Cipher extends Barber Lake lease to 20 years and over $9 billion

Cipher Digital ($CIFR) extended the Barber Lake data-center lease from ten to twenty years, increasing expected contracted revenue from $3.8 billion to more than $9 billion. The additional term adds approximately $5.2 billion and combines an amended Fluidstack lease with a binding commitment from a leading AI laboratory for the second ten-year period.

The company expects phased delivery of the facility from the fourth quarter of 2026 through the first quarter of 2027, with rent beginning when the initial capacity is delivered. The extension increases the duration and value of the commercial commitment, but the headline amount will be earned over the lease rather than received immediately. Construction and delivery remain necessary before the associated rental income begins.

Sources:

• Cipher Digital — Barber Lake lease amendment, GlobeNewswire release