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Investing.com -- Google will receive warrants to purchase approximately 24 million shares of Cipher Mining’s stock as part of a 10-year AI hosting agreement between Cipher and Fluidstack.
The warrants represent about 5.4% pro forma equity ownership stake in Cipher Mining. Google will also backstop $1.4 billion of Fluidstack’s lease obligations to support project-related debt financing.
The deal between Cipher and Fluidstack is valued at approximately $3 billion across the initial 10-year term. The agreement includes two five-year extension options which, if exercised, would increase the total contract revenue to about $7 billion.
Under the terms of the agreement, Cipher will deliver 168 MW of critical IT load, supported by a maximum of 244 MW of gross capacity, at its Lake Barber site in Colorado City, Texas. The critical IT load is expected to be delivered by September 2026.
Cipher plans to maintain 100% ownership of the project and will access capital markets as needed to fund a portion of it.
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