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What is established
Under construction. 300 MW announced (gross site power); expected Dec 2026; owned or developed by Cipher Mining.
What is not disclosed
Accelerator count, hardware platform, project capex, named tenant, power source, cooling technology — not disclosed by any source on this page. Recorded as unknown, never as zero.
Analyst note
Capex null: '~$5.5Bn Estimated Contract Value' is 15-year lease revenue, not construction capex. 300MW is gross power (site energized as front-of-the-meter bitcoin campus; Phase I 150MW mined BTC from Q2 2025). AWS also later revealed as tenant at Cipher's Stingray site ('a 70 MW critical IT load'). Cipher's separate Barber Lake site (244MW gross/168MW IT) is leased to Fluidstack with a $1.4B Google backstop, and its 1GW Colchis site is expected to energize in 2028.
Physical work is under way and the evidence includes a primary source.
Power readiness
Capacity basis stated
The source distinguishes IT load from total site power or on-site generation.
Derived from the evidence on this page by a published rule, not a model. How this is calculated.
31.7510, -103.1600
No companies linked to this project yet.
| Metric | Value | Confidence | As of | Basis / methodology | Source |
|---|---|---|---|---|---|
| Power | 300 MW | High | Not disclosed | Basis: site power. Announced target, not energized capacity. Note: Capex null: '~$5.5Bn Estimated Contract Value' is 15-year lease revenue, not construction capex. 300MW is gross power (site energized as front-of-the-meter bitcoin campus; Phase I 150MW mined BTC from Q2 2025). AWS also later revealed as tenant at Cipher's Stingray site ('a 70 MW critical IT load'). Cipher's separate Barber Lake site (244MW gross/168MW IT) is leased to Fluidstack with a $1.4B Google backstop, and its 1GW Colchis site is expected to energize in 2028. | SEC / Cipher Mining |
SEC / Cipher Mining · Nov 3, 2025 · accessed Jul 29, 2026
Cipher will deliver 300 MW of gross capacity in 2026, including both air and liquid cooling to the racks The capacity will be delivered in two phases beginning in July 2026 and completing in Q4 2026, with rent commencing in August 2026
Reliability
95/100
Yahoo Finance · Jun 1, 2026 · accessed Jul 29, 2026
That deal covered 300 MW of gross capacity and represented roughly $5.5 billion in contracted revenue over the initial term.
Reliability
65/100
Capex null: '~$5.5Bn Estimated Contract Value' is 15-year lease revenue, not construction capex. 300MW is gross power (site energized as front-of-the-meter bitcoin campus; Phase I 150MW mined BTC from Q2 2025). AWS also later revealed as tenant at Cipher's Stingray site ('a 70 MW critical IT load'). Cipher's separate Barber Lake site (244MW gross/168MW IT) is leased to Fluidstack with a $1.4B Google backstop, and its 1GW Colchis site is expected to energize in 2028.
No revisions recorded.
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