Cryptominer firm turned HPC data center developer Cipher Digital plans to raise $810 million in senior secured notes, due 2031.

The majority of the funds will be used to fund the remaining cost of the Stingray data center, a 100MW development in West Texas.

Around $63.6m will be used to reimburse Cipher for prior equity contributions to Stingray, and other funds will be used for debt service reserves.

Cipher has yet to disclose when the notes will be issued, nor what the interest rate is expected to be.

Set to offer 100MW of front-of-the-meter capacity, the site totals 250 acres in Andrews County, west of the city of Andrews. The company acquired the site early last year.

In its annual 10-K filing, the company said that it expects to energize the site in the first half of this year.

The company's Barber Lake data center is fully pre-leased to Fluidstack and Google, while its upcoming Black Pearl site is pre-leased to Amazon Web Services.

Both projects are similarly being funded with note offerings.

The company 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.

In June, details emerged of plans for a 500MW facility outside of Waco, Texas.