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Cipher Barber Lake

Last updated

Fluidstack/Google site, Colorado City
Under construction

A West Texas bitcoin-to-AI conversion let entirely to one tenant: Fluidstack leases all 300 MW at Cipher's Barber Lake for ~$3.8B over ten years, with Google backstopping $1.73B of the rent and $1.73B of site-level notes funding the build.

300 MWPlanned power
Developer
Cipher Digital
Owner
Cipher Digital (NASDAQ: CIFR)
Tenant
Fluidstack USA II Inc.: the entire site, 207 MW critical IT load, 10-year base term with two 5-year options; Google backstops $1.73B of Fluidstack's lease obligations and holds warrants for 24,178,576 CIFR shares (~5.4%)
Power detail
Fluidstack leases the entire site, 300 MW gross, 207 MW critical IT load, in two phases (168 MW IT Phase I, up to 244 MW gross; 39 MW IT Phase II, up to 56 MW gross). Disclosed, not estimated. Cipher's Q2 2026 deck shows a further ~500 MW of adjacent grid capacity in its pipeline for 2030+, subject to ERCOT's batch process. There is no AWS lease at Barber Lake: Cipher's two Amazon Data Services leases are at Black Pearl (300 gross MW) and Stingray (100 gross MW, Andrews County, untracked).
Power source
ERCOT; on-site high-to-mid voltage substation, 300 MW approved at acquisition
Cooling
Air and liquid cooling (for AWS deployment)
Compute
AI/HPC colocation for hyperscaler tenants
Construction start
2025
Est. completion
Phase I delivery Sep 2026 (rent from Oct 2026); Phase II 39 MW IT by Jan 2027
Grid strategy
ERCOT grid
County
Mitchell
Nearest city
Colorado City
Announced
2025-09-24