Cipher Extends Texas Lease to 20 Years, $9B

On September 25, 2026, Cipher extended the contracted lease at its Barber Lake data center in Colorado City, Texas, from 10 years to 20 years, raising total contracted revenue from $3.8 billion to over $9 billion. Cipher amended its existing Fluidstack lease and secured a binding commitment from an unnamed leading AI lab for an additional 10 years after that lease ends. The follow-on term is expected to add about $5.2 billion in incremental contracted revenue on terms substantially similar to the Barber Lake Lease. Data halls will be delivered in phases from the fourth quarter of 2026 through the first quarter of 2027. Rent begins on each hall at delivery, with first rent expected in the fourth quarter of 2026. Cipher will absorb the first $359.3 million of costs above the original budget; the tenant will reimburse 50 percent of further overruns over the 20-year term as additional rent structured for a contracted rate of return for Cipher. CIFR shares gained in early morning trade after the announcement. The original Fluidstack lease signed in September 2025 covered 168 megawatts and was valued at roughly $3 billion. Google backstopped Fluidstack's obligations and took a 5.4 percent equity stake in Cipher. Contested: none found in the record.