Cipher Mining soars after Google takes stake as part of AI hosting deal
Cipher Mining is up more than 8% in premarket trading on news that Google is taking a 5.4% equity stake in the company as part of a 10-year, 168-megwatt AI hosting deal with cloud computing company Fluidstack. The agreement secures approximately $3 billion in contracted revenue and includes two five-year extension options, which could take the total contracted revenue to approximately $7 billion.
“We are thrilled to be working with Fluidstack to develop HPC data centers, and we look forward to welcoming Google as an investor in Cipher,” Cipher CEO Tyler Page said in a press release. “We believe this transaction represents the first of several in the HPC space as we continue to scale our capabilities and strengthen our position in this rapidly growing sector.”
In a separate press release, Cipher Mining announced plans to raise $800 million through a private sale of convertible notes to help fund new data centers and expand its AI computing operations.
