Google is set to secure an equity position in Cipher Mining (CIFR) as part of a long-term artificial intelligence hosting partnership with Fluidstack, marking another major step in its AI infrastructure expansion.

As part of the agreement, Google will acquire warrants to purchase roughly 24 million Cipher shares—equivalent to about a 5.4% stake. The 10-year deal with Fluidstack highlights Cipher’s growing role in powering high-performance computing and AI workloads.

Google will also guarantee $1.4 billion of Fluidstack’s lease obligations, a move designed to support project financing. The contract is valued at about $3 billion over its initial term and could grow to $7 billion with two optional five-year extensions. Cipher is expected to deliver 168 megawatts of IT load at its Lake Barber facility in Colorado City, Texas, by September 2026. The company will retain full ownership of the project and plans to use capital markets to meet additional funding needs.

Cipher’s stock initially surged as much as 20% on the announcement before settling to a 5% premarket gain at press time. Shares have risen nearly sevenfold since April, reflecting the broader shift by bitcoin miners into high-performance computing and AI infrastructure.