Cipher Digital extended its Barber Lake data center agreement in Texas to as long as 20 years and increased the facility’s potential contracted revenue from $3.8 billion to more than $9 billion. The company amended its lease with Fluidstack for the 300-megawatt site and secured a separate 10-year commitment from an unidentified artificial-intelligence laboratory that could generate about $5.2 billion in incremental contracted revenue. Barber Lake is scheduled for phased delivery from the fourth quarter of 2026 through the first quarter of 2027, with rent beginning as individual data halls are delivered. Cipher will cover the first $359.3 million in costs above the original budget, while the tenant will reimburse 50% of further overruns through additional rent. CIFR traded at $17.75, down 1.93%, as the market absorbed the expansion. The company is shifting from Bitcoin mining toward AI and high-performance computing infrastructure, while conditional ERCOT grid-capacity designations still require final approvals before projects can receive active power connections.