Cipher Digital stock jumps on data center deal

Cipher Digital's stock experienced a significant 9% surge in pre-market trading following the announcement of a new 15-year lease agreement with a hyperscale tenant. This deal is for the development of its third high-performance computing data center campus, signaling a strategic pivot from its former bitcoin mining operations. The company, which recently rebranded from Cipher Mining, also secured a $200 million revolving credit facility, with an additional $50 million option, to support expansion and enhance liquidity. This move positions Cipher Digital to capitalize on the burgeoning demand for AI infrastructure and cloud workloads.