Key takeaways
How much capacity will Cipher deliver under the AWS agreement?
The company will deliver 300 megawatts of capacity, with both air and liquid cooling systems, starting in July 2026.
What other major project did Cipher announce?
Cipher unveiled a joint venture to develop a 1 gigawatt (GW) site in West Texas, called “Colchis.”
Cipher Mining Inc. has revealed a breakthrough move in its latest Q3 2025 financial report. reportand it is a 15-year, $5.5 billion lease agreement with Amazon Web Services (AWS) to provide high-performance infrastructure for AI workloads.
This demonstrates how Cipher Mining is rapidly expanding beyond Bitcoin. [BTC] mining, positioning itself as a key infrastructure player in AI and high-performance computing (HPC).
Cipher Mining AI Agreement with AWS
Under the agreement, Cipher will deliver 300 megawatts of capacity, equipped with liquid and air cooling systems, in two phases starting in July 2026 and ending at the end of the year. That said, rent payments under the agreement will begin in August 2026.
Needless to say, Tyler Page, CEO of Cipher, didn’t hesitate to speak out when he noted:
“The third quarter was truly transformative for Cipher. We executed a pivotal transaction with Fluidstack and Google, which firmly established our credibility in the HPC space. We are now following that transaction with another important step forward by signing our first direct lease with a Tier 1 hyperscaler.”
Cipher’s West Texas Joint Venture
In addition to its partnership with AWS, the company also announced a joint venture to develop a 1 gigawatt (GW) site in West Texas, called “Colchis.” In this partnership, Cipher will finance the majority of the project, securing around 95% equity ownership.
The 620-acre Colchis site includes a 1 GW direct connection agreement with American Electric Power (AEP), which will build a dual interconnection facility targeted for energization in 2028.
AEP will build a dual interconnection facility, with a planned energization date of 2028.
Strategically located near an existing substation, the site is designed to power large-scale AI and HPC data centers.
In that sense, Cipher’s CEO emphasized that the company is fulfilling its strategy to stay “ahead of the curve.”
Other details from Cipher’s Q3 2025 results
Now, if you look closely, Cipher’s Q3 2025 results highlight strong momentum, driven by major AI infrastructure deals.
The company secured a 10-year hosting deal with Fluidstack and Google and a 15-year data center lease with AWS, for a total of $8.5 billion in contracts.
It also completed a $1.3 billion convertible bond offering to finance the expansion.
With a 3.2 GW project pipeline, Cipher is rapidly evolving from a crypto miner to a diversified computing powerhouse.
As expected, this move had a massive impact on its (CIFR) stock as it rose 22.04% to $22.76 at press time, according to Google Finance.
The other side of AI
However, the broader digital landscape presents a contrasting picture.
While AI continues to accelerate the growth and innovation of companies like Cipher, it is also being exploited for malicious purposes.
A report by the Multinational Sanctions Monitoring Team (MSMT) revealed that North Korea has stolen around $2.84 billion in cryptocurrency since the beginning of 2024. Of this, $1.65 billion was stolen this year alone.
As Cipher Mining leads this technological shift, the duality of AI as an engine of innovation and a tool of exploitation becomes clearer.
