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 1.01item 3.02item 7.01item 9.01

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.