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Cipher “Colchis” JV Site

Last updated

1 GW West Texas HPC campus
Pre-construction

Cipher's next gigawatt: a ~620-acre West Texas site adjacent to AEP's Red Creek substation, held via a 76%-Cipher-owned JV (Colchis LLC) with an executed 1-GW AEP direct-connect agreement, but ERCOT Batch Zero grid classification, a tenant, and project financing all remain unresolved as of Jul 29, 2026.

1.0 GWPlanned power
Developer
Colchis LLC (Delaware; consolidated Cipher Digital subsidiary)
Owner
Cipher Digital Inc.: 76% JV managing member (Q1 2026 10-Q); the widely-cited ~95% figure is a future conditional, not present ownership
Tenant
None announced
Power detail
1,000 MW / 1 GW proposed under a fully executed AEP Direct Connect Agreement (AEP to build a dual interconnection facility); both the 1,000 MW figure and the 2028 target are expressly subject to ERCOT's Batch Zero large-load process, whose classification for Colchis remained unresolved as of Jul 29, 2026
Power source
1 GW grid Direct Connect (AEP), dual interconnection
Cooling
TBD
Compute
TBD
Construction start
TBD
Est. completion
2028 (energization target; expressly conditioned on ERCOT's Batch Zero outcome per Cipher's own investor materials)
Grid strategy
ERCOT grid
County
Tom Green
Nearest city
San Angelo (unincorporated Tom Green County, FM 765 corridor northeast of the city, near AEP's Red Creek 345kV Substation)
Announced
2025-11-03