Google AI Hosting Deal Sends Cipher Mining Stock Up 5%

Google is deepening its push into artificial intelligence infrastructure through a landmark hosting deal with Fluidstack that also gives it an equity foothold in Cipher Mining (CIFR).

The agreement grants Google warrants to purchase around 24 million Cipher shares—about 5.4% of the company’s equity—tied to a 10-year AI hosting contract with Fluidstack. The deal highlights Cipher’s expanding role in high-performance computing as bitcoin miners pivot toward AI-driven services.

As part of the arrangement, Google will guarantee $1.4 billion of Fluidstack’s lease commitments, supporting debt financing tied to the project. The contract carries an initial value of roughly $3 billion and could reach $7 billion if extended through two optional five-year terms. Cipher will deliver 168 megawatts of IT load at its Lake Barber facility in Colorado City, Texas, by September 2026, while retaining full ownership of the site and using capital markets to fund expansion needs.

Cipher’s stock initially jumped as much as 20% on the news before easing to a 5% premarket gain at press time. The company’s shares have climbed nearly sevenfold since April, reflecting growing investor enthusiasm as mining firms shift from traditional bitcoin operations to AI and high-performance computing infrastructure.

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