Mon, Nov 3, 2025
Cipher signs ~$5.5 billion, 15-year lease with Amazon Web Services for Black Pearl
Key points
- 216MW critical IT / 300MW gross; triple-net lease, 3.0% annual escalator
- Tenant guarantor Amazon.com, Inc.; three 5-year tenant extension options
- Targeted initial rent commencement Oct 1, 2026
Deal
Amazon Web ServicesNov 2025
SiteBlack Pearl
Contracted capacity216 MW
Contract value$5.5B
Duration15 years + three 5-year extension options
Expected launchOctober 2026