Cipher Mining이 Barber Lake 시설의 임차 계약을 20년으로 연장하며, 계약 매출이 90억 달러를 상회합니다.

Cipher Digital (CIFR) shares rallied in early morning trade on Friday after the company announced it extended the lease term at its Barber Lake data center from 10 years to 20 years, more than doubling contracted revenue at the site from $3.8 billion to over $9 billion.

An unnamed "leading AI lab" has made a binding commitment to lease the facility for an additional 10 years following the existing agreement with Fluidstack. The follow-on commitment is expected to generate approximately $5.2 billion in incremental contracted revenue, with economic terms substantially similar to the existing lease. Together, the arrangements extend the contracted life of the facility to 20 years and push total contracted revenue above $9 billion.

CIFR stock gained as much as 3.8% in pre-market trade on Friday, on track to erase the previous session's losses, and ranked among the top trending tickers on Stocktwits at the time of writing. Retail sentiment around the Bitcoin miner pivoting toward AI infrastructure remained in bearish territory over the past day.

Barber Lake will be delivered in phases, with individual data halls expected to come online from the fourth quarter of 2026 through the first quarter of 2027. Rent will commence for each data hall upon delivery, with the first rent commencement expected in the fourth quarter.

The lease amendment establishes a cost reimbursement framework tied to changes in tenant requirements and phased buildout. Cipher will absorb the first $359.3 million in costs above the original Barber Lake budget, with the tenant covering 50% of additional costs above that amount over the 20-year term through incremental rent. The reimbursement structure provides Cipher with a contracted rate of return on those costs.

Cipher, formerly known as Cipher Mining, has been shifting its business from Bitcoin mining toward AI and high-performance computing infrastructure, following a broader trend among cryptocurrency miners seeking to monetize power capacity and data center sites. The latest extension builds on a series of expansions at Barber Lake since Cipher first signed its agreement with Fluidstack in September 2025. The original 10-year lease covered 168 megawatts of critical IT load and was valued at approximately $3 billion. Google backstopped Fluidstack's obligations under the agreement and took a 5.4% equity stake in Cipher. Two months later, Cipher expanded the arrangement by another 39 megawatts, bringing Fluidstack's contracted footprint to the full 300 MW capacity planned for the site, pushing potential revenue toward $7 billion when extension options were included.

Cipher has also expanded its customer base beyond Fluidstack. In November 2025, a Cipher subsidiary signed a separate 15-year, $5.5 billion AI hosting agreement directly with Amazon Web Services. Earlier this month, Cipher, Fluidstack and Anthropic committed $10 million to repair and expand Colorado City's municipal water system.

CIFR stock has gained more than 20% year-to-date.