1 GW joint venture with AEP power agreement
Company: Cipher Mining - Project: Colchis Site
The claim, verbatim
Secured a 1 GW capacity site (Colchis) with fully executed Direct Connect Agreement with AEP for power delivery. Cipher expects to own approximately 95% of the joint venture equity. Transaction includes land purchase options up to 620 acres. Site expected to energize in 2028, pending ERCOT approval.
Source (primary)
cipher-mining 8-K exhibit (ciphermining_businessupd.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-09-27)Live source ↗
Quote: “Secured 1 GW Site Expected to Energize in 2028 • Cipher expects to own ~95% of joint venture equity assuming standard HPC lease and development assumptions • 1 GW of capacity supported by a signed Direct Connect Agreement with AEP – Anticipated power consumption in 2028 pending ERCOT approval • Transaction includes land purchase options of up to 620 acres”
How we checked this
Checked on September 29, 2026. The cited source supports every part of this claim.
The presentation states each of these points on its Colchis slide and in its footnotes.
Confirmed in the source:
- Cipher secured a 1 GW site named Colchis
- The Colchis site has a fully executed Direct Connect Agreement with AEP supporting 1 GW of capacity
- Cipher expects to own about 95% of the joint venture equity, assuming standard HPC lease and development assumptions
- The transaction includes land purchase options of up to 620 acres
- The site is expected to energize in 2028, pending ERCOT approval
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1819989/000181998925000110/ciphermining_businessupd.htm) in full (21,477 characters, retrieved September 27, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms cipher-mining 8-K exhibit (ciphermining_businessupd.htm)
Quote: “Secured 1 GW Site Expected to Energize in 2028 • Cipher expects to own ~95% of joint venture equity assuming standard HPC lease and development assumptions • 1 GW of capacity supported by a signed Direct Connect Agreement with AEP – Anticipated power consumption in 2028 pending ERCOT approval • Transaction includes land purchase options of up to 620 acres”