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Cipher Mining Inc. is set to raise $2 billion in the U.S. high-yield bond market to finance the construction of the Black Pearl mining data center in Wink, Texas, which will be fully leased to Amazon Data Services. The facility, currently under construction, is expected to have a gross capacity of 300 MW and is scheduled to begin operations on October 1, 2026, with Amazon covering any construction cost overruns beyond $9.5 million per IT megawatt. The lease agreement spans 15 years and includes options for three five-year extensions, backed by a tenant guarantee from Amazon for base rent and operating expenses.