Cipher Mining Stock Rises 5% After Google AI Deal

Google plans to acquire warrants for approximately 24 million shares of Cipher Mining (CIFR), representing about 5.4% equity ownership.
This acquisition is part of a 10-year AI hosting agreement with Fluidstack, enhancing Google's AI infrastructure capabilities.
The deal involves Google backing $1.4 billion of Fluidstack's lease obligations, facilitating project-related debt financing.
The contract is initially valued at $3 billion and could increase to $7 billion with two optional five-year extensions.
Cipher will deliver 168 megawatts of critical IT load at its Lake Barber site in Texas by September 2026, retaining full project ownership.
Cipher shares surged up to 20% on the news but were up 5% premarket at the latest report. The stock has seen significant growth since April as it pivots towards high-performance computing and AI infrastructure.