2030 | fixed | — |
| 2025-11-13 | $1.40B | 7.125% | 2030 | fixed | — |
Loans and credit facilities as signed
| 2026-03-25 | revolving credit facility “The Credit Agreement provides for a $200,000,000 revolving credit facility (the “Revolving Credit Facility”), including a $50,000,000 letter of credit sublimit.” | $200M | — | — | — | Morgan Stanley Senior Funding, Inc. |
| 2026-03-25 | letter of credit facility “The Credit Agreement provides for a $200,000,000 revolving credit facility (the “Revolving Credit Facility”), including a $50,000,000 letter of credit sublimit.” | $50M | — | — | — | Morgan Stanley Senior Funding, Inc. |
| 2026-03-25 | term loan “The Credit Agreement also permits the Company to obtain incremental revolving commitments or term loan commitments in an aggregate amount of up to $50,000,000, plus the amount of any voluntary commitment reductions and prepayments, subject to the satisfaction of certain conditions.” | $50M | — | — | — | Morgan Stanley Senior Funding, Inc. |
Cost of debt, from its own statements
Latest quarter, 2026 Q2: cost of debt 6.47%, interest cover -1.18×, capex over operating cash flow —.
Cost of debt: 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it Interest cover: operating income ÷ interest expense. Capex over operating cash flow: cash purchases of PP&E ÷ operating cash flow; null when operating cash flow is not positive.
What equity has it sold?
Raises as announced, and shares actually sold under an at-the-market programme when the company states the period.
Equity and hybrid raises
| 2025-10-01 | convertible “(the “Company”) issued $1,300,000,000 aggregate principal amount of its 0.00% Convertible Senior Notes due 2031 (the “Notes”).” | $1.30B | 0% | 2031 |
| 2025-05-22 | convertible “We are offering $150,000,000 aggregate principal amount of our 1.75% convertible senior notes due 2030 (the “notes”).” | $150M | 1.75% | 2030 |
| 2024-09-04 | atm “Pursuant to the Amended and Restated Sales Agreement, the Company may offer and sell, from time to time through or to the Agents, shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), for aggregate gross proceeds of up to $725.7 million (the “Shares”), which consists of (i) up to $125.7 million remaining as authorized under the Company’s Registration Statement on Form” | $726M | — | — |
| 2024-09-03 | atm “Specifically, under the prospectus supplement and the accompanying prospectus dated September 3, 2024, pursuant to the Automatic Shelf
Registration Statement, we may offer shares of our common stock having an aggregate offering price of up to $600,000,000 under the Sales Agreement.” | $600M | — | — |
| 2024-09-03 | atm “By using a shelf registration statement, we may offer shares of our common stock having an aggregate offering price of up to $125,678,380 from time to time under the prospectus supplement, as
amended by this amendment, at prices and on terms to be determined by market conditions at the time of offering.” | $126M | — | — |
| 2024-03-06 | atm “By using a shelf registration statement, we may offer shares of our common stock having an aggregate offering price of up to $296,560,661 from time to time under the prospectus supplement, as
amended by this amendment, at prices and on terms to be determined by market conditions at the time of offering.” | $297M | — | — |
| 2024-03-06 | atm “The prospectus supplement originally authorized us to offer and sell common stock having an aggregate offering price of up to $250,000,000.” | $250M | — | — |
At the market, as the company states its own sales
11 stated period(s) across 4 quarter(s) · last four quarters to 2025-03-31: 47.7M shares for $191.4M.
The last four quarters: sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found.
When does it come due, and who holds it?
The company's own five-year schedule, what we have placed by year from the notes and facilities since 2024, and the price the funds that hold its paper report.
Its own maturity schedule
| 2026-06-30 | $217M | $296M | $301M | $1.56B | — | — | $2.4B |
What we have placed by maturity year, since 2024
| 2030 | $2.07B | — | 3 | 0 |
| 2031 | $2.81B | — | 2 | 0 |
Not on this ladder: facilities with no maturity date
| 2026-03-25 | revolving credit facility | $200M | — |
| 2026-03-25 | letter of credit facility | $50M | — |
| 2026-03-25 | term loan | $50M | — |
No fund-reported price for its paper. Fund holdings are matched only on identifiers the ledger already holds, so a tranche with no CUSIP in the ledger cannot be matched.
How does it compare?
The same twelve measures every company on the AI trade page carries, beside the median across them. Below each measure, the arithmetic behind it.
Twelve measures, beside the median
| Self-funding operating cash flow $-0.3B ÷ capex $1.2B over 4 quarters to 2026Q2 | -0.21× | 1.31× across 40 companies | 2026Q2 |
| Funding mix of $1.2B of capex over 4 quarters to 2026Q2: operations -20.7%, new debt 419.4% ($4.9B notes + $0.3B facilities), equity 120.8% | -20.7% | — | 2026Q2 |
| Off balance sheet $0.0B off the balance sheet ÷ (that + $5.5B long-term debt); each figure as the filer last stated it (longTermDebt 2026-06-30, unrecordedPurchaseObligations 2026-06-30) | 0.5% | 41.9% across 23 companies | 2026-06-30 |
| Committed facilities $0.3B committed across 3 new facilities, 0.05× the $5.5B of long-term debt on the balance sheet | $300M | — | 2026-06-30 |
| Marginal cost of debt principal-weighted coupon of $4.5B priced in the last twelve months; the book carries 5.19%, a gap of +1.29 points | 6.48% | — | — |
| New-issue spread median of 4 USD tranches: coupon less the 10-year Treasury on each pricing date (range 153–303 bp) | 248 bp | — | — |
| Floating-rate share $0.3B floating ($0.3B notes + $0.0B facilities off SOFR) ÷ $5.2B raised | 6.4% | 0% across 40 companies | — |
| Rate shock (+100 bp) $0.3B of floating debt × 100 bp = $0.00B more interest a year; interest cover would be -1.17× on the latest quarter annualised | $3M | — | — |
| Secured share of new facilities $0.0B secured ÷ $0.3B committed; $0.3B does not say | 0% | 0% across 24 companies | — |
| Refinancing burden $0.5B due within two years; no positive operating cash flow to compare | — operating cash flow is nil or negative | 0.15× across 23 companies | 2026-06-30 |
| Liquidity runway ($0.8B cash and equivalents as tagged — short-term investments are not included — + $0.3B committed) ÷ $0.3B a quarter of capex and interest, as of 2026Q2 | 3.2 | — | 2026Q2 |
Does our ledger explain its balance sheet?
Across 4 of 4 quarter(s) its debt rose $5.4B and the notes we hold for those quarters total $4.9B — 90.7% explained.
the change in the filer's own borrowings over a fiscal quarter, against the principal of the tranches our ledger says were priced inside that quarter; this is not a reconciliation to the penny and is not meant to be; we do not track repayments, draws under facilities, commercial paper or currency translation.