Yeliz Akmaca 
Google has acquired a 5.4% stake in Bitcoin mining company Cipher Mining. This strategic investment aims to strengthen the company’s high-performance computing (HPC) and artificial intelligence (AI) infrastructure.
Google and Fluidstack Agreement
Cipher Mining signed a 10-year colocated AI hosting agreement with cloud AI provider Fluidstack. Under this deal, the Barber Lake project in Colorado City, Texas, will provide 168 MW of critical IT load supported by 244 MW gross capacity.
The initial term of the agreement is valued at approximately $3 billion, and with two five-year renewal options, the total value could reach $7 billion. Google will back $1.4 billion of Fluidstack’s lease obligations, receiving roughly 24 million Cipher Mining shares, equivalent to 5.4% of pro forma equity. Cipher Mining retains full ownership of the project.
Financing Move and Growth Strategy
Cipher also proposed a private offering of $800 million senior convertible notes maturing in 2031 to fund data center expansion. This two-pronged move supports the company’s HPC and AI growth targets.
As the fourth-largest publicly traded Bitcoin miner by market value, Cipher Mining announced these strategic financing and expansion plans on Thursday. Investors view this as a strong signal of the company’s commitment to HPC and AI development.
CEO Statement and Future Outlook
Cipher CEO Tyler Page commented:
“We are excited to collaborate with Fluidstack to develop HPC data centers and welcome Google as an investor in Cipher. This transformative deal enhances our HPC momentum while highlighting our expanding site portfolio. We continue to develop capabilities and strengthen our position in this rapidly growing sector.”
This statement underscores that the move is the company’s first major HPC-related transaction and demonstrates Google’s strategic interest in combining crypto mining with AI infrastructure.
Key Highlights of the Deal
- Google acquires 5.4% stake in Cipher Mining
- 10-year AI hosting agreement with Fluidstack
- 168 MW critical IT load at Barber Lake facility
- Initial value $3 billion, total potential $7 billion
- Proposed $800 million senior convertible notes maturing in 2031
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