Cipher Digital Lifts Barber Lake Revenue to $9B via 20 Year Deal

An unnamed AI lab has entered a binding 10 year agreement with Cipher Digital to extend the contracted life of the company's Barber Lake data center to 20 years. The deal combines an existing Fluidstack lease with the new commitment to increase total contracted revenue from $3.8B to more than $9B, adding roughly $5.2B in new funds. Data halls come online in phases from Q4 2026 through Q1 2027, and rent begins as each hall is delivered.

Cipher will absorb the first $359.3M of cost overruns above the original project budget. The tenant will reimburse 50% of any costs exceeding that amount through additional rent over the course of the lease term.