Zhi Tong Cai Jing·2025-11-20 14:55Core Viewpoint - Cipher Mining is transitioning towards high-performance computing (HPC) and artificial intelligence infrastructure, which is expected to generate significant revenue through a new partnership with Fluidstack [1][2] Group 1: Partnership and Revenue Potential - Cipher Mining's stock price increased over 12%, reaching $16.515, following the announcement of a 10-year HPC hosting agreement with AI cloud platform Fluidstack [1] - The partnership is projected to bring approximately $830 million in contract revenue over the initial 10 years, with potential total revenue increasing to about $2 billion if all renewal options are exercised [1] - The total value of the lease over the entire period could reach approximately $9 billion [1] Group 2: Financial Support and Infrastructure Expansion - Google is providing $333 million in guarantee support for Fluidstack's lease obligations to assist in financing the project [1] - Cipher Mining plans to increase its IT load by 39 MW at its Barber Lake data center, which will support Fluidstack's AI HPC cluster [1] - Cipher's subsidiary, Cipher Compute, is set to issue $333 million in senior secured notes due in 2030, which will increase the total outstanding notes to $1.733 billion [2] - The proceeds from this issuance will be used to continue the construction of the new HPC data center at Barber Lake [2]