Google has secured a 5.4% stake in Cipher Mining through a $3 billion AI hosting agreement, marking a strategic move into AI infrastructure. The deal, backed by a $1.4 billion debt guarantee for Fluidstack’s lease obligations, is expected to generate up to $7 billion over the next decade. Cipher Mining will deliver 168 megawatts of IT load at its Texas site by 2026. Cipher’s stock rose by 20% following the announcement, before settling at a 5% gain.