Cipher Mining Inks New 10-Year HPC Deal With Fluidstack; Shares Rise 13%

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Cipher Mining Inks New 10-Year HPC Deal With Fluidstack; Shares Rise 13%

The expansion adds 56 MW at Barber Lake and secures $830 million in contracted revenue, reinforced by increased Google backing.

By James Van Straten, AI Boost|Edited by Stephen Alpher

Nov 20, 2025, 2:30 p.m.

CIFR (TradingView)

What to know:

• Cipher signed a new 10 year HPC hosting agreement with Fluidstack that adds 56 MW of additional capacity at the Barber Lake site, bringing Fluidstack’s lease to the full 300 MW as Cipher delivers 39 MW of new critical IT load.
• Google increased its backstop of Fluidstack’s obligations by $333 million with project costs of $9 to $10 million per MW.
• Already up strongly on the back of Nvidia's large earnings beat and strong guidance Wednesday evening, CIFR added to those gains, now higher by 13%.

Cipher Mining (CIFR) announced a new 10 year HPC hosting agreement with Fluidstack that adds 56 MW of additional capacity at its Barber Lake site in Texas. The deal secures about $830 million in contracted revenue over the initial term and expands Fluidstack’s lease to the full 300 MW available at the site.

With two optional five year extensions, the agreement’s value could rise to about $2.0 billion for this expansion and roughly $9.0 billion across the broader partnership.

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Cipher will deliver 39 MW of additional critical IT load, supported by 56 MW of gross capacity. Google increased its backstop of Fluidstack’s lease obligations by $333 million, bringing its total support to $1.73 billion. Cipher plans to fund the buildout through project related debt and about $118 million in additional equity contributions.

The company expects strong financial performance from the Barber Lake site, forecasting a net operating income margin of 85 to 90% and project costs of $9 to $10 million per MW. Cipher says the expansion strengthens its position in high performance computing and supports its growing 3.2 GW development pipeline.

Shares of Cipher Mining were already higher by more than 10% following strong results and outlook from AI-bellwether Nvidia Wednesday evening. This latest news has pushed those gains to 13%.

Cipher MiningAI

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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