Cipher Mining Inc (CIFR)

[Whalatane]

More DD on CIFR
1) has signed contracts ...Fluidstack backed by Google and AWS ( Amazon )
2) Power is already secured at Black Pearl and recently expanded sites
3) Ramp begins immediately in 2026 with revenue stream up to at least $750m a yr rate by EOY 2026

Near term risk ..price of the 1500 bitcoin they hold and bitcoin income

Cipher Mining shares surge after company lands $830 million AI hosting deal
November 20 2025 - 10:52AM

Cipher Mining Inc. (NASDAQ:CIFR) saw its stock jump 12% on Thursday after unveiling a major 10-year AI hosting agreement with Fluidstack, locking in roughly $830 million in contracted revenue.

Under the new deal, Cipher will supply an additional 39 MW of critical IT load—supported by up to 56 MW of gross capacity—at its Barber Lake facility in Colorado City, Texas. With this expansion, Fluidstack is slated to lease the entire 300 MW of capacity available at Barber Lake.

The contract also includes two optional five-year extensions. If exercised, those add-ons would raise total contracted revenue tied to this agreement to around $2.0 billion, and lift the total value of the broader partnership to approximately $9.0 billion.

In a significant show of support, Google agreed to backstop an additional $333 million of Fluidstack’s lease commitments to facilitate project-related lending. This boosts Google’s total backstop across its partnership with Fluidstack and Cipher to $1.73 billion.

To fund the build-out, Cipher plans to rely on project financing along with about $118 million in additional equity. The company estimates development costs of roughly $9–$10 million per MW of critical IT load and anticipates Net Operating Income margins in the 85%–90% range for the site.

Kiwi