10-year Fluidstack lease with Google backstop
Company: Cipher Mining - Project: Barber Lake Facility
What the later record shows
The date slipped · new target March 31, 2027
The lease was signed, but the promised September 2026 completion and October 2026 rent start were replaced. Data halls are now delivered between Q4 2026 and Q1 2027, with first rent in Q4 2026.
“with individual data halls now expected to be delivered between the fourth quarter of 2026 and the first quarter of 2027”
2026-09-24 · Cipher Mining 8-K filed 2026-09-25 View cached copy (2026-09-26)Live source ↗
“Rent will commence for each data hall as it is delivered, with the first rent commencement expected to occur during the fourth quarter of 2026.”
2026-09-24 · Cipher Mining 8-K filed 2026-09-25 View cached copy (2026-09-26)Live source ↗
Checked October 10, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Signed 10-year lease with Fluidstack for 244 MW gross capacity (168 IT MW) with Google backstopping $1.4 billion of Fluidstack's lease obligations. Minimum contracted revenue of approximately $3.0 billion. Construction underway with expected completion in September 2026 and rent commencing October 2026.
Source (primary)
cipher-mining 8-K exhibit (ciphermining_businessupd.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-09-27)Live source ↗
Quote: “Signed 10-year lease with Fluidstack for 244 MW gross (168 IT MW) with Google backstopping $1.4Bn of Fluidstack's lease obligations... ~$3.0Bn of minimum contracted revenue • Construction underway”
How we checked this
Checked on October 12, 2026. The cited source supports every part of this claim.
The presentation states the 10-year Fluidstack lease for 244 MW gross (168 IT MW), Google's $1.4Bn backstop, ~$3.0Bn minimum contracted revenue, and construction underway with completion expected September 2026 and rent starting October 2026.
Confirmed in the source:
- Cipher signed a 10-year lease with Fluidstack
- The lease covers 244 MW gross (168 IT MW)
- Google is backstopping $1.4 billion of Fluidstack's lease obligations
- Minimum contracted revenue is approximately $3.0 billion
- Construction is underway
- Construction is expected to be completed in September 2026
- Rent is expected to commence in October 2026
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1819989/000181998925000110/ciphermining_businessupd.htm) in full (21,477 characters, retrieved September 27, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms cipher-mining 8-K exhibit (ciphermining_businessupd.htm)
Quote: “Signed 10-year lease with Fluidstack for 244 MW gross (168 IT MW) with Google backstopping $1.4Bn of Fluidstack's lease obligations... ~$3.0Bn of minimum contracted revenue • Construction underway”
delays Cipher Mining 8-K filed 2026-09-25
Quote: “with individual data halls now expected to be delivered between the fourth quarter of 2026 and the first quarter of 2027”