Reston – September 25, 2025 – Cooley advised Fluidstack, a premier artificial intelligence (AI) cloud platform, on its 10-year high-performance computing (HPC) data center lease agreement with Cipher Mining (NASDAQ:CIFR). The agreement represents approximately $3 billion in contracted revenue over the initial 10-year term and includes two five-year extension options. If exercised, these extension options would bring the total contract revenue to approximately $7 billion. In addition, Google will backstop $1.4 billion of Fluidstack’s lease obligations to support project-related debt financing. The deal will deliver more than 160 megawatts (MW) of critical IT infrastructure at Cipher’s Barber Lake site in Colorado City, Texas, and gives Fluidstack a dedicated footprint to deploy HPC colocation for AI graphics processing units (GPUs). Operations are expected to commence in the second half of 2026. 

Lawyers Michelle Schulman, Daniel Goldberger, Adrienne Deshmukh, Adam S. Bloom and Ryan Naftulin led the Cooley team advising Fluidstack.

This is the fourth deal in which Cooley has represented Fluidstack this year, including the company’s three data center lease agreements with TeraWulf in August 2025.

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