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← Cipher Digital
Thu, Sep 25, 2025

Cipher signs ~$3.8 billion combined HPC lease with Fluidstack at Barber Lake, backed by Google

Source document ↗

Key points

  • Tranche 1 (Sept 2025): 168MW critical IT (244MW gross), ~$3.0B over 10-yr term, Google backstops $1.4B
  • Tranche 2 (Nov 2025): additional 39MW, bringing Fluidstack to full 300MW gross capacity, Google backstop expanded to $1.73B
  • Expected Site NOI margin 80-90%; Cipher retains 100% project ownership

Deal

FluidstackSep 2025
SiteBarber Lake
Contracted capacity207 MW
Contract value$3.8B
Duration10 years + two 5-year extension options