On June 9, Cipher Digital rose 5.55% in after-hours trading, trading at $23.1583/share, with trading volume of $1.8185 million. The stock continues its upward momentum following the successful pricing of an $810 million senior secured notes offering.

Cipher Digital's wholly-owned subsidiary Stingray Compute LLC completed the pricing of $810 million in senior secured notes due 2031, carrying a 6.000% coupon rate at an issue price of 99.750% of par value. The proceeds will primarily fund the completion of the Stingray data center facility in West Texas, which will be leased to Amazon under a 15-year agreement for AI computing purposes. The notes are unconditionally guaranteed by Cipher Stingray LLC, with Cipher Digital providing a customary completion guarantee to ensure on-time delivery.

The transaction underscores Cipher Digital's accelerating pivot from Bitcoin mining to AI infrastructure development. Earlier this year, the company raised $2 billion for its Black Pearl data center project, which attracted over $13 billion in subscription demand. The latest offering was jointly underwritten by Morgan Stanley, Goldman Sachs, Wells Fargo, Santander, and SMBC Nikko. Bernstein recently initiated coverage with an Outperform rating and a $32 price target.

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