Cipher Mining lands full-site Fluidstack lease, moves to raise $333 million for Texas expansion

Cipher Mining is expanding its AI-hosting business by having Fluidstack, an AI cloud platform backed by Google, lease the entire 300-megawatt campus under construction in West Texas, known as Barber Lake development. This new 10-year contract adds 39 megawatts of IT load and is valued at approximately $830 million in revenue, potentially reaching $2 billion with extensions. To finance this buildout, Cipher is proposing a $333 million offering of senior secured notes due 2030, with proceeds intended for continued construction at Barber Lake. This move continues Cipher's pivot toward high-performance computing, following a recent $5.5 billion AI-hosting agreement with Amazon Web Services. Google has also increased its guarantee of Fluidstack's lease obligations by $333 million to support the expansion.

(Source：The Block)