Cipher Mining signs 168 MW AI hosting deal with Fluidstack; Google gets ~5.4% stake

Cipher Digital Inc.

10-year HPC colocation agreement; 168 MW critical IT load at Barber Lake site in Texas; delivery by Sept 2026.
~$3B contracted revenue over initial term; ~$7B if two 5-year extensions exercised.
Google backstops $1.4B of Fluidstack lease obligations; receives warrants for ~24M shares (~5.4% pro forma stake).
Expected site NOI margin 80-85%; project cost $9-$11M per MW of critical IT load.
Cipher retains 100% project ownership and will fund build via capital markets.

item 1.01 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

Cipher Digital Inc. issued 24,178,576 shares of warrant to Google.

Security: warrant
Shares: 24,178,576 shares
Purchaser: Google

Exact text from the filing

the Company issued to Google warrants (the “Warrants”) to purchase 24,178,576 shares (the “Warrant Shares”) of the Company’s common stock, par value $0.001 per share (“Common Stock”), for an exercise price of $0.01 per share of Common Stock

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Cipher Digital Inc. filing history →

Source: SEC EDGAR

accession 0000950103-25-012168

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