Shares Surge 13% as Cipher Mining Announces Long-Term 10-Year HPC Partnership With Fluidstack

Cipher Mining Expands Barber Lake HPC Capacity With 10-Year Fluidstack Deal

Cipher Mining (CIFR) has inked a 10-year high-performance computing (HPC) hosting agreement with Fluidstack, adding 56 MW of capacity at its Barber Lake site in Texas. The deal secures roughly $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 reach $2.0 billion for this expansion and around $9.0 billion across the broader partnership. Cipher will deliver 39 MW of additional critical IT load, supported by 56 MW of gross capacity. Google has increased its support of Fluidstack’s lease obligations by $333 million, bringing total backing to $1.73 billion. The company plans to fund the buildout through project-related debt and approximately $118 million in additional equity contributions.

Cipher expects strong performance from Barber Lake, forecasting net operating income margins of 85–90% and project costs of $9–$10 million per MW. The expansion strengthens its HPC position and supports a growing 3.2 GW development pipeline.

Shares of Cipher Mining were up over 10% following Nvidia’s strong results on Wednesday and jumped further to 13% after this announcement.

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