$16.6 billion (approx. 22 trillion won) contract… Cipher Digital ($CIFR) records first lease revenue

Cipher Digital ($CIFR) booked its first high-performance computing (HPC) hosting revenue of $5.852 million in Q3, tied to data center leases at three sites totaling 700MW with a total contracted base-term revenue of $16.6 billion (approximately 22.31 trillion won) to be recognized over the long term. The company reported quarterly revenue of $26.701 million, down 62.8% from $71.707 million a year earlier, reflecting its ongoing pivot from bitcoin mining toward HPC/AI hosting. Black Pearl lease payments comprised $5.231 million in fixed payments and $621,000 in variable payments. The figures were disclosed in Cipher's Q3 report filed with the SEC on November 2. The contracted backlog underscores the scale of Cipher's HPC transition, but investors should watch subsequent quarters for the pace of revenue recognition against the $16.6 billion base-term total and further progress on the remaining Black Pearl buildout.