Cipher’s $850M convert follows Barber Lake cost overruns and delays

Cipher Digital (NASDAQ: CIFR) has announced it intends to sell $850 million of zero-coupon convertible notes that are set to mature in 2032. The announcement was made on Tuesday, October 13, barely 3 weeks after the company agreed to absorb cost overruns to the tune of $359.3 million at its Barber Lake data center in Texas. Cipher’s decision will serve as an example of how former Bitcoin miners now pay for their AI buildouts. When the cost of construction goes up, they segue to the convertible market.

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