Overview

• Cipher signed a 10-year colocation contract to deliver 168 MW of IT load at its Barber Lake campus in Colorado City, Texas, with two five-year extension options.
• Alphabet will guarantee $1.4 billion of Fluidstack’s lease obligations and receive warrants for about 24 million Cipher shares.
• The initial term represents roughly $3 billion in contracted revenue, potentially rising to about $7 billion if both extensions are exercised.
• Cipher plans to fund the buildout with a proposed $800 million private offering of convertible senior notes due 2031, with an option for an additional $120 million.
• Delivery of the 168 MW is targeted for September 2026, and the deal mirrors a similar Google-backed Fluidstack arrangement with TeraWulf announced in August.