Cipher Mining Signs Additional 56 MW, 10-Year AI Hosting Agreement with Fluidstack

Core Insights - Cipher Mining Inc. has secured a 10-year high-performance computing (HPC) colocation agreement with Fluidstack, which is expected to generate approximately $830 million in contracted revenue over the initial term [1][3] - The total contracted revenue across the partnership is projected to reach around $3.8 billion over the initial 10-year term, with potential extensions increasing this figure significantly [3][7] - Google has expanded its backstop of Fluidstack's obligations by an additional $333 million, raising the total backstop to $1.73 billion [1][4] Transaction Details - Cipher will provide an additional 39 MW of critical IT load at its Barber Lake site, supported by a maximum of 56 MW of additional gross capacity [2] - If the two five-year extension options are exercised, the total contracted revenue for this transaction could reach approximately $2.0 billion, and up to $9.0 billion for the entire lease [3][7] - The expected site net operating income (NOI) margin is estimated to be between 85% and 90% [7] Financial Aspects - Estimated project costs are approximately $9-$10 million per MW of critical IT load [7] - Cipher has committed financing in place and plans to use proceeds from project-related debt along with about $118 million in additional equity contributions for the construction of incremental facilities [4][7] Company Positioning - Cipher's CEO expressed excitement about expanding partnerships with Fluidstack and Google, highlighting the company's leadership in HPC development and growth momentum across its pipeline of sites [5]