Cipher Digital extends Barber Lake lease to 20 years, adding ~$5.2B contracted revenue; total value now over $9B

Cipher Digital Inc.

Barber Lake lease term extended from 10 to 20 years via amendment with Fluidstack plus a binding commitment from a leading AI lab; total contracted revenue rises from $3.8B to over $9B.
Additional 10-year commitment is expected to generate approximately $5.2B of incremental contracted revenue at the Colorado City, Texas data center.
Phased delivery schedule: individual data halls expected Q4 2026 through Q1 2027; rent commences per hall as delivered, with first rent commencement expected in Q4 2026.
Cipher bears the first $359.3M of costs above the initial budget; tenant reimburses 50% of excess over the 20-year term as additional rent at a contracted rate of return.
CEO Tyler Page said the extension reflects the long-lived, mission-critical design of Barber Lake and durability of hyperscale demand.

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