Cipher Mining Inc. has acquired a 200‑megawatt (MW) data‑center site in Ohio, covering 195 acres and named Ulysses. The deal includes secured capacity from AEP Ohio and all utility agreements necessary to support the new facility, which is slated to energize in the fourth quarter of 2027.
The purchase marks Cipher’s first expansion outside Texas and lifts its development pipeline to 3.4 GW across eight sites. By entering the PJM wholesale electricity market, the company gains access to one of the largest U.S. power markets, positioning it to secure competitive rates and interconnection agreements for future AI‑hosting customers.
The Ulysses site is strategically located near major fiber corridors and a large metropolitan area, making it well‑suited for high‑performance computing workloads. AEP Ohio’s recent tariff negotiations for data‑center and crypto‑mining customers underscore the regulatory complexity of large power users, but Cipher’s secured capacity indicates it has navigated these challenges successfully.
Cipher’s acquisition aligns with its broader pivot toward high‑margin AI hosting contracts, such as the $5.5 billion deal with AWS and the $830 million agreement with Fluidstack. The long lead time to operationalization—over two years—means the acquisition will not generate immediate revenue, which explains the modest negative market reaction observed on the announcement day. Nonetheless, the move expands Cipher’s geographic reach and strengthens its position as a scarce infrastructure partner for hyperscalers.
Tyler Page, Cipher’s CEO, said the new site “gives us additional capacity to continue expanding our HPC hosting business while broadening our geographical footprint.” The acquisition signals the company’s confidence in the sustained demand for AI‑ready data‑center infrastructure and its commitment to building a diversified, long‑term revenue base beyond Bitcoin mining.
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