Compute · the Ledger · Site lease
Fluidstack leases Cipher's 168 MW Barber Lake site for 10 years, ~$3B of contracted revenue
Signed · announced 25 Sept 2025 · the week to 26 Sept 2025
- Size
- $3B
- Power
- 168 MW
- Term
- 10 years · to 24 Sept 2035
~$3B over the initial 10-year term; ~$7B if two five-year extensions are exercised.
The parties
- Cipher Miningcompany pageLandlord
- Fluidstackcompany pageTenant
The source
Cipher Mining 8-K Ex. 99.1, 2025-09-25Regulatory filing
Colorado City, Texas; up to 244 MW gross. Google backstops the lease (see google-cipher-backstop-2025-09). Expanded 2025-11-20; follow-on lease with an AI lab 2026-09-24.
The same parties, other deals
- An unnamed AI lab commits to a 10-year Barber Lake lease following Fluidstack's term, ~$5.2B; Fluidstack lease re-phased$5.2B · 25 Sept 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
- AWS signs a ~$5.5B, 15-year lease for 300 MW at a Cipher site$5.5B · 3 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
- Google backstops $1.4B of Fluidstack's Barber Lake lease obligations and receives warrants for ~5.4% of Cipher$1.4B · 25 Sept 2025