Cipher Digital Secures $5.5 Billion Amazon AI Infrastructure Deal

The company formerly known as Cipher Mining has rebranded as Cipher Digital to transition its core business from Bitcoin mining to the development of AI data center infrastructure. To minimize capital expenditures and accelerate deployment, the company employs a landlord model where it provides land, power, and facilities, while tenants supply their own AI chips.

As part of this strategic pivot, Cipher Digital secured a 15-year, $5.5 billion contract to provide 300 megawatts of capacity to Amazon, with revenue from the agreement expected to begin in August 2026. This follows a third 15-year lease signed in March 2026 with an investment-grade hyperscale tenant. The company faces competition from other AI data center providers, including Nebius Group and Black.

Despite these long-term contracts, Cipher Digital reported a 29 percent year-over-year revenue decline in the first quarter, attributed to its ongoing reliance on crypto mining operations. The company intends to expand its infrastructure significantly, planning to energize 270 megawatts in 2027 and 2.5 gigawatts between 2028 and 2029.