Google → Cipher Mining: $1.4B investment

Google backstops Fluidstack and takes stake in Cipher. Google guarantees $1.4 billion of Fluidstack's lease payments to Cipher (later raised to $1.73 billion) and receives warrants for about 5.4% of Cipher.

This deal is 1% of everything Google pays and 14% of everything Cipher Mining receives in this database.

Date

Sep 25, 2025

Paid by

Google

Received by

Cipher Mining

Type

Investment

Amount

$1.4B

Status

announced

Note

lease guarantee + 5.4% warrants

See on the map