Bitcoin miner, Cipher Mining Inc., has announced a landmark 10-year high-performance computing (HPC) colocation agreement with Fluidstack. The deal marks a major expansion of Cipher’s footprint in the HPC space and signals growing institutional interest in next-generation compute infrastructure.

Under the agreement, Cipher will deliver 168 megawatts (MW) of critical IT load—supported by up to 244 MW of gross capacity—at its Barber Lake site in Colorado City, Texas. The site, which spans 587 acres and has the potential to expand to 500 MW, is positioned to meet the escalating demands of artificial intelligence (AI) and HPC workloads.

Meanwhile, tech giant Google will backstop $1.4 billion of Fluidstack’s lease obligations to support project-related debt financing. According to the media release, Google will receive warrants to acquire approximately 24 million shares of Cipher common stock, representing a 5.4% pro forma equity stake—subject to adjustment and potential cash settlement.

Cipher’s partnership with Google is seen adding a layer of credibility and financial stability to the project. The initial 10-year contract is valued at approximately $3 billion, with two optional five-year extensions that could bring the total to $7 billion. Cipher expects to retain full ownership of the project and will tap capital markets as needed to fund its share of development costs.

“This transformative transaction reinforces our HPC momentum as we continue to attract attention for our large and growing pipeline of sites,” said Tyler Page, CEO of Cipher Mining. “We believe this transaction represents the first of several in the HPC space as we continue to scale our capabilities and strengthen our position in this rapidly growing sector.”

César Maklary, co-founder and President of Fluidstacks said his company has an understanding of what it takes to deliver the compute this moment requires.

Maklary added:

“Together with Cipher Mining, we’re committed to accelerating the development of critical infrastructure on which frontier AI companies depend.”

With this deal, Cipher Mining is not only expanding its operational scale but also redefining its role in the evolving HPC and AI infrastructure landscape. The company’s strategic alignment with Fluidstack and Google signals a new era of institutional-grade data center development tailored for the demands of frontier technologies.

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