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Cipher Barber Lake AI Data Center Campus

PRJ-0738 · Site · Colorado City, Texas, United States

Record last updated Oct 28, 2026

Scope and capacity

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.

Headline: 168 MW Contracted

Numbers refer to their stated physical boundaries and are not added together. Source dates, claim dates and record updates have different meanings. Missing dates and locators are not inferred.

Location context · Barber Lake campus | Colorado City area | West Texas

Actual · Cipher Barber Lake AI Data Center Campus (Project)

Claim 58799 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

  2. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3232 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

Lifecycle status · Partially operational

Actual · Cipher Barber Lake AI Data Center Campus (Project)

Claim 58800 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

  2. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3232 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

Reported capacity · 168 MW

Actual · Cipher Barber Lake AI Data Center Campus (Project)

Claim 58801 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

Headline treatment: Selected headline

  1. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

  2. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3232 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

Capacity basis · Cipher reports 168 MW of critical IT under the Fluidstack lease at Barber Lake.

Actual · Cipher Barber Lake AI Data Center Campus (Project)

Claim 58802 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

  2. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3232 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

Development scale · 168 MW contracted critical IT within 244 MW gross capacity

Actual · Cipher Barber Lake AI Data Center Campus (Project)

Claim 107672 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

  2. Cipher Q4 2025 business update

    Cipher Digital · Document date: Feb 1, 2026 · Corroborating

    Source reference: SRC-6029 · Regulatory record · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm

Development milestone · Tenant beneficial use begun

Actual · Cipher Barber Lake AI Data Center Campus (Project)

Claim 107673 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

  2. Cipher Q4 2025 business update

    Cipher Digital · Document date: Feb 1, 2026 · Corroborating

    Source reference: SRC-6029 · Regulatory record · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm

Power arrangement · Rental start expected in 2026.

Actual · Cipher Barber Lake AI Data Center Campus (Project)

Claim 107674 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

  2. Cipher Q4 2025 business update

    Cipher Digital · Document date: Feb 1, 2026 · Corroborating

    Source reference: SRC-6029 · Regulatory record · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm

Boundary context · Barber Lake campus | Colorado City area | West Texas

Actual · Cipher Barber Lake AI Data Center Campus (Project)

Claim 107675 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Cipher Digital Q2 2026 business update

    Cipher Digital · Document date: Aug 10, 2026 · Primary

    Source reference: SRC-3209 · Fact sheet · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/cipherdigital_businessup.htm

  2. Cipher Q4 2025 business update

    Cipher Digital · Document date: Feb 1, 2026 · Corroborating

    Source reference: SRC-6029 · Regulatory record · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm

Counterparties and capital

Cipher Digital · Developer · CMP-1477

Fluidstack · Tenant · CMP-1478

Google · Investor · CMP-0112

Debt financing

$1,730,000,000 · Feb 1, 2026

Barber Lake construction through substantial completion.

Cipher Digital (Sponsor)

Sources (2)

Financing record 209; claim-specific source links appear in the exhibit sources where published.

This schedule captures public Cartis research. It is not a title, lien or legal-opinion report. Document page/section locators and claim review timestamps are included only when published; this version has no separate locator or claim-review-time feed.