Google is set to take a minority stake in Cipher Mining (CIFR) as part of a long-term partnership with Fluidstack, further cementing its expansion into artificial intelligence and high-performance computing infrastructure.
The agreement gives Google warrants to buy about 24 million Cipher shares—equal to roughly 5.4% ownership—linked to a 10-year AI hosting arrangement with Fluidstack. The deal underscores Cipher’s shift from traditional bitcoin mining to large-scale computing services supporting AI workloads.
Google will also guarantee $1.4 billion of Fluidstack’s lease obligations, providing critical backing for project-related debt financing. The contract carries an initial value of about $3 billion, with the potential to rise to $7 billion if extended for two additional five-year terms. Cipher plans to deliver 168 megawatts of IT capacity at its Lake Barber site in Colorado City, Texas, by September 2026, while retaining full ownership and funding expansions through capital markets.
Cipher’s shares spiked as much as 20% on the announcement before settling to a 5% premarket gain. The stock has surged nearly sevenfold since April, reflecting the sector’s pivot toward AI and high-performance computing amid cooling enthusiasm for bitcoin mining.
