Topic: Demand environment and leasing progress for Stingray, Reveille, Ulysses, and other sites
Key points:
Stingray: "pretty far along" with a preferred tenant; final boxes being sorted; expects lease "reasonably soon."
Reveille (70 MW): smaller for hyperscalers; high interest from Neo Clouds; slowed by focus on tenant credit quality; "a little further along" but still active.
Ulysses (200 MW, Ohio, PJM): significant interest from multiple hyperscalers; in diligence process with data rooms; advanced discussions.
McLennan, Macassa, Colquist (370 MW total): awaiting final interconnect approvals in ERCOT; confident in timelines; early hyperscaler interest.
Mgmt stance: Bullish — "very bullish about all these sites eventually having tenants"; demand pace remains high; favorable environment for negotiating economics.
Q2 — Christopher Charles Brendler
Topic: Team buildout for HPC/data center shift away from Bitcoin mining
Key points:
Hired Lee Bratcher for ERCOT/regulatory expertise in Texas; added depth to construction, engineering, and operations bench.
New hires from Google (largest alumni network), Apple, and other hyperscalers; aim to build capacity to manage four data centers simultaneously.
Philosophy: hire fewer, best-in-class people; leverage from counterparties (e.g., AWS may have 50 engineers per project).
Mgmt stance: Bullish — "100% faith and confidence" in team; building workforce to support recurring cash flows from multiple new leases per year.
Q3 — John Todaro
Topic: Odessa site (207 MW, Bitcoin mining) and HPC customer diversification
Key points:
Odessa: containerized data center built for 5-year PPA; PPA runs out July 2027; fixed power price ~$0.028/kWh.
Options: restrike PPA with Luminant, or shift to HPC if lucrative deal; no time pressure due to strong Bitcoin mining economics.
No desire to put more CapEx into mining; outside date for HPC conversion is July 2027.
Customer diversification: open to other hyperscalers and Neo Clouds; first sites prioritized counterparty quality for debt financing (bonds trading above par).
Mgmt stance: Neutral-to-bullish — "not a ton of time pressure" on Odessa; can be "picky and choosy" on economics; willing to work with new tenants but happy with existing ones.
Q4 — Brett Knoblauch
Topic: ERCOT regulatory noise and behind-the-meter generation
Key points:
No decrease in hyperscaler interest in Texas despite ERCOT changes; all hyperscalers also looking at behind-the-meter solutions for faster power.
West Texas expected to become data center capital (citing JLL report); sites like Stingray and Barber Lake have access to natural gas.
Behind-the-meter: best resources dedicated to investigating; discussions with counterparties; questions remain on engineering and financing.
Mgmt stance: Bullish — "very bullish" that behind-the-meter will be major part of portfolio over time; Texas uniquely suited; "have all the ingredients."
Q5 — Reggie Smith
Topic: Stingray vs. Ulysses leasing progress and ERCOT proposal impact on site market
Key points:
Stingray: furthest along; preferred counterparty identified; optimistic for finalized lease "before too long."
Ulysses (acquired Dec 2025): not as advanced as Stingray; multiple hyperscalers in data rooms; near-term energization in Columbus, Ohio; one of last legacy PJM interconnects without large deposit.
ERCOT proposals: increasing hurdles for speculative players; benefits well-capitalized developers like CIFR; likely makes earlier-stage sites available for acquisition.
Mgmt stance: Bullish — ERCOT advances are "very good for Cipher"; "probably less good for the wildcat or speculator."