Cipher Digital Inc. has amended its lease for the Barber Lake HPC data center and secured a new 10-year lease commitment with a leading AI lab. This extends the facility's total contracted term to twenty years and is expected to significantly increase future revenue.
Key Details
- Lease Extension: A new binding commitment with a leading AI lab adds a 10-year term to the existing 10-year lease with Fluidstack, bringing the total contracted period to 20 years.
- Financial Impact: The extension is expected to generate approximately $5.2 billion in incremental contracted revenue, raising the facility's total contracted revenue to over $9 billion.
- Updated Timeline & Costs: The amendment revises the facility's delivery schedule to a phased approach between Q4 2026 and Q1 2027. Cipher will bear the first $359.3 million in costs above the initial budget, with the tenant reimbursing 50% of any costs exceeding that amount over the 20-year term.