CIFR 10-KFeb 24 '26
“In the third quarter of 2025, through our wholly-owned subsidiary Cipher Barber Lake LLC ("Cipher Barber Lake"), we entered into long-term HPC leases with Fluidstack USA II Inc. ("Fluidstack") to construct a data center at our Barber Lake site ("Barber Lake" or the "Barber Lake Facility"), located near Colorado City, Texas, supported by a lease recognition agreement, pursuant to which Google LLC ("Google") has agreed to backstop certain obligations of Fluidstack under our HPC leases with Fluidstack.”
“Lease obligations are supported by investment-grade credit enhancement provided by Google, materially strengthening the credit profile of the contracted revenues and facilitating third-party debt financing.”