---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-25-012168"
form_type: "8-K"
ticker: "CIFR"
cik: "0001819989"
company_name: "Cipher Digital Inc."
filed_at: "2025-09-25T23:59:59+00:00"
generated_at: "2026-05-17T05:41:39.428713+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950103-25-012168
- form_type: 8-K
- ticker: CIFR
- cik: 0001819989
- company_name: Cipher Digital Inc.
- filed_at: 2025-09-25T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819989/000095010325012168/0000950103-25-012168-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819989/000095010325012168/dp234624_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-25-012168
- JSON: https://secwatch.observer/filing/0000950103-25-012168.json
- Plain text: https://secwatch.observer/filing/0000950103-25-012168.txt

## Key facts
- Equity Issuances
  Cipher Digital Inc. issued 24,178,576 shares of warrant to Google.
  - Security: warrant
  - Shares: 24,178,576 shares
  - Purchaser: Google
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819989/000095010325012168/0000950103-25-012168-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.