{"id":"b9d40f4b-f4e6-4690-893f-7951c9c32832","slug":"cipher-barber-lake-colorado-city-texas","name":"Barber Lake","aliases":["Barber Lake Facility","Cipher Barber Lake"],"locationId":"46d69a59-639b-415e-8e2a-ca62a8a82f36","lat":32.406,"lng":-100.864,"locationPrecision":"city","landStatus":"private","lifecycleState":"under_construction","powerSourceMix":"grid","interconnectionQueueStatus":null,"interconnectionQueueId":null,"expectedEnergizationDate":null,"dedicatedSubstation":null,"gridOperator":"ERCOT","waterSourceNotes":null,"servingUtility":null,"acreage":250,"totalBuildingSqft":null,"streetAddress":null,"notes":"Cipher Digital's (formerly Cipher Mining) 300 gross MW HPC campus on 250 acres near Colorado City in Mitchell County, leased in full to Fluidstack (backstopped by Google). The 10-K frames capacity as 300 gross MW (244 MW Phase I + 56 MW Phase II); company disclosure separately cites critical IT load rising to 207 MW. Phase I delivery targeted Sept 30 2026, Phase II Jan 31 2027; the site has a fully energized substation and unrestricted 300 MW ERCOT interconnection. Exact energized MW as of the filing not stated.","keyFacts":[{"label":"Contracted term 20 years / revenue over $9B (Sep 2026)","value":"Company-stated by Cipher Digital ([company-stated](https://www.stocktitan.net/sec-filings/CIFR/8-k-cipher-digital-inc-reports-material-event-3a0d843f619e.html); also [GlobeNewswire PR via Manila Times](https://www.manilatimes.net/2026/09/25/tmt-newswire/globenewswire/cipher-digital-expands-barber-lake-lease-term-to-20-years-increasing-revenue-to-over-9-billion/2433019)): 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"},{"label":"Campus gross capacity / phases (10-K)","value":"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](https://www.sec.gov/Archives/edgar/data/1819989/000181998926000009/cifr-20251231.htm))","sourceUrl":"https://www.sec.gov/Archives/edgar/data/1819989/000181998926000009/cifr-20251231.htm"},{"label":"Fluidstack full-campus lease (company)","value":"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](https://www.sec.gov/Archives/edgar/data/1819989/000095010325015073/dp237633_ex9901.htm))","sourceUrl":"https://www.sec.gov/Archives/edgar/data/1819989/000095010325015073/dp237633_ex9901.htm"},{"label":"Google backstop (company)","value":"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](https://www.sec.gov/Archives/edgar/data/1819989/000095010325015073/dp237633_ex9901.htm))","sourceUrl":"https://www.sec.gov/Archives/edgar/data/1819989/000095010325015073/dp237633_ex9901.htm"},{"label":"Initial Fluidstack tranche (company)","value":"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](https://www.globenewswire.com/news-release/2025/09/25/3156107/0/en/Cipher-Mining-Signs-168-MW-10-Year-AI-Hosting-Agreement-with-Fluidstack.html))","sourceUrl":"https://www.globenewswire.com/news-release/2025/09/25/3156107/0/en/Cipher-Mining-Signs-168-MW-10-Year-AI-Hosting-Agreement-with-Fluidstack.html"},{"label":"20-year contracted term / revenue (company 8-K)","value":"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](https://www.stocktitan.net/sec-filings/CIFR/8-k-cipher-digital-inc-reports-material-event-3a0d843f619e.html))","sourceUrl":"https://www.stocktitan.net/sec-filings/CIFR/8-k-cipher-digital-inc-reports-material-event-3a0d843f619e.html"},{"label":"Capex intensity (company)","value":"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](https://www.sec.gov/Archives/edgar/data/1819989/000095010325015073/dp237633_ex9901.htm))","sourceUrl":"https://www.sec.gov/Archives/edgar/data/1819989/000095010325015073/dp237633_ex9901.htm"}],"reviewStatus":"reviewed","sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1819989/000181998926000009/cifr-20251231.htm","title":"Cipher Digital Inc. Form 10-K FY2025"},{"url":"https://www.sec.gov/Archives/edgar/data/1819989/000181998925000110/ciphermining_businessupd.htm","title":"Amended and Restated Recognition Agreement (Cipher / Fluidstack / Google) 8-K"},{"url":"https://www.globenewswire.com/news-release/2025/09/25/3156107/0/en/Cipher-Mining-Signs-168-MW-10-Year-AI-Hosting-Agreement-with-Fluidstack.html","title":"Cipher Mining Signs 168 MW, 10-Year AI Hosting Agreement with Fluidstack"},{"url":"https://www.stocktitan.net/sec-filings/CIFR/8-k-cipher-digital-inc-reports-material-event-3a0d843f619e.html","title":"Cipher Digital Inc. Form 8-K (Barber Lake Amendment and Commitment) via StockTitan","sourceName":"Cipher Digital Form 8-K via StockTitan","publishedAt":"2026-09-25"},{"url":"https://www.manilatimes.net/2026/09/25/tmt-newswire/globenewswire/cipher-digital-expands-barber-lake-lease-term-to-20-years-increasing-revenue-to-over-9-billion/2433019","title":"Cipher Digital Expands Barber Lake Lease Term to 20 Years, Increasing Revenue to Over $9 Billion","sourceName":"Cipher Digital press release (GlobeNewswire via Manila Times)","publishedAt":"2026-09-25"},{"url":"https://colocationscout.com/news-cipher-barber-lake-20-year-lease.html","title":"Cipher Barber Lake 20-year lease (secondary)","sourceName":"Colocation Scout","publishedAt":"2026-09-25"},{"url":"https://www.sec.gov/Archives/edgar/data/1819989/000095010325015073/dp237633_ex9901.htm","date":"2025-11-20","title":"Cipher Mining Signs Additional 56 MW, 10-Year AI Hosting Agreement with Fluidstack (EX-99.1)","publisher":"SEC EDGAR"}],"reviewNote":null,"createdAt":"2026-08-17T20:22:32.955Z","updatedAt":"2026-09-28T08:29:59.426Z","location":{"id":"46d69a59-639b-415e-8e2a-ca62a8a82f36","name":"Colorado City","slug":"colorado-city-texas","kind":"city","parentLocationId":"45f67762-10f4-4255-be84-45c73efe25f9","region":"Mountain West","lat":32.406,"lng":-100.864,"reviewStatus":"reviewed","aliases":[],"collisionRisk":"high","reviewNote":null,"createdAt":"2026-08-17T20:22:32.573Z","updatedAt":"2026-08-21T03:20:12.226Z"},"parties":[{"id":"49791381-84f4-4083-bd83-df12e94ae7df","dataCenterId":"b9d40f4b-f4e6-4690-893f-7951c9c32832","companyId":null,"externalName":"Cipher Digital Inc.","role":"operator","structureNotes":"via subsidiary Cipher Barber Lake LLC; formerly Cipher Mining Inc. 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244 MW Phase I + 56 MW Phase II","createdAt":"2026-08-17T20:22:33.644Z"},{"id":"0922fd9d-50f1-468b-90a1-0154c1c586df","dataCenterId":"b9d40f4b-f4e6-4690-893f-7951c9c32832","series":"contracted","valueGw":0.207,"asOf":"2025-11-20T00:00:00.000Z","sourceUrl":"https://www.sec.gov/Archives/edgar/data/1819989/000181998925000110/ciphermining_businessupd.htm","sourceType":"earnings_call","evidenceTier":"reported","supersedesId":null,"note":"Critical IT load raised from 168 MW to 207 MW per company disclosure","createdAt":"2026-08-17T20:22:34.492Z"}],"financialClaims":[{"id":"7b1cd005-408a-45b2-91dd-86ff4e6cea55","dataCenterId":"b9d40f4b-f4e6-4690-893f-7951c9c32832","kind":"incentive","label":"Google lease-obligation backstop","valueUsd":"333000000","capUsd":null,"conditions":"Google backstops Fluidstack's lease obligations to support project-related debt for the Barber Lake build-out.","asOf":"2025-11-01T00:00:00.000Z","sourceUrl":"https://www.globenewswire.com/news-release/2025/11/20/3191801/0/en/Cipher-Mining-Signs-Additional-56-MW-10-Year-AI-Hosting-Agreement-with-Fluidstack.html","sourceType":"press_release","evidenceTier":"verified","createdAt":"2026-08-19T01:34:25.574Z"}],"metricClaims":[],"powerProjects":[{"id":"2b853ec0-5add-436a-be4f-2f44f6f6484c","dataCenterId":"b9d40f4b-f4e6-4690-893f-7951c9c32832","name":"Barber Lake substation (Luminant/Vistra interconnection facilities)","type":"grid_interconnect","capacityGw":0.3,"lifecycleState":"energized","sourceUrl":"https://www.sec.gov/Archives/edgar/data/1819989/000181998926000009/cifr-20251231.htm","evidenceTier":"verified","note":"300 MW ERCOT interconnection approved without load-profile restriction; 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