Cipher Mining–Fluidstack 168 MW Barber Lake lease, Google backstop
Cipher Mining signed a 10-year AI hosting deal with Fluidstack for 168 MW of critical IT load at Barber Lake, Texas, worth about $3 billion in contracted revenue. Google backstops $1.4 billion of Fluidstack's lease and took warrants for about 5.4% of Cipher.
What the value means
About $3 billion of contracted revenue over the initial 10-year term; two five-year extensions could add about $7 billion. 168 MW critical IT (244 MW gross). A Nov 2025 39 MW add-on brought about $830 million more, lifting the partnership to about $3.8 billion and Google's backstop to $1.73 billion.
The record
Verified 9 Nov 2026- Announced
- Buyer
- Fluidstack
- Seller / provider
- Cipher Mining
- ValueHeadline dollar value exactly as stated in the cited source.
- 3,000,000,000 USD
- Capacity
- 0.168 GW
- Accelerators
- Not disclosed
- Chips
- Not named
- Term
- 10 years
- StatusAdds to an existing relationship
- expanded
- Other parties
- Google (backstop; warrants for ~24 million Cipher shares, ~5.4%)
- Deal type
- datacenter-lease, backstop, equity-for-compute
Sources
2- Cipher Mining Signs 168 MW, 10-Year AI Hosting Agreement with Fluidstack, 8-K Ex. 99.1 (SEC) read 2026-11-09
- Cipher Mining 39 MW Fluidstack add-on, 8-K Ex. 99.1 (SEC, 20 Nov 2025) read 2026-11-09
Cite this deal
AI Compute Deals, “Cipher Mining–Fluidstack 168 MW Barber Lake lease, Google backstop”, https://aicomputedeals.com/cipher-fluidstack-google-barber-lake-2025-09/ (verified 2026-11-09).
Data under CC BY 4.0. Download the full ledger.
Every deal for Fluidstack and Cipher Mining.