Cipher Digital said in its November 2, 2026, business update that it recorded its first high-performance-computing lease revenue in the third quarter, after rent began at Black Pearl. That does not mean every planned data hall is operating: the company said multiple halls at Black Pearl and Barber Lake were scheduled to come online through year-end.
Cipher also said it extended its Barber Lake lease to 20 years, raising contracted revenue value to $9.1 billion. That contract value is not quarterly revenue, cash available to shareholders or guaranteed profit. The company reported conditional base-load classification for its 1-gigawatt Colchis project and early work on pipelines intended to support up to 2.5 GW of future on-site generation; those projects have not delivered all their proposed capacity.
