Cipher Mining Barber Lake HPC Data Center Expansion

planned

Cipher Mining expanded its 10-year High-Performance Computing (HPC) lease agreement with Fluidstack, adding 39 MW of critical IT load to its Barber Lake HPC data center campus in Texas. This expansion enables Fluidstack to lease the entire 300 MW capacity of the site. The agreement brings approximately $830 million in revenue over 10 years, with potential extensions increasing the value to about $2 billion or up to $9 billion over the entire lease period. Google has increased its backstop of Fluidstack's lease obligations by $333 million to support stronger debt financing for the development. Cipher plans to fund the construction through project-related debt and approximately $118 million in additional equity.