Cipher Digital Plans $850M Zero-Coupon Convertible Bond for AI Data Centers

The zero-coupon structure lets Cipher defer cash interest, but the real signal is the equity conversion of the 2030 notes and the upsized option: capital is being raised in layers, not a single clean round. That mix shifts dilution risk onto convertible holders while keeping near-term cash free for the Barber Lake build. The open question is whether HPC data center demand justifies this pace of funding, or whether the convertible route is simply the path of least resistance for a Nasdaq-listed miner pivoting to AI infrastructure.