Google has deepened its involvement in the Bitcoin mining sector by backstopping a major deal between AI compute platform Fluidstack and Nasdaq-listed Bitcoin miner Cipher Mining. The agreement, announced on September 25, 2025, involves a 10-year high-performance computing (HPC) colocation contract where Cipher will provide 168 MW of critical IT load, supported by up to 244 MW of gross capacity, at its Barber Lake site in Texas.
In exchange for guaranteeing $1.4 billion of Fluidstack's lease obligations to facilitate project debt financing, Google will receive warrants to acquire approximately 24 million shares of Cipher common stock, equating to a 5.4% pro forma equity stake. This transaction is part of a larger $3 billion multi-year deal between Fluidstack and Cipher. Cipher CEO Tyler Page stated, "We are thrilled to be working with Fluidstack... and we look forward to welcoming Google as an investor." He emphasized that this reinforces Cipher's HPC momentum and expects it to be the first of several such deals.
The move follows a similar pattern where Google recently acquired a 14% stake in Bitcoin miner TeraWulf through another Fluidstack arrangement, bringing its total backing to $3.2 billion. This trend highlights the growing crossover between energy-intensive Bitcoin mining and AI demand, as miners pivot infrastructure to capitalize on high-performance computing opportunities during market downturns.