Cipher Mining (CIFR) priced a $1.08B private offering of a 0.00% convertible senior notes due 2031, upsized from $800M initially.

The notes, senior unsecured obligations, are convertible at an initial price of $16.03 per share, a 37.5% premium to Thursday’s $11.66 close. Investors may require repurchase in 2029 at par, while Cipher can redeem starting in 2028 if shares trade 30% above the conversion price.

Net proceeds of $1.08B will fund capped call transactions, the Barber Lake data center buildout, and expansion of its 2.4 GW high-performance computing pipeline.

The financing comes as Cipher yesterday secured a $3B AI hosting deal with Google and Fluidstack.

CIFR shares fell as much as 17% on Thursday and are. down a further 1% in premarket trading at $11.55.

The decline in the sto

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