Cipher Digital extended its Barber Lake lease in Colorado City, Texas, from 10 years to 20 years and secured a binding commitment from a leading AI lab for a second 10-year term. The deals add roughly $5.2 billion in incremental contracted revenue, lifting total commitments at the 300-megawatt gross site from about $3.8 billion to more than $9 billion. Data halls are scheduled for phased delivery from the fourth quarter of 2026 through the first quarter of 2027, with rent beginning as each hall becomes operational. Cipher Digital will absorb the first $359.3 million of costs above the original budget, while the tenant will reimburse half of any further excess through additional rent designed to provide a contracted return over the 20-year term. Management said the initial overrun can be funded from the balance sheet without new debt or equity. Cipher Digital shares nevertheless slipped 3% on Wednesday, while TeraWulf fell 2% to $14.80, IREN Limited edged down 0.58% to $41.14 and the CoinShares Bitcoin Mining and Digital Power ETF declined 1.49% to $45.48. The SPDR S&P 500 ETF Trust rose 0.63% to $769. Investors weighed the improved long-term revenue visibility against capital requirements, possible overruns and execution risks. Cipher Digital's CEO said the extension locks in elevated rates for a lease beginning a decade from now and reflects sustained long-term demand, although some investors questioned whether waiting could have produced stronger terms as spot rates rise amid construction delays and power constraints. A $30 price objective from one firm reflects optimism about the economics while acknowledging execution risk.