Data center profile · Colorado City, Mitchell County, Texas

Barber Lake (Cipher, for Anthropic via Fluidstack)

A 300 MW grid-connected site in Colorado City, Texas, where Cipher is building 207 MW of IT capacity for Fluidstack, Anthropic's data center partner, with Google backing the lease

Building, first halls Q4 2026. The first building's shell was finished in July 2026 and the tenant has begun partial use, but Cipher reports no MW operating and first rent in fourth-quarter 2026. Delivery slipped from Sept. 2026; Cipher carries construction cost overruns.
207 MW
critical IT leased to Fluidstack
168 MW in Sept. 2025 plus 39 MW in Nov. 2025
300 MW
grid capacity at the site
approved and energized when Cipher bought it
$9B+
contracted revenue over a 20-year lease
Cipher says; was $3.8B before the Sept. 2026 extension
Q4 2026
first data halls and first rent
halls phase in through Q1 2027
OperatorCipher Digital (formerly Cipher Mining), through Cipher Barber Lake LLC
CustomerFluidstack (lease holder); Anthropic is the end customer; Google backstops the lease
Planned IT capacity207 MW at full build-out (our estimate from the company or utility power figure)
First building in serviceOur estimate: 2027 (range 2027 to 2028).
Next stepFirst data hall delivered and first rent due in Q4 2026; the last halls follow by Q1 2027
Power

Power and the grid

207 MW contracted (totals add sources with a stated size; they can overlap)

Fluidstack lease, first phase (critical IT)Contracted, being delivered
168 MW
supported by up to 244 MW gross; original delivery date was Sept. 2026 Company · Oct. 2026
Fluidstack lease, second phase (critical IT)Contracted
39 MW
supported by up to 56 MW gross; delivery by Jan. 2027 Company · Oct. 2026
Grid connection (ERCOT), on-site substationEnergized substation, load not yet running
300 MW
approved for 300 MW and energized when Cipher closed on the site in Sept. 2024; 244 MW gross for the first phase plus 56 MW for the second Company · Oct. 2026
ContractedApproved
Not used, not on record, or dropped

Getting on the grid

Who supplies what, what it costs, and what is still not public.

  1. Sept. 24, 2024
    Site bought with power
    Cipher acquires 250 acres around an energized substation, with approvals for 300 MW and ERCOT market agreements. see Permits
  2. Nov. 13, 2025
    Project debt raised
    A Cipher subsidiary issues $1.4B of 7.125% notes due 2030 for construction; $333M more follows on Nov. 24, 2025. SEC filing · Oct. 2026
  3. Aug. 4, 2026
    Tenant begins use
    Cipher reports beneficial use and partial occupancy of the first building. Company · Oct. 2026
  4. Sept. 21, 2026
    State permit freeze does not reach the site
    The Governor's halt on new state data center air permits does not gate this campus, whose approvals came with the 2024 purchase. see Permits
  5. Jan. 2027
    Second-phase 39 MW due
    The expansion hall is due by Jan. 2027. Company · Oct. 2026
Permits

Permits checklist

1 pending · 2 granted · 1 checked, nothing on file

Approvals a campus like this normally needs (including an air permit for backup generators), and what we found.

Risks

What could slow it down

Money

Money on record

$9B+
contracted revenue, 20-year lease
the rise from $3.8B comes with a follow-on commitment from an unnamed leading AI lab (identity not disclosed) Company · Oct. 2026
$1.73B
Google backstop of Fluidstack's lease
raised from $1.4B in Nov. 2025; Google also holds warrants for about 5.4% of Cipher Company · Oct. 2026
$1.73B
project notes, 7.125% due 2030
$1.4B in Nov. 2025 and $333M in Nov. 2025; no principal payments until completion SEC filing · Oct. 2026
$359.3M
cost overrun Cipher bears first
tenant reimburses 50% of costs above that, as extra rent Company · Oct. 2026
$67.5M
price for the site, Sept. 2024
plus $3 per MWh for five years after energization Company · Sept. 2024
$9 to $11M per MW
estimated project cost of critical IT capacity (Cipher)
Company · Oct. 2026
~$10M
water system commitment by Cipher, Fluidstack and Anthropic after July 2026 storms
Company · Oct. 2026
Timeline

What happened, and what is due

SitePaper trailConstructionPowerPermitsMoneyLegalUpcoming
  1. Sept. 24, 2024
    Site Cipher closes on the Barber Lake site: 250 acres, 300 MW approved, substation energized, $67.5M Company · Sept. 2024
  2. Sept. 25, 2025
    Money Fluidstack signs a 10-year, 168 MW lease worth about $3B; Google backstops $1.4B Company · Oct. 2026
  3. Nov. 12, 2025
    Site Anthropic announces a $50B U.S. build with Fluidstack in Texas and New York; Barber Lake is the Texas site per the combined record News report · Oct. 2026
  4. Nov. 13, 2025
    Money Cipher subsidiary issues $1.4B of project notes SEC filing · Oct. 2026
  5. Nov. 20, 2025
    Money Fluidstack adds 39 MW of IT capacity; Google backstop rises to $1.73B Company · Oct. 2026
  6. 2026
    Construction First data hall delivery and first rent expected (Q4 2026) Company · Oct. 2026
  7. Aug. 4, 2026
    Construction Building 1 shell complete; tenant begins partial occupancy Company · Oct. 2026
  8. Aug. 24, 2026
    Permits Mitchell County hears tax abatement agreements for all three phases Local government · Oct. 2026
  9. Sept. 14, 2026
    Site Cipher, Fluidstack and Anthropic commit $10M to Colorado City's water system after July storms Company · Oct. 2026
  10. Sept. 24, 2026
    Money Lease extended to 20 years with a follow-on tenant; delivery reset to Q4 2026 through Q1 2027; Cipher takes first $359.3M of overruns Company · Oct. 2026
  11. Oct. 14, 2026
    Money Cipher prices $850M of convertible notes, partly for more equity in Barber Lake Company · Oct. 2026
  12. Jan. 2027
    Construction Second-phase 39 MW due Company · Oct. 2026
The buildings

Specs

250 acres
bought around the substation; 587 acres of surrounding land cited in 2025
Company · Sept. 2024
244 MW + 56 MW
maximum gross capacity supporting the two lease phases
Company · Oct. 2026
Who is involved

Owners, partners and builders

Owners and developers
  • Cipher Digital Inc. (formerly Cipher Mining): developer, owner and operator
  • Cipher Barber Lake LLC: landlord and project owner
Tenant and end customer
  • Fluidstack USA II Inc.: lease holder
  • Anthropic: end customer via Fluidstack
  • Unnamed leading AI lab: follow-on 10-year lease
Financing
  • Google: backstops $1.73B of the lease; holds warrants
  • Cipher Compute LLC: issuer of project notes
Local government
  • Mitchell County Commissioners Court: tax abatements
  • Colorado City: water system partner
Still unknown

Open questions

Where this comes from

142 records from 14 documents

Drawn from company statements, securities filings, local government records, our own analysis, public and commercial datasets, news reports and state agency records, each kept with its date and source. The bar shows documents by type.

Company 7SEC filing 4Local government 1Analysis 1Dataset 1News report 1State agency 1
Evidence

Every quote behind this page

Grade key: A = the primary record itself (permit, filing, exhibit) · B = a dated official statement · C = news reporting. Map distances are our own measurements on OpenStreetMap and carry no grade. Allegations in lawsuits are marked as such in the quotes.

Power (17)
  • Announced: Sept. 25, 2025
    “Cipher will deliver 168 MW of critical IT load, supported by a maximum of 244 MW of gross capacity, at its Barber Lake site in Colorado City, Texas.”
    Company · Sept. 2025 · grade A
  • Campus name: Barber Lake
    “Cipher will deliver 168 MW of critical IT load, supported by a maximum of 244 MW of gross capacity, at its Barber Lake site in Colorado City, Texas”
    Company · Oct. 2026 · grade B
  • Stage: building, phased data-hall delivery Q4 2026 through Q1 2027; 0 MW operating; first rent expected Q4 2026
    “Rent will commence for each data hall as it is delivered, with the first rent commencement expected in the fourth quarter of 2026”
    Company · Oct. 2026 · grade B
  • IT capacity: 207 MW
    “additional 39 MW of critical IT load, supported by a maximum of 56 MW of additional gross capacity”
    Company · Oct. 2026 · grade B
  • Utility service: 300 MW
    “The site features 300 MW of front-of-the-meter capacity, a newly constructed, fully energized, high-to-mid voltage substation, and all necessary regulatory approvals”
    Company · Oct. 2026 · grade B
  • Stated campus size: 300 MW
    “Fluidstack will lease the entire 300 MW of capacity at Cipher's Barber Lake site”
    Company · Oct. 2026 · grade B
  • Power plan: grid
    “300 MW of front-of-the-meter capacity, a newly constructed, fully energized, high-to-mid voltage substation”
    Company · Oct. 2026 · grade B
  • Grid operator: ERCOT
    “completed agreements necessary to participate in the ERCOT market”
    Company · Oct. 2026 · grade B
  • Substation: newly constructed high-to-mid voltage substation, energized at acquisition (Sep 2024)
    “a newly constructed, fully energized, high-to-mid voltage substation”
    Company · Oct. 2026 · grade B
  • interconnection / market participation: approvals acquired with site
    “approvals for 300 MW, and agreements necessary to participate in the ERCOT market”
    Company · Oct. 2026 · grade B
  • Company states the site has potential for 500 MW of capacity expansion beyond the current 300 MW; trade press separately reports up to 800 MW at full build-out from a company presentation. Neither figure is booked in any
    “potential for 500 MW capacity expansion, and 587 acres of surrounding land”
    Company · Oct. 2026 · grade B
  • Source record
    “repair and expand Colorado City's water system after July 2026 storm damage at the city's well pump station”
    Company · Oct. 2026 · grade B
  • IT capacity: 207 MW
    “Under the agreement, Cipher will deliver an additional 39 MW of critical IT load, supported by a maximum of 56 MW of additional gross capacity, at its Barber Lake site in Colorado City, Texas.”
    Company · Nov. 2025 · grade B
  • Original target date: Sept. 2026
    “Expected Delivery of 168 MW of Critical IT Load by September of 2026”
    Company · Sept. 2025 · grade B
  • Site acres stated 2025: 587 acres
    “With its currently energized capacity, potential for 500 MW capacity expansion, and 587 acres of surrounding land”
    Company · Sept. 2025 · grade B
  • Site acres acquired: 250 acres
    “Cipher has acquired the 250 acres of land surrounding the substation”
    Company · Sept. 2024 · grade B
  • On-site generation: not stated
    “No on-site generation is described in any Cipher release, filing summary or county document opened; no TCEQ air permit naming Cipher Barber Lake was located”
    grade C
Money and contracts (80)
  • Tax abatement (Tex. Tax Code Ch. 312): public hearing / scope agreements and amended agreements for Barber Lake Phase I, II and III projects, all improvements and personal property at the data center intended to be subje
    “Tax Abatement Agreements & Amended Tax Abatement Agreements as proposed by Cipher Barber Lake, LLC, for Barber Lake Phase I, II, and III projects”
    Local government · Oct. 2026 · grade A
  • Tax abatement (Tex. Tax Code Ch. 312): amendment, Phase I First Amendment to Tax Abatement Agreement between Mitchell County and Cipher Barber Lake, LLC, action item Aug 24, 2026 (an original Phase I agreement therefor
    “FIRST AMENDMENT TO TAX ABATEMENT AGREEMENT By and Between MITCHELL COUNTY, TEXAS, and CIPHER BARBER LAKE, LLC”
    Local government · Oct. 2026 · grade A
  • Tax abatement (Tex. Tax Code Ch. 312): new agreement, Phase II Tax Abatement Agreement between Mitchell County and Cipher Barber Lake, LLC for Barber Lake Phase II, action item Aug 24, 2026
    “Tax Abatement Agreement between Mitchell County and Cipher Barber Lake, LLC (Barber Lake Phase II)”
    Local government · Oct. 2026 · grade A
  • Tax abatement (Tex. Tax Code Ch. 312): new agreement, Phase III (separate entity) Tax Abatement Agreement between Mitchell County and Cipher Barber Lake Resources, LLC for Barber Lake Phase III, action item Aug 24, 202
    “Consider and take action on the Tax Abatement Agreement between Mitchell County, Texas, and Cipher Barber Lake Resources, LLC, for Barber Lake Phase III”
    Local government · Oct. 2026 · grade A
  • Tax abatement (Tex. Tax Code Ch. 312): reinvestment zone Cipher Barber Lake Reinvestment Zone
    “The Reinvestment Zone subject to these agreements is the Cipher Barber Lake Reinvestment Zone”
    Local government · Oct. 2026 · grade A
  • termination / amendment: termination not named MW critical IT
    “Cipher has executed an amendment to its existing lease with Fluidstack (the “Barber Lake Lease”) that is coupled with a binding commitment with a leading AI lab to lease the facility for an additional 10-year term”
    SEC filing · Sept. 2026 · grade A
  • phase delivery: delivery not stated MW critical IT (first data halls)
    “the lease amendment establishes a phased delivery schedule for the site, with individual data halls expected to be delivered from the fourth quarter of 2026 through the first quarter of 2027”
    SEC filing · Sept. 2026 · grade A
  • compute services (end customer): capacity not named MW critical IT
    “The Company is in the process of building the Barber Lake Facility for Fluidstack USA II Inc. (“Fluidstack”), with an expected commencement date of September 2026”
    SEC filing · Aug. 2026 · grade A
  • Tenants: Fluidstack USA II Inc.
    “Cipher Mining Inc. today announces a 10-year high-performance computing (HPC) colocation agreement with Fluidstack”
    Company · Oct. 2026 · grade B
  • Tenant status: contracted, lease executed Sep 25, 2025, expanded Nov 20, 2025, amended Sep 24, 2026; phased delivery Q4 2026-Q1 2027
    “individual data halls expected to be delivered from the fourth quarter of 2026 through the first quarter of 2027”
    Company · Oct. 2026 · grade B
  • Tenant end customer: Anthropic (via Fluidstack; not a lease counterparty)
    “Cipher Digital Inc., Fluidstack Ltd. and Anthropic today announced a combined $10 million commitment”
    Company · Oct. 2026 · grade B
  • HPC colocation lease (Datacenter Lease): capacity, critical IT capacity 168 MW
    “Cipher will deliver 168 MW of critical IT load, supported by a maximum of 244 MW of gross capacity, at its Barber Lake site in Colorado City, Texas”
    Company · Oct. 2026 · grade B
  • HPC colocation lease (Datacenter Lease): capacity, gross capacity cap 244 MW
    “supported by a maximum of 244 MW of gross capacity”
    Company · Oct. 2026 · grade B
  • HPC colocation lease (Datacenter Lease): term 10 years
    “today announces a 10-year high-performance computing (HPC) colocation agreement with Fluidstack”
    Company · Oct. 2026 · grade B
  • HPC colocation lease (Datacenter Lease): value, contracted revenue, initial term 3000000000 USD
    “The agreement represents approximately $3 billion in contracted revenue over the initial 10-year term”
    Company · Oct. 2026 · grade B
  • HPC colocation lease (Datacenter Lease): extension options two five-year extension options; ~$7 billion total contract revenue if exercised
    “includes two five-year extension options. If exercised, these extension options would bring the total contract revenue to approximately $7 billion”
    Company · Oct. 2026 · grade B
  • HPC colocation lease (Datacenter Lease): delivery deadline (original) deliver the Facility by September 2026
    “Expected Delivery of 168 MW of Critical IT Load by September of 2026”
    Company · Oct. 2026 · grade B
  • HPC colocation lease (Datacenter Lease): lease form / escalators modified gross lease with annual escalators
    “Modified gross lease with annual escalators”
    Company · Oct. 2026 · grade B
  • HPC colocation lease (Datacenter Lease): economics, expected site NOI margin 80-85 %
    “Expected Site Net Operating Income (NOI) Margin of 80%-85%”
    Company · Oct. 2026 · grade B
  • HPC colocation lease (Datacenter Lease): project cost estimate 9-11 USD millions per MW of critical IT capacity
    “Estimated project costs of $9-$11 million per MW of critical IT load”
    Company · Oct. 2026 · grade B
  • Recognition Agreement / lease backstop: backstop amount 1400000000 USD
    “Google will backstop $1.4 billion of Fluidstack's lease obligations to support project-related debt financing”
    Company · Oct. 2026 · grade B
  • Recognition Agreement / lease backstop: backstop effectiveness effective as of the commencement date under the Fluidstack Lease
    “Google will backstop $1.4 billion of Fluidstack's lease obligations”
    Company · Oct. 2026 · grade B
  • Warrant agreement: warrants, shares / stake ~24 million shares; ~5.4% pro forma equity ownership
    “receive warrants to acquire approximately 24 million shares of Cipher common stock, equating to an approximately 5.4% pro forma equity ownership stake”
    Company · Oct. 2026 · grade B
  • HPC colocation lease, expansion (Phase II): capacity, additional critical IT capacity 39 MW
    “additional 39 MW of critical IT load, supported by a maximum of 56 MW of additional gross capacity”
    Company · Oct. 2026 · grade B
  • HPC colocation lease, expansion (Phase II): capacity, gross additional 56 MW
    “supported by a maximum of 56 MW of additional gross capacity”
    Company · Oct. 2026 · grade B
  • HPC colocation lease, expansion (Phase II): term 10 years
    “second 10-year HPC colocation agreement with Fluidstack”
    Company · Oct. 2026 · grade B
  • HPC colocation lease, expansion (Phase II): value, contracted revenue, initial term 830000000 USD
    “approximately $830 million in contracted revenue over the initial 10-year term”
    Company · Oct. 2026 · grade B
  • HPC colocation lease, expansion (Phase II): extension options two five-year extension options; ~$2.0 billion for this transaction and ~$9.0 billion total for the entire lease if all options exercised
    “total contracted revenue across the partnership reaches ~$3.8 billion over initial 10-year terms”
    Company · Oct. 2026 · grade B
  • HPC colocation lease, expansion (Phase II): delivery deadline deliver the additional 39 MW by January 2027
    “expected delivery of the additional 39 MW by January 2027”
    Company · Oct. 2026 · grade B
  • HPC colocation lease, expansion (Phase II): backstop increase 333000000 USD
    “Google backstop increased by $333 million, bringing total backstop support to $1.73 billion”
    Company · Oct. 2026 · grade B
  • HPC colocation lease, expansion (Phase II): financing, equity contribution 118000000 USD
    “approximately $118 million of additional Cipher equity contributions to finance the expansion construction”
    Company · Oct. 2026 · grade B
  • HPC colocation lease, expansion (Phase II): project cost estimate 9-10 USD millions per MW of critical IT capacity
    “estimated project costs of ~$9-$10 million per MW of critical IT load”
    Company · Oct. 2026 · grade B
  • Project debt, senior secured notes: issuance, initial notes 1400000000 USD
    “On November 13, 2025, Cipher Compute LLC issued an aggregate principal amount of $1.4 billion of 7.125% Senior Secured Notes due 2030”
    SEC filing · Oct. 2026 · grade B
  • Project debt, senior secured notes: interest / maturity 7.125% per year, payable semiannually May 15 and November 15; maturity November 15, 2030
    “The Notes are senior secured obligations of Cipher Compute and bear interest at a rate of 7.125% per year payable semiannually in arrears on May 15 and November 15”
    SEC filing · Oct. 2026 · grade B
  • Project debt, senior secured notes: issuance, additional notes (same series) 333000000 USD
    “The New Notes are part of the same series as the $1,400,000,000 aggregate principal amount of 7.125% senior secured notes due 2030”
    SEC filing · Oct. 2026 · grade B
  • Project debt, senior secured notes: use of proceeds finance a portion of the construction costs of the Barber Lake Facility
    “use the net proceeds from the Offering to finance a portion of the construction costs associated with additional facilities within its Barber Lake Facility”
    SEC filing · Oct. 2026 · grade B
  • Project debt, senior secured notes: amortization no amortization payable prior to completion of the Barber Lake Facility
    “No amortization will be payable prior to the completion of the Barber Lake Facility”
    SEC filing · Oct. 2026 · grade B
  • Project debt, senior secured notes: redemption issuer may redeem on or after November 15, 2027 at indenture prices; earlier redemption permitted in accordance with the indenture
    “On or after November 15, 2027, the Issuer may redeem the Notes at its option”
    SEC filing · Oct. 2026 · grade B
  • Lease amendment + follow-on commitment: term, contracted duration extended 20 years
    “extend the contracted lease duration of its Barber Lake data center in Colorado City, Texas from 10 years to 20 years”
    Company · Oct. 2026 · grade B
  • Lease amendment + follow-on commitment: follow-on commitment, separate 10-year lease after the Fluidstack term 5200000000 USD
    “a binding commitment with a leading AI lab to lease the facility for an additional 10-year term following the conclusion of the Barber Lake Lease”
    Company · Oct. 2026 · grade B
  • Lease amendment + follow-on commitment: follow-on economics economic terms substantially consistent with the Barber Lake Lease; total Barber Lake contracted revenue rises from $3.8 billion to over $9 billion
    “increase total contracted revenue at the facility from $3.8 billion to over $9 billion”
    Company · Oct. 2026 · grade B
  • Lease amendment + follow-on commitment: delivery schedule (amended) phased delivery of individual data halls from Q4 2026 through Q1 2027; rent commences per hall on delivery; first rent commencement expected Q4 2026
    “the lease amendment establishes a phased delivery schedule for the site, with individual data halls expected to be delivered from the fourth quarter of 2026 through the first quarter of 2027”
    Company · Oct. 2026 · grade B
  • Lease amendment + follow-on commitment: cost overrun, landlord first-loss 359300000 USD
    “Cipher bears the first $359.3 million of costs in excess of the initial budgeted amount under the Barber Lake Lease”
    Company · Oct. 2026 · grade B
  • Lease amendment + follow-on commitment: cost overrun, tenant reimbursement tenant reimburses 50% of costs above the first $359.3 million, payable as additional rent over the aggregate 20-year term at a contracted rate o
    “the tenant reimburses Cipher over the aggregate 20-year term for 50% of any such costs above that amount, payable as additional rent”
    Company · Oct. 2026 · grade B
  • Community / water infrastructure commitment: commitment amount (combined) 10000000 USD
    “Cipher Digital Inc., Fluidstack Ltd. and Anthropic today announced a combined $10 million commitment to repair and expand Colorado City's water system”
    Company · Oct. 2026 · grade B
  • Community / water infrastructure commitment: structure funds managed with city leaders through the newly formed Colorado City Water Infrastructure Foundation, a nonprofit funded exclusively by the companies, working in c
    “a newly formed Colorado City Water Infrastructure Foundation”
    Company · Oct. 2026 · grade B
  • Parent-level: Cipher Digital priced $850M of 0.00% convertible senior notes due Nov 1, 2032 (announced Oct 13, priced Oct 14, 2026; +$150M purchaser option; ~$835.1M expected net proceeds) to fund, among other things, an
    “announced the pricing of its offering of $850.0 million aggregate principal amount of 0.00% convertible senior notes due 2032”
    Company · Oct. 2026 · grade B
  • Tenant status: signed
    “Cipher has executed an amendment to its existing lease with Fluidstack (the "Barber Lake Lease")”
    Company · Sept. 2026 · grade B
  • Tenants: Fluidstack USA II Inc. (Fluidstack); unnamed leading AI lab (follow-on lease, committed Sept. 25, 2026)
    “that is coupled with a binding commitment with a leading AI lab to lease the facility for an additional 10-year term”
    Company · Sept. 2026 · grade B
  • Lease amendment: execution
    “Cipher has executed an amendment to its existing lease with Fluidstack (the "Barber Lake Lease") that is coupled with a binding commitment with a leading AI lab”
    Company · Sept. 2026 · grade B
  • Lease amendment: delivery
    “the lease amendment establishes a phased delivery schedule for the site, with individual data halls expected to be delivered from the fourth quarter of 2026 through the first quarter of 2027.”
    Company · Sept. 2026 · grade B
  • Lease amendment: delivery
    “the lease amendment establishes a phased delivery schedule for the site, with individual data halls expected to be delivered from the fourth quarter of 2026 through the first quarter of 2027.”
    Company · Sept. 2026 · grade B
  • Lease amendment: rent commencement
    “Rent will commence for each data hall as it is delivered, with the first rent commencement expected in the fourth quarter of 2026.”
    Company · Sept. 2026 · grade B
  • Tenant lease: execution
    “The additional 10-year commitment with the leading AI lab, which will be governed by a separate lease containing economic terms substantially consistent with the Barber Lake Lease, is expected to generate approximately $5.2 billion of incremental contracted revenue.”
    Company · Sept. 2026 · grade B
  • Tenant lease: term 10 years
    “The additional 10-year commitment with the leading AI lab, which will be governed by a separate lease containing economic terms substantially consistent with the Barber Lake Lease, is expected to generate approximately $5.2 billion of incremental contracted revenue.”
    Company · Sept. 2026 · grade B
  • Tenant lease: contract value 5200000000 USD
    “The additional 10-year commitment with the leading AI lab, which will be governed by a separate lease containing economic terms substantially consistent with the Barber Lake Lease, is expected to generate approximately $5.2 billion of incremental contracted revenue.”
    Company · Sept. 2026 · grade B
  • Colocation agreement: execution
    “today announces a 10-year high-performance computing (HPC) colocation agreement with Fluidstack, a premier AI cloud platform that builds and operates HPC clusters for some of the world's largest companies.”
    Company · Nov. 2025 · grade B
  • Colocation agreement: capacity 39 MW critical IT
    “Under the agreement, Cipher will deliver an additional 39 MW of critical IT load, supported by a maximum of 56 MW of additional gross capacity, at its Barber Lake site in Colorado City, Texas.”
    Company · Nov. 2025 · grade B
  • Colocation agreement: term 10 years
    “The agreement represents approximately $830 million in contracted revenue over the initial 10-year term and includes two five-year extension options.”
    Company · Nov. 2025 · grade B
  • Colocation agreement: contract value 830000000 USD
    “The agreement represents approximately $830 million in contracted revenue over the initial 10-year term and includes two five-year extension options.”
    Company · Nov. 2025 · grade B
  • Colocation agreement: renewal
    “If exercised, these extension options would bring the total contracted revenue for this transaction to approximately $2.0 billion”
    Company · Nov. 2025 · grade B
  • Colocation agreement: backstop guarantee
    “In addition, Google will backstop an additional $333 million of Fluidstack's lease obligations to support project-related debt.”
    Company · Nov. 2025 · grade B
  • Colocation agreement: delivery
    “Expected Delivery of Additional 39 MW of Critical IT Load at Barber Lake by January 2027”
    Company · Nov. 2025 · grade B
  • Colocation agreement: execution
    “today announces a 10-year high-performance computing (HPC) colocation agreement with Fluidstack, a premier AI cloud platform that builds and operates HPC clusters for some of the world's largest companies.”
    Company · Sept. 2025 · grade B
  • Colocation agreement: capacity 168 MW critical IT
    “Under the agreement, Cipher will deliver 168 MW of critical IT load, supported by a maximum of 244 MW of gross capacity, at its Barber Lake site in Colorado City, Texas.”
    Company · Sept. 2025 · grade B
  • Colocation agreement: term 10 years
    “The agreement represents approximately $3 billion in contracted revenue over the initial 10-year term and includes two five-year extension options.”
    Company · Sept. 2025 · grade B
  • Colocation agreement: contract value 3000000000 USD
    “The agreement represents approximately $3 billion in contracted revenue over the initial 10-year term and includes two five-year extension options.”
    Company · Sept. 2025 · grade B
  • Colocation agreement: renewal
    “If exercised, these extension options would bring the total contract revenue to approximately $7 billion.”
    Company · Sept. 2025 · grade B
  • Colocation agreement: backstop guarantee
    “In addition, Google will backstop $1.4 billion of Fluidstack's lease obligations to support project-related debt financing”
    Company · Sept. 2025 · grade B
  • Colocation agreement: delivery
    “Expected Delivery of 168 MW of Critical IT Load by September of 2026”
    Company · Sept. 2025 · grade B
  • Acquisition price: 67500000 USD
    “for a cash payment of $67.5 million and a variable fee of $3/MWh for the initial five years after the energization of the site”
    Company · Sept. 2024 · grade B
  • HPC colocation lease (Datacenter Lease): termination (absent, finding) FINDING: no termination clause, termination fee or tenant exit right is disclosed in any public document opened; the executed lease text is not publ
    “No termination language appears in the Sep 25, 2025 release, the Nov 20, 2025 release, the Sep 25, 2026 amendment release or any filing summary opened”
    grade C
  • HPC colocation lease (Datacenter Lease): minimum billing / take-or-pay (absent, finding) FINDING: no minimum-billing percentage or take-or-pay quantity is disclosed in any public document opened; only the modified-gross
    “Modified gross lease with annual escalators”
    grade C
  • Recognition Agreement / lease backstop: substitution / termination-fee mechanics (not retrieved, finding) FINDING: the Sep 25, 2025 Form 8-K summarizes Google substitution rights on a Fluidstack payment default or insol
    “No reviewed September 2026 source says the Google backstop, recognition agreement, warrants or termination-fee provisions extend to the unnamed AI lab's succeeding lease”
    grade C
  • Warrant agreement: cash settlement / top-up warrants subject to adjustment and potential cash settlement; top-up value threshold raised from $430 million to $435 million by the Nov 2025 amended warrant agreement (8-K sum
    “subject to adjustment and a potential cash settlement under certain circumstances”
    grade C
  • Lease amendment + follow-on commitment: counterparty identity (absent, finding) FINDING: the follow-on tenant is described only as 'a leading AI lab' in the release and the Sep 2026 Form 8-K; it is NOT named in any docu
    “a binding commitment with a leading AI lab”
    grade C
  • Tax abatement (Tex. Tax Code Ch. 312): terms (absent, finding) FINDING: abatement percentage, term, PILOT, investment floor and jobs floor appear in no document opened; the hearing notice's estimated-cost figures were n
    “All improvements and personal property at the data center are intended to be subject to the abatement”
    grade C
  • Community / water infrastructure commitment: per-party split (absent, finding) FINDING: the per-company split of the $10 million is not disclosed in the release
    “a combined $10 million commitment”
    grade C
  • Anthropic announced a $50B investment in American computing infrastructure, building data centers with Fluidstack in Texas and New York, coming online throughout 2026 (~800 permanent jobs, ~2,400 construction jobs progra
    “Generative AI company Anthropic recently announced a $50 billion partnership with Fluidstack to develop data centers in Texas and New York”
    News report · Oct. 2026 · grade C
  • Trade press (DCD) reports SoftBank invested $50M in Cipher with a period of exclusivity to acquire the Barber Lake site (reportedly for OpenAI's Stargate). The exclusivity had not been reported as exercised or expired in
    “SoftBank recently invested $50 million in Cipher in a deal that gave it a period of exclusivity to acquire the Barber Lake site”
    News report · Oct. 2026 · grade C
Permits and government (5)
  • reinvestment zone / tax abatement: hearing held; agreements acted on
    “The Reinvestment Zone subject to these agreements is the Cipher Barber Lake Reinvestment Zone”
    Local government · Oct. 2026 · grade A
  • Mitchell County Commissioners Court (regular session, Mitchell County Courthouse, 349 Oak St., Colorado City, TX): Item 5: Public hearing, Tax Abatement Agreements & Amended Tax Abatement Agreements proposed by Cipher B
    “Notice is hereby given that the Mitchell County Commissioners' Court will meet in a Regular session on Monday the 24TH day of August 2026”
    Local government · Oct. 2026 · grade A
  • air quality: no site-specific permit located
    “No TCEQ permit record naming Cipher Barber Lake was located”
    State agency · Oct. 2026 · grade C
  • regulatory directive check: campus not gated by Sep 21, 2026 directive
    “This campus's regulatory approvals were acquired with the site on Sep 24, 2024”
    grade C
  • Abbott directive check: the Sep 21, 2026 halt on NEW TCEQ data-center permit issuance does not gate this campus, its approvals were acquired with the site in Sep 2024 and no new TCEQ issuance for the campus was identifi
    “This campus's regulatory approvals were acquired with the site on Sep 24, 2024”
    grade C
Site and other (9)
  • Developer: Cipher Digital Inc. (formerly Cipher Mining Inc.)
    “Cipher Digital Inc. (NASDAQ: CIFR), a leading developer, owner and operator of industrial-scale data centers”
    Company · Oct. 2026 · grade B
  • Owner of record: Cipher Barber Lake LLC
    “Cipher Barber Lake LLC”
    SEC filing · Oct. 2026 · grade B
  • Construction stage: building, Building 1 shell complete (Jul 2026); tenant beneficial use / partial occupancy commenced by Aug 2026
    “Barber Lake data center continues to progress towards completion as tenant has commenced beneficial use of the facility, including partial occupancy of the building and deployment of network racks”
    Company · Oct. 2026 · grade B
  • Current target date: March 31, 2027
    “individual data halls expected to be delivered from the fourth quarter of 2026 through the first quarter of 2027”
    Company · Oct. 2026 · grade B
  • County code: Mitchell County, TX (48335)
    “Mitchell County, TX - county FIPS 48335”
    grade B
  • City: Colorado City
    “at its Barber Lake site in Colorado City, Texas”
    Company · Oct. 2026 · grade B
  • State: TX
    “at its Barber Lake site in Colorado City, Texas”
    Company · Oct. 2026 · grade B
  • Water supply: own on-site water supply; draws nothing from Colorado City's system
    “The Barber Lake data center runs on its own on-site water supply and draws nothing from Colorado City's system”
    Company · Oct. 2026 · grade B
  • First announced: Sept. 24, 2024
    “Cipher Mining Inc. today announced it has completed the acquisition of the recently announced Barber Lake site in West Texas”
    Company · Sept. 2024 · grade B