Cipher Mining Inc CIFR shares are surging in Thursday’s after-hours session after the company announced a $50 million PIPE investment from SoftBank.

What Happened: Bitcoin BTC/USD miner Cipher Mining has received a $50 million investment from SoftBank to support the company’s high-performance computing (HPC) data center development business. The PIPE investment also establishes SoftBank as a primary investor in Cipher.

“We are thrilled to welcome SoftBank as an important investor in Cipher. This investment comes at a pivotal moment in Cipher’s growth trajectory, as the Company continues to attract attention for its pipeline of sites and innovative solutions in industrial-scale data centers,” said Tyler Page, CEO of Cipher Mining.

“SoftBank’s focus on innovation in technology and AI development aligns with our vision to establish ourselves as a leader in HPC data center development.”

Cipher provided an operational update at the beginning of January, noting that it mined 234 Bitcoin in December and ended the month with an operating hashrate of 13.5 EH/s.

Cipher focuses on the development and operation of industrial-scale data centers for Bitcoin mining and HPC hosting. 

CIFR Price Action: Cipher Mining shares were up 17.02% after hours, trading at $5.50 at the time of publication Thursday, according to Benzinga Pro.

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