Slide 1: Project Compass Investor Presentation
Exhibit 99.1 Project Compass Investor Presentation October 2026 1
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation is being made exclusively to qualified institutional buyers ( QIBs ) as defined in Rule 144A ( Rule 144A ) und er the Securities Act of 1933, as amended (the Securities Act ). The securities described herein have not been and will not be registered under the Securi
Slide 3: Forward-Looking Statements
Forward -Looking Statements This communication contains certain forward -looking statements within the meaning of the federal securities laws of the United S tates. The Company intends such forward -looking statements to be covered by the safe harbor provisions for forward -looking statements contai
Slide 4: Offering Summary
Offering Summary Indicative Terms Issuer Cipher Digital Inc. (NASDAQ: CIFR) Offering Type Senior Convertible Notes Due 2032 Ranking Senior Unsecured Execution Format 144A Base Deal Size $850MM Greenshoe $150MM Coupon [0.00%] ● Premium [ %] Maturity 6 Years (on November 1, 2032) Callable if less than
Slide 5: Today's Presenters
Today’s Presenters Tyler Page Gregory Mumford Chief Executive Officer Chief Financial Officer 5
Slide 6: Transaction Rationale
Transaction Rationale Finance Investment in Barber Lake Lease Expansion and Long -Term Tenant Alignment 1 Position Balance Sheet to Execute on Near Term Catalysts 2 Efficiently Equitize 2030 Convert 3 Maintain Access to Diverse Sources of Capital 4 6
Slide 7: Cipher Digital Overview
Cipher Digital Overview Leading HPC Development Platform Built for Hyperscale Vertically Integrated Developer & Operator In-house power origination, engineering, procurement, construction, and operations built to deliver hyperscale capacity at speed and at scale Current Portfolio (1) 907 MW of opera
Slide 8: Ongoing Execution and Pipeline Expansion
Ongoing Execution and Pipeline Expansion Transformational Commercial Milestones and Pipeline Expansion Highlight Strong Execution Momentum Colchis 1 GW Conditional Transformational Value Early Delivery of Initial Acquired Option for New Site Batch Zero Base Load in Creation at Barber Lake Capacity a
Slide 9: Investment in Barber Lake Lease Expansion
Investment in Barber Lake Lease Expansion Lease amendment adds $5.2Bn of contracted revenue, 2x lease duration and materially enhances project returns Transaction Overview Key Deal Highlights • Transaction deepens Cipher's relationship with a leading AI lab, establishing a long -term $9.1 Bn commitm
Slide 10: Investment in Barber Lake Lease Expansion: Contracted Revenue Growth
Investment in Barber Lake Lease Expansion 130%+ Contracted Revenue Growth $9.5 billion Lease Amendment Economics: $10,000 total revenue with (1) • ~$750MM in additional project equity to support a 10 -year lease extension and additional rentalization $9,000 additional rent (PF project capitalization
Slide 11: Investment in Barber Lake Lease Expansion: Incremental Capital
Investment in Barber Lake Lease Expansion Incremental Capital Supports Project Completion, with Lease Amendment Strengthening Long -Term Returns and Tenant Alignment Change Orders Costs to Complete Construction Additional Costs to Complete Memorialized by Lease Amendment $2,941 - 2,966 (187 - 200) $
Slide 12: Barber Lake Construction Update
Barber Lake Construction Update Barber Lake Approaching Initial Rent Commencement with Critical Equipment Secured and Compute Deployment Underway • Construction remains on track to meet amended delivery milestones, with no rent credits incurred to date • Tenant deploying compute throughout the facil
Slide 13: Portfolio Update
Portfolio Update Construction Progresses with Contractual Cost Protections in Place Black Pearl Stingray • First data center capacity was delivered 2 months early in • Earthwork, grading, and pad preparation progressing on August, and rent has commenced at the site schedule and underground electrica
Slide 14: Key Growth Highlights
Key Growth Highlights Significant Near -Term Catalysts Across Cipher's Pipeline Position the Company for Its Next Phase of Growth Growing Our Pipeline Advancing Development Readiness 3.4 GW Near Term Advancing Cipher’s Proactive 2.5 GW BTM Geographic Grid Connected Engineering & Procurement Potentia
Slide 15: Cipher Digital
*383 Cipher Digital