Cipher Mining Secures $830 Million AI Hosting Deal with Fluidstack
Cipher Mining’s expanded 10-year agreement with Fluidstack adds 56 MW at its Texas site, potentially delivering $2 billion in revenue and strengthening its HPC and AI infrastructure portfolio.
Cipher Mining announced an expanded 10-year high-performance computing hosting agreement with Fluidstack, adding 56 MW of capacity at its Barber Lake site in Texas. The deal secures $830 million in contracted revenue, with two optional five-year extensions that could raise total value to $2 billion, and approximately $9 billion across its broader partnership with Fluidstack. The expansion delivers 39 MW of additional critical IT load, supported by Google’s increased backstop of Fluidstack’s obligations by $333 million to $1.73 billion. Project costs are estimated at $9–$10 million per MW, with expected net operating income margins of 85–90%, funded through debt and $118 million in equity. Cipher’s growing 3.2 GW development pipeline reinforces its position in high-performance computing for AI workloads.
- High-performance computing (HPC): Advanced computing systems capable of processing large-scale data and complex computations at high speed.
- AI hosting: Providing infrastructure and resources to run artificial intelligence workloads and applications.
- Critical IT load: The portion of a facility’s power capacity dedicated to running essential computing and data-processing equipment.