secwatch.observer — SEC 8-K summary
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Issuer:     Cipher Digital Inc. (CIFR)
CIK:        0001819989
Form:       8-K
Filed at:   2025-09-25T23:59:59+00:00
Accession:  0000950103-25-012168
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819989/000095010325012168/0000950103-25-012168-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819989/000095010325012168/dp234624_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950103-25-012168

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer