CIPHER
A quantum cryptographer realizes the code she’s deciphering predicts the future — and her own death.
Why this deal
- Two-territory pre-sales already cover 40% of budget
- UAE rebate locked at 30% of qualifying spend
- VFX vendor attached with capped overage clause
Lead investor
Vermilion Entertainment Fundinvested $2M
“Pre-sales coverage plus rebate stacking gives meaningful downside protection.”
The SPV structure
Vehicle
FF Cipher SPV II, LLC
Jurisdiction
Delaware, USA
Framework
Reg D 506(c)
Security
equity units
Waterfall share
45% of revenue
Escrow
Prime Trust
You are purchasing units of the SPV — a single-purpose vehicle whose only asset is its contractual stake in this project's revenue waterfall. Distributions flow pro-rata to unitholders after the SPV receives waterfall payments.
Use of funds
The team
David Park
Producer
$240M lifetime box office produced
Market compsCineComps™
Cohort-level performance for projects with a similar model, genre, and distribution approach.
Cohort figures pending publication
High-concept sci-fi with 40%+ pre-sales coverage
$20–35M budgets · two or more territories pre-sold before principal photography
Cohort figures pending publication
Rebate-stacked VFX features (25%+ incentive coverage)
Capped-overage VFX vendor deals
Cohort comparables are in development; figures are not published yet pending documented methodology and regulatory review. Past performance, when published, will not predict any specific outcome. Demo disclosure
Updates
2026-06-03
Second pre-sale executed
German-speaking territories closed. MG details in the data room.
Risk factors
- • Accredited investors only (Reg D 506(c)); verification required.
- • High-budget VFX projects carry schedule risk.
- • You may lose your entire investment.
Investing in film and media involves substantial risk, including total loss of capital. Review the full offering documents before investing. Nothing on this page is investment, legal, or tax advice.
Platform role: FILM.FUND is a technology platform earning subscription and transaction fees — we are not the issuer of this offering. All representations and warranties about the project are made by the creator (issuer) in the offering documents; investors represent their own eligibility under the stated framework. How responsibility is divided
13,200 of 36,000 units remaining · executed via licensed placement partner · funds held by independent escrow until close
Investor perks
Offering docs in the data room
Escrow: Prime Trust
FF Cipher SPV II, LLC
$11.4Mof $18M · 99d left