On June 11, Cipher Mining rose 5.28% in regular trading, trading at $22.17/share, with turnover of $296 million. The stock continued its upward momentum following the successful pricing of a major debt offering tied to its AI infrastructure buildout.

Cipher Digital's wholly-owned subsidiary Stingray Compute LLC completed the pricing of $810 million in senior secured notes due 2031, carrying a coupon rate of 6.000% at an issue price of 99.750% of par value. 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. The deal was jointly underwritten by Morgan Stanley, Goldman Sachs, Wells Fargo, Santander, and SMBC Nikko Securities.

The financing underscores the company's strategic pivot from Bitcoin mining to AI data center development. In February, Cipher raised $2 billion via bond markets for its Black Pearl data center project, which attracted over $13 billion in subscription demand. Bernstein recently initiated coverage with an Outperform rating and a $32 price target.

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