Google Acquires 5.4% Cipher Stake in $3 Billion Fluidstack Deal

AI infrastructure firm Fluidstack has secured a $3 billion agreement to supply 168 MW of IT load to cryptocurrency mining company Cipher.

Google will support $1.4 billion of Fluidstack's lease obligations, acquiring approximately 24 million shares of Cipher, equating to a 5.4% ownership.
The 10-year deal includes two five-year extension options, potentially increasing revenue from $3 billion to $7 billion if extended.
This follows a similar recent agreement where Google supported TeraWulf's $3.7 billion deal with Fluidstack, gaining an 8% stake in TeraWulf.
Cipher's stock is down nearly 12%, possibly due to a proposed $800 million private offering of senior notes aimed at accelerating its 2.4 GW pipeline build-out.
The notes, maturing in October 2031, offer initial buyers the chance to purchase an additional $120 million, totaling $920 million.