Colchis joint venture formation
Company: Cipher Mining - Project: Colchis Site
The claim, verbatim
Formation of joint entity to develop 1-gigawatt site named Colchis in West Texas, with Cipher expected to provide majority financing and achieve approximately 95% equity ownership.
Source (primary)
cipher-mining 8-K exhibit (nov3_earningspressreleasex.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-09-27)Live source ↗
Quote: “formation of a joint entity to develop a 1-gigawatt ("GW") site, named "Colchis", in West Texas. Under the terms of the agreement, Cipher is expected to provide the majority of the financing, which would result in approximately 95% equity ownership”
How we checked this
Checked on September 29, 2026. The cited source supports every part of this claim.
The press release states each of these points. It adds that the roughly 95% ownership assumes standard lease and development terms in a future HPC lease.
Confirmed in the source:
- Cipher announced the formation of a joint entity to develop a site named Colchis
- The Colchis site is planned at 1 gigawatt
- The Colchis site is in West Texas
- Cipher is expected to provide the majority of the financing
- The financing would result in approximately 95% equity ownership for Cipher
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1819989/000181998925000110/nov3_earningspressreleasex.htm) in full (17,639 characters, retrieved September 27, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms cipher-mining 8-K exhibit (nov3_earningspressreleasex.htm)
Quote: “formation of a joint entity to develop a 1-gigawatt ("GW") site, named "Colchis", in West Texas. Under the terms of the agreement, Cipher is expected to provide the majority of the financing, which would result in approximately 95% equity ownership”