Cipher Mining Expands Barber Lake HPC Capacity With 10-Year Fluidstack Deal
Cipher Mining (CIFR) has signed a 10-year high-performance computing (HPC) hosting agreement with Fluidstack, adding 56 MW of capacity at its Barber Lake site in Texas. The deal locks in approximately $830 million in revenue over the initial term and expands Fluidstack’s lease to the site’s full 300 MW.
With two optional five-year extensions, the agreement could be worth $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 increased its backing of Fluidstack’s lease obligations by $333 million, bringing total support to $1.73 billion. Funding will come from project-related debt and $118 million in additional equity.
The company forecasts strong financial performance at Barber Lake, with 85–90% net operating income margins and project costs of $9–$10 million per MW. The expansion strengthens Cipher’s HPC presence and its 3.2 GW development pipeline.
Shares of Cipher Mining, buoyed by Nvidia’s strong results, jumped 13% after the announcement.
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