Fluidstack

“Under the Original Fluidstack Lease, Fluidstack was entitled to 168 megawatts (MW) of critical IT load for high-performance computing data center operations. The A&R Fluidstack Lease entitles Fluidstack to an additional 39 MW of critical IT load in a second phase of development (“Phase II”).”

This amendment adds 39 MW of critical IT load to Fluidstack’s original 168 MW Barber Lake lease. Cipher reports a cumulative Google backstop of $1.73 billion across the two agreements.

“On September 25, 2025, Cipher Mining Inc. (the “Company”) announced that its wholly owned indirect subsidiary Cipher Barber Lake LLC (“Cipher Barber Lake”) had entered into a Datacenter Lease (the “Fluidstack Lease”) with Fluidstack USA II Inc. (“Fluidstack”) ... The Facility is expected to provide 168 megawatts (MW) of critical IT load”

Barber Lake, Colorado City, Texas. The lease names Fluidstack USA II Inc. as tenant and Cipher Barber Lake LLC as landlord. Google provides financial backing and receives warrants. Two five-year extensions could bring total contract revenue to approximately $7 billion. Cipher Mining, the name used at signing, later became Cipher Digital.

“The expansion adds CB-5, a new purpose-built data center building providing an incremental 160 MW of critical IT load, with operations expected to commence in the second half of 2026. ... on the same economic terms as the initial Fluidstack leases for CB-3 and CB-4.”

Fluidstack exercised its option for the CB-5 building at Lake Mariner four days after the CB-3 and CB-4 agreements. The release refers to the earlier economic terms without separately stating a base duration. Operations were expected in the second half of 2026. Together, the agreements cover more than 360 MW of critical IT load, with a cumulative Google backstop of approximately $3.2 billion.

“Critical IT Load: 200+ MW; Gross Capacity: ~250 MW; Facility: Lake Mariner data center campus, Western New York... Initial Contract Value: ~$3.7 billion; Potential Total (with extensions): ~$8.7 billion... Google's Role — Backstop Amount: $1.8 billion of Fluidstack lease obligations; Equity Stake: Approximately 8% via warrants.”

The two colocation agreements cover Lake Mariner’s CB-3 and CB-4 buildings. TeraWulf expected an initial 40 MW in the first half of 2026 and the full 200-plus MW by year-end. Google backs Fluidstack’s obligations; Fluidstack is the tenant.

“Fluidstack is announcing a $50 billion American computing infrastructure deal with Anthropic, building data centers in New York and Texas, with more sites to come. These facilities are custom built for Anthropic”

Fluidstack’s announcement of the same arrangement, the same day: a $50 billion deal building data centres in New York and Texas, “custom built for Anthropic”.

“Today, we are announcing a $50 billion investment in American computing infrastructure, building data centers with Fluidstack in Texas and New York, with more sites to come. These facilities are custom built for Anthropic”

Anthropic announces a $50 billion investment in American computing infrastructure, building data centres with Fluidstack in Texas and New York, “custom built for Anthropic”. Neither party’s announcement says who will own, operate or lease them, so the form of control is not stated.