Cartis diligence evidence schedule
Cipher Black Pearl AI Data Center Campus
PRJ-0726 · Site · Wink, Texas, United States
Record last updated Oct 28, 2026
Scope and capacity
Cipher is converting Black Pearl into a contracted HPC campus. The first capacity was delivered to its tenant in August 2026 while remaining data halls continue through fit-out and construction. Cipher Digital and Amazon Web Services is publicly identified in the project record for Wink, Winkler County, TX, US. The disclosed development record includes 300 MW gross contracted campus capacity; first tenant capacity delivered in August 2026; remaining phases under construction. Power and infrastructure include grid-powered campus with air- and liquid-cooled data halls. Cipher identifies 300 MW of gross contracted HPC capacity at Black Pearl. Cipher reported a $2.0 billion high-yield bond financing supporting the contracted Black Pearl development.
Headline: 300 MW Contracted
Numbers refer to their stated physical boundaries and are not added together. Source dates, claim dates and record updates have different meanings. Missing dates and locators are not inferred.
Claims and exhibit sources
Jump to a claim (8)
Location context · Black Pearl campus | Wink | Winkler County | Texas
Actual · Cipher Black Pearl AI Data Center Campus (Project)
Claim 58751 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated
- Cipher Digital Q2 2026 business update
Cipher Digital · Document date: Aug 10, 2026 · Primary
Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
- Cipher Digital Q2 2026 business update
Cipher Digital · Document date: Aug 10, 2026 · Primary
Source reference: SRC-3217 · Fact sheet · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
Lifecycle status · Partially operational
Actual · Cipher Black Pearl AI Data Center Campus (Project)
Claim 58752 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated
- Cipher Digital Q2 2026 business update
Cipher Digital · Document date: Aug 10, 2026 · Primary
Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
- Cipher Digital Q2 2026 business update
Cipher Digital · Document date: Aug 10, 2026 · Primary
Source reference: SRC-3217 · Fact sheet · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
Reported capacity · 300 MW
Actual · Cipher Black Pearl AI Data Center Campus (Project)
Claim 58753 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated
Headline treatment: Selected headline
- Cipher Digital Q2 2026 business update
Cipher Digital · Document date: Aug 10, 2026 · Primary
Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
- Cipher Digital Q2 2026 business update
Cipher Digital · Document date: Aug 10, 2026 · Primary
Source reference: SRC-3217 · Fact sheet · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
Capacity basis · Cipher identifies 300 MW of gross contracted HPC capacity at Black Pearl.
Actual · Cipher Black Pearl AI Data Center Campus (Project)
Claim 58754 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated
- Cipher Digital Q2 2026 business update
Cipher Digital · Document date: Aug 10, 2026 · Primary
Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
- Cipher Digital Q2 2026 business update
Cipher Digital · Document date: Aug 10, 2026 · Primary
Source reference: SRC-3217 · Fact sheet · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
Development scale · 300 MW gross contracted campus capacity
Actual · Cipher Black Pearl AI Data Center Campus (Project)
Claim 107564 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated
- Cipher Digital Q2 2026 business update
Cipher Digital · Document date: Aug 10, 2026 · Primary
Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
- Cipher Q4 2025 business update
Cipher Digital · Document date: Feb 1, 2026 · Corroborating
Source reference: SRC-6003 · Regulatory record · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm
Development milestone · First tenant capacity delivered in August 2026
Actual · Cipher Black Pearl AI Data Center Campus (Project)
Claim 107565 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated
- Cipher Digital Q2 2026 business update
Cipher Digital · Document date: Aug 10, 2026 · Primary
Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
- Cipher Q4 2025 business update
Cipher Digital · Document date: Feb 1, 2026 · Corroborating
Source reference: SRC-6003 · Regulatory record · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm
Power arrangement · Remaining phases under construction.
Actual · Cipher Black Pearl AI Data Center Campus (Project)
Claim 107566 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated
- Cipher Digital Q2 2026 business update
Cipher Digital · Document date: Aug 10, 2026 · Primary
Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
- Cipher Q4 2025 business update
Cipher Digital · Document date: Feb 1, 2026 · Corroborating
Source reference: SRC-6003 · Regulatory record · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm
Boundary context · Black Pearl campus | Wink | Winkler County | Texas
Actual · Cipher Black Pearl AI Data Center Campus (Project)
Claim 107567 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated
- Cipher Digital Q2 2026 business update
Cipher Digital · Document date: Aug 10, 2026 · Primary
Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm
- Cipher Q4 2025 business update
Cipher Digital · Document date: Feb 1, 2026 · Corroborating
Source reference: SRC-6003 · Regulatory record · Recorded authority: Official primary
Source URL
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm
https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm
Counterparties and capital
Amazon Web Services · Tenant · CMP-0152
Cipher Digital · Developer · CMP-1462
$2,000,000,000 · Feb 1, 2026
Black Pearl construction through substantial completion.
Cipher Digital (Sponsor)
Sources (2)
- Cipher Digital Q2 2026 business update · Aug 10, 2026
- Cipher Q4 2025 business update · Feb 1, 2026
Financing record 206; claim-specific source links appear in the exhibit sources where published.
This schedule captures public Cartis research. It is not a title, lien or legal-opinion report. Document page/section locators and claim review timestamps are included only when published; this version has no separate locator or claim-review-time feed.