Cipher Mining Inks $830M Texas Deal, Shares Jump After $333M Raise

Cipher Mining signed a 10-year HPC deal with Fluidstack for its Texas site, securing $830M in revenue and $333M in new financing. Google increased its guarantee, and shares rose over 10%.

Cipher Mining has secured a 10-year high-performance computing (HPC) hosting agreement with Fluidstack, granting Fluidstack the full 300 MW capacity at the Barber Lake site in Texas and adding 39 MW of new critical IT load. The deal is expected to generate approximately $830 million in contracted revenue over the initial term, with two optional five-year extensions potentially raising the total to $2 billion and up to $9 billion across the broader partnership. Google has increased its guarantee of Fluidstack’s obligations by $333 million, bringing its total support to $1.73 billion. To finance the expansion, Cipher Mining will use project-related debt, $118 million in equity contributions, and a $333 million issuance of senior secured notes at 7.125%. The company forecasts a net operating income margin of 85-90% and construction costs of $9-10 million per MW. This expansion strengthens Cipher’s position in the HPC and AI-hosting sectors, leveraging its energy access and infrastructure to attract clients. Following the announcement, Cipher Mining’s shares rose by 10-13%.