Overview

• Cipher signed a 10‑year AI hosting agreement with Fluidstack for 168MW at its Barber Lake facility, with operations targeted to begin in October 2026 and an estimated contract value near $3 billion.
• Google is supporting the project with about $1.4 billion in financing and obtained warrants for roughly 24 million shares, representing around a 5.4% pro forma stake.
• Cipher priced an upsized $1.1 billion zero‑coupon convertible note due 2031 to fund Barber Lake, allowing the company to retain full ownership of the site.
• Analysts raised price targets following the announcements, including H.C. Wainwright to $17, Canaccord to $16, Rosenblatt to $14, and KBW to $13, with Buy ratings reiterated.
• Shares climbed sharply into the $11–$12 range after the upgrades, and the Barber Lake agreement leaves unused capacity as the company cites a roughly 2.6 GW development pipeline for potential additional AI deals.