Cipher Barber Lake AI Data Center Campus

Contracted

168 MW

Updated

Oct 28, 2026

Cipher's September 25, 2026 announcement describes an amended Fluidstack lease and a separate binding AI-lab commitment providing an aggregate 20-year contracted term and over US$9 billion of expected revenue. Individual-hall delivery was forecast from Q4 2026 through Q1 2027, with first rent expected in Q4; these forecasts are not treated as achieved delivery or collected revenue. Cipher is completing Barber Lake for Fluidstack under a Google-backed lease. The tenant has begun beneficial use while remaining work proceeds toward the initial delivery milestone. Cipher Digital and Fluidstack and Google is publicly identified in the project record for Colorado City, Colorado City area, TX, US. The disclosed development record includes 168 MW contracted critical IT within 244 MW gross capacity; tenant beneficial use begun; rental start expected in 2026. Power and infrastructure include purpose-built HPC campus with high-density cooling and long-term tenant support. Cipher reports 168 MW of critical IT under the Fluidstack lease at Barber Lake. Cipher reported approximately $1.7 billion of high-yield bond financing supporting Barber Lake.