Bitfarms Turns Debt Into $300M Fuel for AI and HPC Growth in Pennsylvania

TLDR:

• Bitfarms restructured its Macquarie debt facility into a $300M project-specific financing deal for Panther Creek.
• The company will draw an added $50M to fund early construction and HPC/AI equipment purchases.
• The Panther Creek data center in Pennsylvania aims to reach energization by the end of 2026.
• Macquarie calls Pennsylvania a rising hub for AI infrastructure as Bitfarms accelerates its campus build.
  

Bitfarms has converted its existing Macquarie debt facility into a $300 million project financing deal. The move sets the stage for a large-scale buildout of its Panther Creek high-performance computing (HPC) and AI data campus in Pennsylvania. 

The company also plans to draw an additional $50 million from the facility to accelerate construction and equipment orders. CEO Ben Gagnon described the move as a milestone in scaling its AI and data infrastructure. The company expects to break ground on the site before the end of 2025, targeting energization by late 2026.

Bitfarms Converts Macquarie Facility Into $300M Project Financing

According to a release dated October 10, Bitfarms restructured its previous private debt deal with Macquarie Group into a project-level facility worth up to $300 million. 

The funding will directly support the first phase of Panther Creek’s development, which is designed as a 350-megawatt data campus dedicated to AI and HPC workloads.

The company has already drawn $100 million, including a new $50 million tranche, to secure equipment with long lead times and advance civil works. These funds will also cover substation construction expected to start in the final quarter of 2025. 

Bitfarms’ CEO said the restructuring enables the firm to access the full financing facility, improving flexibility as it ramps up development in the growing AI infrastructure space.

Joshua Stevens, Managing Director at Macquarie Group, said the institution is expanding its partnership with Bitfarms to help establish Pennsylvania as a U.S. hub for AI and HPC infrastructure. He pointed out the state’s access to strong energy and fiber networks, making it an attractive region for data center growth.

According to the company, the deal also provides a more direct capital structure aligned with project milestones, allowing faster execution and resource allocation for construction and commissioning. 

The Panther Creek campus is expected to become one of Bitfarms’ largest infrastructure projects once completed.

Funding Boosts AI and HPC Buildout in Pennsylvania

Ben Gagnon shared on social media that the $50 million drawdown will accelerate long-lead equipment purchases and civil works. He noted that this step brings Bitfarms closer to breaking ground on the Panther Creek campus, which he described as the company’s flagship project.

The firm plans to use the facility to develop vertically integrated, energy-efficient digital infrastructure suited for advanced computing and Bitcoin mining. The buildout reflects a shift within Bitfarms toward integrating high-performance workloads beyond crypto mining into its operational model.

Northland Capital Markets served as the placement agent, while Skadden, Arps, Slate, Meagher & Flom LLP advised Bitfarms on legal matters. Latham & Watkins LLP represented Macquarie in the transaction.

As of the latest filing, Bitfarms continues to position itself among energy-efficient data operators in North America, with the Panther Creek project marking a critical phase in its expansion plan.

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