Author：Encryption Jianghu

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, named “Colchis.”

Cipher Mining Inc. has unveiled a game-changing move in its latest Q3 2025 financial report, and that is a $5.5 billion, 15-year lease deal with Amazon Web Services (AWS) to supply high-performance infrastructure for AI workloads.

It goes to show 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’s AI deal with AWS

Under the deal, Cipher will deliver 300 megawatts of capacity, equipped with both air and liquid cooling systems, in two phases beginning July 2026 and concluding by year-end. That said, the rent payments under the agreement are set to start in August 2026.

Needless to say, Tyler Page, Cipher’s CEO, didn’t shy away from expressing himself 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 major step forward by signing our first direct lease with a Tier 1 hyperscaler.”

Cipher’s joint venture in West Texas

Alongside its AWS partnership, the company also announced a joint venture to develop a 1-gigawatt (GW) site in West Texas, called “Colchis.” In this partnership, Cipher will fund most of the project, securing around 95% equity ownership.

The 620-acre Colchis site includes a 1-GW Direct Connect Agreement with American Electric Power (AEP), which will build a dual interconnection facility targeting energization in 2028.

AEP will construct a dual interconnection facility, with the targeted date for energization being 2028.

Strategically located near an existing substation, the site is designed to power large-scale AI and HPC data centers.

On that note, Cipher’s CEO emphasized that the company is delivering on its strategy to stay “ahead of the curve.” 

Other details of the Cipher’s Q3 2025 results

Now, if you look carefully, Cipher’s Q3 2025 results highlight strong momentum, driven by major AI infrastructure deals.

The company secured a 10-year hosting agreement with Fluidstack and Google and a 15-year data center lease with AWS, totaling $8.5 billion in contracts.

It also completed a $1.3 billion convertible note offering to fund expansion.

With a 3.2 GW project pipeline, Cipher is swiftly evolving from a crypto miner to a diversified computing powerhouse.

As expected, this move had a massive impact on its stock (CIFR) as it surged 22.04% to $22.76 at press time, according to Google Finance. 

The other side of AI

However, the broader digital landscape paints a contrasting picture.

While AI continues to accelerate growth and innovation for firms like Cipher, it is also being exploited for malicious purposes.

A report from the Multinational Sanctions Monitoring Team (MSMT) revealed that North Korea has stolen about $2.84 billion in cryptocurrencies since early 2024. Of this, $1.65 billion was taken this year alone.

As Cipher Mining leads this technological shift, the duality of AI as both an innovation driver and an exploitation tool is becoming clearer.