Cipher Mining Inc. (「Cipher」 or the 「Company」), a leading owner, developer and operator of industrial-scale data centers, today announces a 10-year high-performance computing (HPC) colocation agreement with Fluidstack, a premier AI cloud platform that builds and operates HPC clusters for some of the world’s largest companies.

U.S.-listed shares of the company rose 15% in premarket trading.

Under the agreement, Cipher will deliver 168 MW of critical IT load, supported by a maximum of 244 MW of gross capacity, at its Barber Lake site in Colorado City, Texas. With its currently energized capacity, potential for 500 MW capacity expansion, and 587 acres of surrounding land, the site is well-suited to meet the needs of next-generation compute.

The agreement represents approximately $3 billion in contracted revenue over the initial 10-year term and includes two five-year extension options. If exercised, these extension options would bring the total contract revenue to approximately $7 billion.

In addition, Google will backstop $1.4 billion of Fluidstack’s lease obligations to support project-related debt financing and will receive warrants to acquire approximately 24 million shares of Cipher common stock, equating to an approximately 5.4% pro forma equity ownership stake, subject to adjustment and a potential cash settlement under certain circumstances. Cipher plans to retain 100% ownership of the project and access the capital markets as necessary to fund a portion of the project.

「We are thrilled to be working with Fluidstack to develop HPC data centers, and we look forward to welcoming Google as an investor in Cipher. This transformative transaction reinforces our HPC momentum as we continue to attract attention for our large and growing pipeline of sites,」 said Tyler Page, Cipher’s CEO. 「We believe this transaction represents the first of several in the HPC space as we continue to scale our capabilities and strengthen our position in this rapidly growing sector.」

「Fluidstack understands what it takes to deliver the compute this moment requires,」 said César Maklary, Co-Founder and President of Fluidstack. 「Together with Cipher Mining, we’re committed to accelerating the development of critical infrastructure on which frontier AI companies depend.」