07:56 AM EDT, 09/25/2025 (MT Newswires) -- Cipher Mining ( CIFR ) said Thursday that it has signed a 10-year high-performance computing colocation agreement with Fluidstack to deliver 168 MW of critical IT load at its Barber Lake site in Colorado City, Texas, by September of next year.

The US data center company said the agreement secures $3 billion in contracted revenue over the initial term and could reach $7 billion with two five-year extensions under a modified gross lease, Cipher said.

Alphabet's Google ( GOOG ) will backstop $1.40 billion of Fluidstack's lease obligations to support project debt and will receive warrants to acquire 24 million Cipher shares, or a 5.4% pro forma stake, Cipher said.

The Barber Lake plan includes up to 244 MW of gross capacity on 587 acres, with the option of expanding to 500 MW, and project costs ranging from $9 to $11 million per MW of critical IT load, the company said.

Cipher said it plans to retain full ownership of the project, may access capital markets to fund a portion of the project, and will continue to prioritize a 2.4 GW HPC pipeline.

Shares of the company were up more than 9% in recent Thursday premarket activity.