Cipher Mining Signs 10-Year HPC Deal With Fluidstack, Adding 56 MW at Barber Lake

Cipher Mining (CIFR) announced a 10-year high-performance computing (HPC) hosting agreement with Fluidstack that will add 56 MW of capacity at its Barber Lake site in Texas. The deal secures approximately $830 million in contracted revenue over the initial term and expands Fluidstack’s lease to the full 300 MW available at the location.

With two optional five-year extensions, the agreement could be worth about $2.0 billion for this expansion and roughly $9.0 billion across the broader partnership. Cipher will provide 39 MW of additional critical IT load, supported by 56 MW of gross capacity. Google has increased its backing of Fluidstack’s lease obligations by $333 million, raising its total support to $1.73 billion. Funding for the buildout will come from project-related debt and roughly $118 million in additional equity contributions.

Cipher expects strong financial performance from Barber Lake, forecasting a net operating income margin of 85–90% and project costs of $9–$10 million per MW. The expansion reinforces Cipher’s position in HPC and supports its growing 3.2 GW development pipeline.

Shares of Cipher Mining were already up more than 10% following Nvidia’s strong results and guidance on Wednesday. The Fluidstack deal has pushed gains to 13%.