Cipher Prices $1.4 Billion Bond for Google-Linked Data Center

Cipher Mining Inc. raised $1.4 billion through a high-yield bond offering to help fund the construction of a data center linked to Alphabet Inc.’s Google, the latest example of the artificial intelligence borrowing boom spilling into the US junk-debt market.

Through a subsidiary, the cryptocurrency miner priced its 5-year non-callable two-year senior secured notes, at a yield 7.125% on Thursday, according to a person familiar with the matter, who asked not to be identified. Morgan Stanley was the sole bookrunner.