Cipher Mining Adds 56 MW at Barber Lake With 10-Year Fluidstack HPC Deal
Cipher Mining (CIFR) announced a 10-year high-performance computing (HPC) hosting agreement with Fluidstack, expanding capacity at its Barber Lake site in Texas by 56 MW. The deal secures roughly $830 million in contracted revenue over the initial term and extends Fluidstack’s lease to the full 300 MW at the site.
With two optional five-year extensions, the agreement could be worth $2.0 billion for this expansion and about $9.0 billion across the broader partnership. Cipher will provide 39 MW of additional critical IT load, backed by 56 MW of gross capacity. Google boosted its support for Fluidstack’s lease obligations by $333 million, raising total backing to $1.73 billion. Funding will come from project-related debt and $118 million in additional equity.
The company expects strong financial results from Barber Lake, forecasting 85–90% net operating income margins and $9–$10 million per MW in project costs. The expansion reinforces Cipher’s HPC position and supports its 3.2 GW development pipeline.
Shares of Cipher Mining, already up following Nvidia’s strong results, rose 13% after the announcement.
