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Cartis diligence evidence schedule

Cipher Stingray AI Data Center Campus

PRJ-0739 · Site · Texas, United States

Record last updated Oct 28, 2026

Scope and capacity

Cipher is constructing Stingray as a fully financed 100 MW gross-capacity HPC campus. Earthwork and underground electrical work were underway in mid-2026, with delivery targeted for the first half of 2027. Cipher Digital is publicly identified in the project record for Texas location undisclosed, TX, US. The disclosed development record includes 100 MW gross contracted campus capacity; project financing completed; first-half 2027 delivery target. Power and infrastructure include purpose-built hyperscale campus with secured long-lead equipment and project financing. Cipher includes Stingray within its 700 MW of contracted gross HPC capacity.

Headline: 100 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.

Location context · Stingray campus | Texas | precise boundary undisclosed

Actual · Cipher Stingray AI Data Center Campus (Project)

Claim 58803 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. 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

  2. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3233 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

Lifecycle status · Construction

Actual · Cipher Stingray AI Data Center Campus (Project)

Claim 58804 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. 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

  2. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3233 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

Reported capacity · 100 MW

Actual · Cipher Stingray AI Data Center Campus (Project)

Claim 58805 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

Headline treatment: Selected headline

  1. 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

  2. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3233 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

Capacity basis · Cipher includes Stingray within its 700 MW of contracted gross HPC capacity.

Actual · Cipher Stingray AI Data Center Campus (Project)

Claim 58806 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. 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

  2. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3233 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

Development scale · 100 MW gross contracted campus capacity

Actual · Cipher Stingray AI Data Center Campus (Project)

Claim 107676 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. 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

  2. Cipher Q4 2025 business update

    Cipher Digital · Document date: Feb 1, 2026 · Corroborating

    Source reference: SRC-6031 · Regulatory record · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm

Development milestone · Project financing completed

Actual · Cipher Stingray AI Data Center Campus (Project)

Claim 107677 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. 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

  2. Cipher Q4 2025 business update

    Cipher Digital · Document date: Feb 1, 2026 · Corroborating

    Source reference: SRC-6031 · Regulatory record · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm

Power arrangement · First half 2027 delivery target.

Actual · Cipher Stingray AI Data Center Campus (Project)

Claim 107678 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. 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

  2. Cipher Q4 2025 business update

    Cipher Digital · Document date: Feb 1, 2026 · Corroborating

    Source reference: SRC-6031 · Regulatory record · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm

Boundary context · Stingray campus | Texas | precise boundary undisclosed

Actual · Cipher Stingray AI Data Center Campus (Project)

Claim 107679 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. 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

  2. Cipher Q4 2025 business update

    Cipher Digital · Document date: Feb 1, 2026 · Corroborating

    Source reference: SRC-6031 · Regulatory record · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm

Counterparties and capital

Cipher Digital · Developer · CMP-1479

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.