Cipher Mining's Bull Case Reinforced by 300 MW Fluidstack AI Lease and Google Backstop

Cipher Mining announced a 10-year colocation agreement with Fluidstack for its 300 MW Barber Lake site in Texas, backed by $830mln in contracted revenue and a $333mln Google backstop. The deal signals a shift toward becoming an AI and HPC infrastructure landlord, with committed financing and new facilities to anchor long-term compute tenants. The deal addresses the risk of underutilized HPC buildouts and focuses on execution, delivering the Texas capacity on budget.