Google backstops $1.4B of Fluidstack's Barber Lake lease obligations and receives warrants for ~5.4% of Cipher

The parties

• Googlecompany pageGuarantor
• Fluidstackcompany pageTenant
• Cipher Miningcompany pageLandlord

The source

Cipher Mining 8-K, 2025-09-25Regulatory filing

Recognition agreement: on Fluidstack payment default or insolvency, Google may pay rent and assume the lease, or pay a termination fee in exchange for equity in the project entity. Warrants for 24,178,576 Cipher shares at $0.01, with a $430M minimum-value make-whole. Increased by $333M on 2025-11-20.

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
• Google contracts SpaceX compute capacity, about 110,000 NVIDIA GPUs, $920M a month from October 2026 through June 2029undisclosed · 5 Jun 2026
• Anthropic to access ~3.5 GW of next-generation TPU capacity through Broadcom from 2027; Broadcom signs long-term TPU supply with Googleundisclosed · 6 Apr 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