Data center firm Cipher Digital has secured its third hyperscale tenant.

Revealed by the company today, March 25, Cipher has signed a 15-year lease with an unnamed investment-grade hyperscale tenant.

While details of Cipher's newly signed lease remain sparse, the company notes that it will see Cipher developing a "new HPC data center" at one of its existing sites.

"This agreement for our third large AI campus reinforces Cipher’s position as a trusted partner to develop high-quality HPC data center infrastructure for the world’s leading companies,” said Tyler Page, Cipher's CEO.

Prior tenants secured by Cipher include AWS and Fluidstack (backed by Google) for its upcoming data centers in Texas.

According to Cipher's website, the company currently has 207MW operating in Odessa, Texas, though this seems to be a cryptomining site currently. Under contracted capacity, the company has two sites: Barber Lake in Mitchell County, Texas with up to 300MW on 587 acres, and Black Pearl in Wink, Texas, with 300MW over 70MW.

The company also lists a large "pipeline" of data centers with up to 3.4GW of capacity across seven projects. One of those is its "Ulysses" project, for which Cipher purchased 195 acres of land in Ohio in January 2026. The other sites are all in Texas.

The company, previously known as Cipher Mining before rebranding and pivoting away from cryptomining towards large-scale data center sites for AI and hyperscale customers, has also secured a $200 million revolving credit facility.

The facility has an accordion option of up to $50 million.

According to Cipher, the facility will be used to "enhance liquidity, support working capital, and fund growth initiatives" and has a scheduled maturity of March 2023 with interest at the Secured Overnight Financing Rate (SOFR) plus 1.25 percent to 1.75 percent.

“This transaction marks Cipher’s first syndicated revolving credit facility and represents a major step in the evolution of our capital structure,” said Greg Mumford, CFO of Cipher. “We believe this facility highlights the continued strength and maturation of our business, as well as the growing confidence in our long-term strategy from premier financial institutions. This facility provides non-dilutive capital with enhanced flexibility as we continue to scale the business as a leading HPC data center platform.”

Morgan Stanley serves as Administrative Agent and acted as Lead Arranger and Lead Bookrunner. The syndicate also includes Banco Santander, Goldman Sachs, JPMorgan Chase, Sumitomo Mitsui Banking Corporation, and Wells Fargo.

Earlier this month, Cipher divested three of its cryptomining sites in Texas: Alborz LLC, Bear LLC, and Chief Mountain LLC (collectively, the "ABC Projects"). Canaan purchased 49 percent of the venture, with WindHQ LLC maintaining its 51 percent stake.