Compute / the Ledger · 8 deals
Who is paying whom for compute.
Every deal dated, typed in plain words, and linked to the document it comes from.
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Deals with Fluidstack as a party. Fluidstack’s page · Show every party
| Announced | Deal | Parties | Type | Value | Terms | Source |
|---|---|---|---|---|---|---|
| 25 Sept 2026 | An unnamed AI lab commits to a 10-year Barber Lake lease following Fluidstack's term, ~$5.2B; Fluidstack lease re-phasedAmendedBinding 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. |
| Site lease | $5.2B~$5.2B incremental aggregate contracted revenue, extending the site's contracted term to 20 years. | 10 years · to 24 Sept 2036 | Cipher Digital 8-K, 2026-09-25Regulatory filing |
| 17 Dec 2025 | Fluidstack signs a 15-year, $7.0B lease for 245 MW at Hut 8's River Bend campus, Louisiana, with a Google backstopSignedTriple-net lease; Google provides a financial backstop for the 15-year base term; Fluidstack holds a right of first offer on up to 1,000 MW more. Financed by $3.25B of 6.192% senior secured notes due 2042 (Hut 8 8-K 2026-05-01). | Site lease | $7B$7.0B over the base term (including a 3% annual escalator); up to $17.7B if all renewal options are exercised. | 15 years245 MW | Hut 8 8-K Ex. 99.1, 2025-12-17Regulatory filing | |
| 12 Nov 2025 | Anthropic announces a $50B investment in US data centers built with Fluidstack in Texas and New YorkAnnouncedSites coming online through 2026. |
| Capacity contract | $50B$50B investment headline; contract structure, term and capacity not disclosed. | Anthropic announcement, 2025-11-12Company press release | |
| 28 Oct 2025 | TeraWulf and Fluidstack form a JV for a 168 MW Abernathy, Texas campus under a 25-year, ~$9.5B lease; Google backstops $1.3BSignedTeraWulf 50.1% (rising to 51%), Fluidstack 49.9%. Serves 'a global hyperscale AI platform developing frontier-scale foundation models'. Delivery expected H2 2026. On 2026-07-06 TeraWulf agreed to sell its entire 50.1% interest to an investor group led by Fluidstack (TeraWulf 8-K Ex. 99.1, 2026-07-06). | Site lease | $9.5B | 25 years168 MW | TeraWulf 8-K Ex. 99.1, 2025-10-28Regulatory filing | |
| 25 Sept 2025 | Google backstops $1.4B of Fluidstack's Barber Lake lease obligations and receives warrants for ~5.4% of CipherSignedRecognition 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. |
| Backstop | $1.4B | Cipher Mining 8-K, 2025-09-25Regulatory filing | |
| 25 Sept 2025 | Fluidstack leases Cipher's 168 MW Barber Lake site for 10 years, ~$3B of contracted revenueSignedColorado 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. |
| Site lease | $3B~$3B over the initial 10-year term; ~$7B if two five-year extensions are exercised. | 10 years · to 24 Sept 2035168 MW | Cipher Mining 8-K Ex. 99.1, 2025-09-25Regulatory filing |
| 14 Aug 2025 | Google backstops $1.8B of Fluidstack's Lake Mariner lease obligations and receives warrants for ~8% of TeraWulfSignedWarrants for ~41M TeraWulf shares. On Fluidstack default or insolvency Google may pay rent and assume the lease or pay a termination fee. Raised to ~$3.2B total with CB-5 on 2025-08-17. | Backstop | $1.8B | TeraWulf 8-K, 2025-08-14Regulatory filing | ||
| 14 Aug 2025 | Fluidstack leases >200 MW at TeraWulf's Lake Mariner campus for 10 years, ~$3.7B of contracted revenueSignedTwo leases (CB-3, CB-4) in Barker, New York, delivered in two phases in 2026. Google backstop: see google-terawulf-backstop-2025-08. On 2025-08-17 Fluidstack added the 160 MW CB-5 building on the same terms, taking its Lake Mariner total to ~360 MW (8-K 2025-08-18). |
| Site lease | $3.7B~$3.7B over the initial 10-year terms; ~$8.7B with two five-year extensions. MW is 'more than 200'. | 10 years · to 13 Aug 2035200 MW | TeraWulf 8-K Ex. 99.1, 2025-08-14Regulatory filing |
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