Cipher Mining made a $5.5 billion deal with Amazon.

Cipher Mining announced its third-quarter results on Monday, reporting results that were close to market expectations. However, the revenue figures fell short of estimates.

The company also announced a 15-year lease agreement worth 5.5 billion dollars with Amazon Web Services to provide 300 megawatts of capacity for artificial intelligence workloads. The project will include both air and liquid-cooled racks and will occur in two phases, with deliveries scheduled to begin in July 2026; lease payments will commence the following month.

Cipher Mining also revealed plans to establish a partnership for the development of a 1-gigawatt facility named “Colchis” in West Texas. The company expects to provide a significant portion of the funding and hold approximately 95% ownership under standard lease and development terms for future high-performance computing projects.

The Colchis project includes a finalized 1-gigawatt Direct Connection Agreement with American Electric Power. This agreement aims to construct a dual connection facility targeted to be energized in 2028, located on 620 acres adjacent to an existing substation.

Cipher Mining shares gained approximately 17% in pre-market trading as of 07:20 ET.

The company reported third-quarter 2025 revenue of 72 million dollars and a diluted adjusted earnings per share of 0.10 dollars. These figures fell short of consensus estimates of 76.5 million dollars and 0.11 dollars, respectively.

Cipher Mining CEO Tyler Page stated, "The third quarter was a transformational period for Cipher. We secured a critical agreement with Fluidstack and Google, thus solidifying our credibility in the HPC space. Now, we are taking another significant step by signing our first direct lease agreement with a Tier 1 hyperscaler."