Compute · the Ledger · Site lease
An unnamed AI lab commits to a 10-year Barber Lake lease following Fluidstack's term, ~$5.2B; Fluidstack lease re-phased
Amended · announced 25 Sept 2026 · the week to 25 Sept 2026
- Size
- $5.2B
- Term
- 10 years · to 24 Sept 2036
~$5.2B incremental aggregate contracted revenue, extending the site's contracted term to 20 years.
The parties
- Cipher Digitalcompany pageLandlord
- Undisclosed AI labTenant
- Fluidstackcompany pageTenant
The source
Cipher Digital 8-K, 2026-09-25Regulatory filing
Binding commitment with 'a leading AI lab' (not named) on terms substantially consistent with the Fluidstack lease. Delivery re-phased to Q4 2026-Q1 2027; Cipher bears the first $359.3M of cost overruns, 50% of the excess reimbursed by the tenant over 20 years.
The same parties, other deals
- Cipher Digital issues $850M of 0.00% convertible senior notes due 2032 to fund more Barber Lake equity and its HPC pipeline$850M · 13 Oct 2026
- Fluidstack signs a 15-year, $7.0B lease for 245 MW at Hut 8's River Bend campus, Louisiana, with a Google backstop$7B · 17 Dec 2025
- Anthropic announces a $50B investment in US data centers built with Fluidstack in Texas and New York$50B · 12 Nov 2025
- TeraWulf and Fluidstack form a JV for a 168 MW Abernathy, Texas campus under a 25-year, ~$9.5B lease; Google backstops $1.3B$9.5B · 28 Oct 2025
- Fluidstack leases Cipher's 168 MW Barber Lake site for 10 years, ~$3B of contracted revenue$3B · 25 Sept 2025
- Google backstops $1.4B of Fluidstack's Barber Lake lease obligations and receives warrants for ~5.4% of Cipher$1.4B · 25 Sept 2025