Cipher Digital Extends Texas Data Center Lease to 20 Years, Contracted Revenue Tops $9 Billion

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Cipher Digital agreed to extend the lease on its Barber Lake data center in Colorado City, Texas, to 20 years from 10, lifting total contracted revenue at the site to more than $9 billion from $3.8 billion. The developer and operator of large-scale data centers amended its existing lease with Fluidstack, and an unnamed leading AI lab made a binding commitment to lease the facility for a further 10 years once that term ends, on substantially similar economics. That second term is expected to bring in about $5.2 billion of additional contracted revenue. Data halls will now be delivered in phases from the fourth quarter of 2026 through the first quarter of 2027, with rent starting as each hall comes online. Cipher will absorb the first $359.3 million of costs above the original budget, and the tenant will cover 50% of anything beyond that, repaid as additional rent over the 20-year term with a contracted return for Cipher. CEO Tyler Page said the extension reflects the enduring value of the infrastructure the company is building.

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Cipher extended its Barber Lake data center lease to 20 years with Fluidstack and an AI lab, lifting contracted revenue to over $9 billion.

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