Cipher Digital Inc. · NASDAQ:CIFR
Cipher Digital — Cipher Mining — Debt Investor Presentation (February 2026)
11 slides from Cipher Digital's debt investor presentation, Feb 3, 2026
Slide 1: Black Pearl Compute
Confidential FEBRUARY 2026 Black Pearl Compute
Slide 2: Forward-looking statements
2 This presentation contains certain forward - looking statements within the meaning of the federal securities laws of the United St ates. The Company intends such forward - looking statements to be covered by the safe harbor provisions for forward - looking statements contained in the Private Secur
Slide 3: Transaction Overview: ~$5.5Bn of Contracted Revenue with Long-Term AWS Lease
3 Transaction Overview: ~$5.5Bn of Contracted Revenue with Long - Term AWS Lease 216 MW Critical IT Load Under Contract 15 Years Base Lease Term + Three 5 - Year Subtenant Extension Options $9.5MM Max. Development Cost / IT MW (4) ~$ 5.5 Bn Contracted Lease Payments October 2026 Targeted Initial Ren
Slide 4: Financing AWS-Backed HPC Data Center at Black Pearl
4 Financing AWS - Backed HPC Data Center at Black Pearl • On Nov. 3, 2025, Cipher announced a new partnership to build 300 MW of gross data center capacity which will be leased to Ama zon Data Services, Inc. for at least 15 years • Purpose - built HPC data center at Black Pearl, Wink, TX, with 300 M
Slide 5: Black Pearl: Layout and Highlights
5 Total Acreage Gross Capacity ~75 Acres 300 MW Black Pearl: Layout and Highlights Site Features: – Immediate power availability: Newly constructed and energized high - to - mid voltage N+1 substation – Fully approved for 300 gross MW of interconnection / agreements necessary to participate in the E
Slide 6: Strategic Endorsement from AWS: Scale, Stability & Long-Term Visibility
6 Strategic Endorsement from AWS: Scale, Stability & Long - Term Visibility Direct Lease with AA Credit Hyperscaler Amazon is working with Cipher to secure long - term HPC capacity, underscoring the strategic value of Black Pearl for AI infrastructure growth Amazon Parent Fully Guaranteeing Lease Ca
Slide 7: Strong Contractual Economics and Free Cash Flow Profile
7 Strong Contractual Economics and Free Cash Flow Profile Cash Flows Backed by Amazon Credit • Parties • Landlord: Cipher Black Pearl LLC (Landlord Guarantor: Cipher Mining Inc.) • Tenant: Amazon Data Services, Inc. (Tenant Guarantor: Amazon.com, Inc.) • Terms: • MW IT Load: 216 MW • Tenor: 15 - yea
Slide 8: Strategically positioned to serve major U.S. AI demand hubs
8 • Strategically positioned to serve major U.S. AI demand hubs with multiple providers with diverse routes to major metropolitan areas with low latency and high bandwidth • Wave service, dark, and lit fiber options available • Black Pearl’s latency is sub 10ms to major metro areas including Dallas,
Slide 9: Experienced Team with Proven Track Record in Power Infrastructure & Hyperscale Data Center Delivery
9 Experienced Team with Proven Track Record in Power Infrastructure & Hyperscale Data Center Delivery Cipher Data Center Team & Capabilities • Project leadership team with extensive hyperscale data center delivery experience , including multiple senior hires from Google’s data center construction an
Slide 10: Consolidated Financial Summary
10 Consolidated Financial Summary Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 14 Year 15 Year 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2040 2041 Rent Revenue 5,480 29 282 309 319 328 338 348 359 369 380 441 338 Net Property Management Fee 24 0 1 2 2 2 2 2 (1) 2 2 2 2
Slide 11: Black Pearl Compute
e +4 Black Pearl ++ +4 Compute “8
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