$CIFR just made the pivot official. Cipher Mining is now Cipher Digital, and the update is all about HPC. Contracted HPC capacity 600 MW gross contracted across 2 leases 300 MW, 15-year lease with $AWS 300 MW, 10-year lease with Fluidstack and $Googl Funding locked in 3 bond offerings, total proceeds $3.73B Barber Lake financing total $1.73B at 7.125% Black Pearl financing $2.0B at 6.125% Buildout progress Barber Lake: ~95% of long lead equipment secured, design milestones hit Black Pearl: on schedule, engineering and procurement underway Business simplification Sold the 49% stake in Alborz, Bear, Chief (3 × 40 MW JVs) plus select miners for about $40M in an all stock deal with $CAN Financial snapshot Q4 2025 revenue $60M, adjusted net loss $55M FY2025 bitcoin mining revenue $223.9M FY2025 net loss $822.2M FY2025 adjusted earnings $22.2M, adjusted EPS $0.06 Liquidity and leverage (12/31/25) Cash $628.3M Restricted cash $2.04B Long-term borrowings $2.71B This is now an execution story. Can they deliver Barber Lake and Black Pearl on time and turn 600 MW into stable lease cash flows?