Building blocks, Cipher Mining announced a 15-year, $5.5 billion lease agreement with Amazon Web Services

Cipher Mining (NASDAQ: CIFR) on Monday reported third-quarter earnings that were roughly in line with market expectations, while revenue fell short of estimates.

Alongside the results, the company announced a 15-year, $5.5 billion lease agreement with Amazon Web Services to supply 300 megawatts of capacity for AI workloads. The project, which includes both air- and liquid-cooled racks, will be delivered in two phases starting in July 2026, with rent payments beginning the following month.

Cipher also unveiled plans to form a joint entity to develop a 1-gigawatt site in West Texas, named “Colchis.” The company will provide most of the financing and expects to hold about 95% equity ownership under standard lease and development terms for future high-performance computing projects.

The Colchis project includes a finalized 1-gigawatt Direct Connect Agreement with American Electric Power, which will build a dual interconnection facility aimed for energization in 2028. The 620-acre site is located next to an existing substation.

Shares in Cipher Mining jumped around 17% in premarket trading as of 07:20 ET.

The company reported third-quarter 2025 revenue of $72 million and adjusted earnings of $0.10 per diluted share, compared with the consensus estimates of $76.5 million and $0.11, respectively.

“The third quarter was truly transformative for Cipher,” said Tyler Page, CEO of Cipher Mining. “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 hyperscale.”