Cipher’s Colchis Site Receives 1 GW Conditional ERCOT Classification

Cipher Digital’s Colchis development received a 1 GW conditional base-load classification in ERCOT’s first round of large-load reviews. The November 2 quarterly update also identified another 1.6 GW across Cipher’s development sites with conditional studied-load classifications and provisional controllable-load designations. Colchis has been reported in Tom Green County, while the company’s Stingray development is in Andrews County.

Cipher is pursuing on-site generation alongside those grid arrangements. It has begun developing natural gas lateral pipelines that could support up to 2.5 GW of generation across multiple sites. Its wider development pipeline totals approximately 5.9 GW, including Horizon, a 70 MW Texas site expected to energize in 2029.

The company also reported progress at three campuses under construction. Black Pearl began recognizing rent from high-performance computing operations, with equipment installation and energization continuing across additional halls. At Stingray, steel erection was progressing on schedule and shell completion was expected in Q4 2026. Construction at Barber Lake remained on track for the phased deliveries set out in its amended lease.

Cipher described the Barber Lake amendment as previously announced. It adds a second 10-year term with an unnamed AI lab, extending the lease to 20 years and bringing contracted revenue to about $9.1 billion, including $5.2 billion in incremental rent. The company completed an $850 million offering of zero-interest convertible senior notes due in 2032 to support additional investment in Barber Lake. The quarterly update adds the grid classification at Colchis and progress across the other campuses to that earlier commercial announcement.