Cipher extends Barber Lake lease to 20 years; contracted revenue tops $9B

Cipher Digital Inc. said it amended the Barber Lake data-center lease with Fluidstack and, on the same day, entered a binding commitment with a leading AI lab for a separate ten-year lease after Fluidstack’s term — stretching the Colorado City, Texas campus’s contracted life to 20 years and lifting expected contracted revenue at the site from $3.8 billion to over $9 billion.

Cipher Digital just lengthened the contracted life of its Barber Lake HPC campus — pairing a Fluidstack lease amendment with a binding follow-on commitment from an unnamed leading AI lab.

Lease term doubles to 20 years

On September 24, 2026, Cipher Barber Lake LLC, a wholly owned subsidiary of Cipher Digital Inc. (Nasdaq: CIFR), entered into an amendment to its Barber Lake Lease with Fluidstack USA II Inc. for the development, construction, and lease of the Barber Lake HPC data-center facility in Colorado City, Texas.

At the same time, Cipher entered into a binding commitment with a leading AI lab to enter a separate ten-year lease for Barber Lake that would start after the Fluidstack lease ends. Cipher said that Commitment extends the facility’s aggregate contracted term to twenty years from ten.

Contracted revenue: +~$5.2B, total over $9B

Cipher expects the new AI-lab lease to carry economic terms substantially consistent with the Fluidstack Barber Lake Lease and to add approximately $5.2 billion of incremental aggregate contracted revenue. In the accompanying press release furnished as Exhibit 99.1, Cipher said total contracted revenue at Barber Lake rises from $3.8 billion to over $9 billion.

The AI lab is not named in the Form 8-K or the press release. The New Barber Lake Lease itself has not yet been signed; the disclosed instrument is a binding commitment to enter that lease after Fluidstack’s term.

Delivery schedule and cost-sharing

The amendment sets a phased delivery schedule for individual data halls from the fourth quarter of 2026 through the first quarter of 2027. Rent starts for each hall when it is delivered, with first rent commencement expected in the fourth quarter of 2026. Cipher said it remains on track with the revised schedule.

Cipher, Fluidstack, and the leading AI lab also set a cost-reimbursement framework: Cipher will bear the first $359.3 million of costs above the initial budgeted amount under the Barber Lake Lease. The tenant will reimburse Cipher over the aggregate twenty-year term for 50% of any costs above that threshold, payable as additional rent and sized to give Cipher a contracted rate of return on the reimbursed amounts.

How this was disclosed

Cipher reported the amendment and Commitment under Item 8.01 (Other Events) of Form 8-K AccNo 0001819989-26-000043, filed September 25, 2026, with earliest event September 24, 2026. Item 7.01 furnishes the September 25 press release as Exhibit 99.1; that Item 7.01 material is furnished, not filed, for Section 18 purposes.

Sources & evidence

- Cipher Digital Inc. Form 8-K AccNo 0001819989-26-000043 Items 7.01/8.01/9.01 — Barber Lake lease amendment, binding AI-lab commitment, delivery schedule, and $359.3 million cost-sharing framework. - Exhibit 99.1 press release (Sept. 25, 2026) — contracted revenue bridge from $3.8 billion to over $9 billion and Colorado City, Texas campus framing.