Cipher Mining (CIFR) has announced a $1.3 billion convertible note offering, overshadowing its $3 billion hyperscale computing deal with Fluidstack. The notes, due in 2031 and priced at 0.00% interest, were upsized from an initial $800 million to $1.3 billion after exercising a $200 million option. This financing aims to support the development of the Barber Lake site and Cipher's 2.4 GW energy pipeline. While the convertible notes provide long-term capital at no interest cost, they raise concerns of potential equity dilution for shareholders, estimated between 9% and 17% if fully converted. Despite these concerns, institutions view the notes as a low-risk investment with potential upside if Cipher's stock exceeds $16.03.