Cipher Digital Inc. reported its second quarter 2026 business results on August 4, announcing that it has begun delivering data center capacity at its Black Pearl campus two months ahead of schedule, secured an option on a new 900 megawatt site near San Antonio, Texas, and completed a bond offering to fully fund its Stingray data center development.

Black Pearl Delivery Moved Forward at Tenant's Request

Cipher Digital, which trades on the Nasdaq under the ticker CIFR, amended its Black Pearl campus lease with its investment-grade hyperscale tenant to accelerate the development timeline.

Under the revised terms, the company began delivering data center capacity at the start of August, two months earlier than originally planned.

The company stated that rent has commenced at the site. Chief Executive Officer Tyler Page credited the early delivery as evidence of the company's operational capabilities.

"We are proud to have delivered our first HPC data center capacity ahead of schedule and announce that rent has commenced at the site," Page said.

"This accelerated delivery proves we can execute at scale, with speed, and without compromise in a challenging environment."

Construction work at Black Pearl continues beyond the initial delivery milestone. Remaining Phase I data halls are moving through mechanical, electrical, and plumbing fit-out, while Phase II work involves concrete foundations, building steel, and underground electrical installations.

Apollo Site Option Secured Near San Antonio

Cipher Digital announced it has acquired an option on a new data center site it is calling Apollo, located within 25 miles of San Antonio, Texas.

The site spans approximately 288 acres and is capable of supporting up to 900 megawatts of capacity.

The company described the site's terrain as flat and buildable, making it well-suited for large-scale data center development. Its proximity to San Antonio was cited as an advantage for fiber connectivity.

The Apollo site has been submitted as a studied load in Batch Zero through the Electric Reliability Council of Texas's updated interconnection process.

Cipher said it moved quickly to secure the option, describing the action as reflecting the company's ability to identify and act on market opportunities as they arise.

Bond Offering Fully Funds Stingray Development

During the second quarter, Cipher Digital completed what it described as a highly successful bond offering tied to its Stingray data center project.

The offering fully funded the Stingray development through substantial completion and reimbursed Cipher for USD 56.7 million of previously funded project expenditures.

Construction at Stingray is continuing on schedule, with earthwork, grading, pad preparation, and underground electrical work all underway. Page described the capital markets activity as a demonstration of the repeatability of the company's strategy.

"We accessed capital markets to fund another one of our leases, secured an option on a new site, and delivered accelerated capacity to our tenant, further building our position as a leading HPC development platform," he said.

Barber Lake Progressing Toward Completion

The company's Barber Lake data center is also continuing to advance.

Cipher Digital reported that its tenant at Barber Lake has commenced beneficial use of the facility, including partial occupancy of the building and the deployment of network racks. The company described the project as progressing toward completion.

Company Context and Strategy

Cipher Digital describes itself as a developer, owner, and operator of industrial-scale data centers built for high-performance computing workloads.

The company says it brings together expertise across power sourcing, construction, engineering, operations, real estate, and technology to deliver data centers purpose-built for HPC workloads.

Its stated goal is to become a leading HPC development platform built for hyperscale by partnering with what it describes as premier tenants.

The company is headquartered in New York and has positioned its pipeline of projects, including Black Pearl, Stingray, Barber Lake, and the newly optioned Apollo site, as the foundation of a repeatable development model.