Barber Lake

Capacity: announced vs energized

Key facts

Reported facts

Structured facts sourced from citations already on this record. Each fact traces to a source in the References section below.

Contracted term 20 years / revenue over $9B (Sep 2026)

Company-stated by Cipher Digital (company-stated; also GlobeNewswire PR via Manila Times): Fluidstack USA II lease amended plus binding commitment with unnamed leading AI lab for a follow-on 10-year lease; aggregate contracted term 10→20 years; incremental contracted revenue ~$5.2B; total contracted revenue at facility from $3.8B to over $9B. Data halls expected Q4 2026-Q1 2027; first rent Q4 2026. Cipher bears first $359.3M overruns; tenant reimburses 50% above that over 20 years. Cap: Cipher Form 8-K + PR; AI lab not named

Campus gross capacity / phases (10-K)

Company 10-K describes Barber Lake near Colorado City, Texas on 250 acres owned by Cipher Barber Lake LLC, with 300 MW gross capacity: 244 MW Phase I and 56 MW Phase II, both leased to Fluidstack. Cipher targets Phase I delivery by Sep 30 2026 and Phase II by Jan 31 2027, with a fully approved 300 MW ERCOT interconnection without load-profile restrictions (Cipher Digital Form 10-K FY2025)

Fluidstack full-campus lease (company)

Nov 20 2025 Cipher said an additional 39 MW critical IT load (up to 56 MW gross) brings Fluidstack to the entire 300 MW Barber Lake capacity. That tranche alone was about $830M contracted revenue over an initial 10-year term, with two five-year extension options (Cipher EX-99.1, Nov 20 2025)

Google backstop (company)

Cipher said Google expanded its backstop of Fluidstack lease obligations by an additional $333M in the Nov 2025 expansion, raising the total Google backstop to $1.73B to support project-related debt (Cipher EX-99.1, Nov 20 2025)

Initial Fluidstack tranche (company)

Sep 25 2025 Cipher announced a 168 MW, 10-year AI hosting agreement with Fluidstack at Barber Lake (earlier tranche before the Nov 2025 full-campus expansion) (Cipher via GlobeNewswire, Sep 25 2025)

20-year contracted term / revenue (company 8-K)

Reported company 8-K / materials (Sep 24-25 2026): Cipher amended the Fluidstack Barber Lake lease and entered a binding commitment with a leading AI lab for a separate 10-year lease after Fluidstack's term, extending aggregate contracted term to 20 years and lifting stated total contracted revenue from about $3.8B to over $9B (about $5.2B incremental from the AI-lab commitment). AI lab identity not disclosed (Cipher 8-K summary via StockTitan)

Capex intensity (company)

Nov 2025 EX-99.1 cites estimated project costs of about $9-$10M per MW of critical IT load and expected site NOI margin of 85%-90% on the modified gross lease with annual escalators (Cipher EX-99.1, Nov 20 2025)

On the data center map

Every tracked data center is on this map, centered on Barber Lake. Pan or zoom out to see how close rivals are building.

Approximate pin. We hold a city-level coordinate for this campus, not a verified site coordinate, so the marker shows the city rather than the parcel. The satellite strip and building outlines stay off until the site coordinate is sourced.

• Data centers in Texas →
• The national data center map →
• Data centers on the global map →

The deal

operator

Cipher Digital Inc. · via subsidiary Cipher Barber Lake LLC; formerly Cipher Mining Inc. (ticker CIFR)

offtaker

Fluidstack USA II Inc. · 10-year HPC lease, full campus

utility

Luminant / Vistra Operations · interconnection electrical facilities

financier

Google · backstops Fluidstack obligations; holds Google Warrants

Power

Power source

grid

Grid operator

ERCOT

Interconnection

Barber Lake substation (Luminant/Vistra interconnection facilities), 0.30 GW grid interconnect, Energized. 300 MW ERCOT interconnection approved without load-profile restriction; substation sold back to Vistra at lease end

The Texas (ERCOT) grid demand right now: 52.8 GW (EIA-930, 2026-10-02 07:00).

County water status: Severe drought (D2) in Mitchell County, week of 2026-09-29 (US Drought Monitor). Data centers are large water users for cooling; this is the neutral local water picture.

Why here

Barber Lake sits on private land in Texas, Colorado City. It connects to the ERCOT grid, draws on grid power. This siting summary is composed from the record's held fields, not speculation; see methodology.

Financial structure

Google lease-obligation backstop

$333M. Google backstops Fluidstack's lease obligations to support project-related debt for the Barber Lake build-out. press release ↗

Regulatory paper trail

The filings and rules on record for this site and its jurisdiction, most recent first. Each is a sourced, dated artifact you can follow to the primary document.

Timeline

1. Show 7 earlier updates
2. Aug 2026
   financial recorded
   incentive: Google lease-obligation backstop
3. Oct 2026
   Current: Under construction

Sources

• Cipher Digital Inc. Form 10-K FY2025 ↗
• Amended and Restated Recognition Agreement (Cipher / Fluidstack / Google) 8-K ↗
• Cipher Mining Signs 168 MW, 10-Year AI Hosting Agreement with Fluidstack ↗
• Cipher Digital Inc. Form 8-K (Barber Lake Amendment and Commitment) via StockTitan ↗ · Cipher Digital Form 8-K via StockTitan
• Cipher Digital Expands Barber Lake Lease Term to 20 Years, Increasing Revenue to Over $9 Billion ↗ · Cipher Digital press release (GlobeNewswire via Manila Times)
• Cipher Barber Lake 20-year lease (secondary) ↗ · Colocation Scout
• Cipher Mining Signs Additional 56 MW, 10-Year AI Hosting Agreement with Fluidstack (EX-99.1) ↗

b9d40f4b-f4e6-4690-893f-7951c9c32832 · Tracked with DEPLOY's verified-vs-claimed methodology. Every term is defined in the glossary. Announced numbers are claims, not built capacity.

Head-to-head