Alphabet has locked down leases covering roughly 2.4 gigawatts of capacity spread across ten projects.
The move signals that Google’s parent company isn’t just dabbling in the energy-for-AI game. It’s doing so by partnering with companies that used to spend their days mining Bitcoin.
The Cipher Mining deal and the Fluidstack connection
One of the most revealing pieces of this puzzle is Alphabet’s relationship with Cipher Mining. In September 2025, Google agreed to backstop $1.4 billion of a $3 billion, 10-year AI hosting lease between Fluidstack and Cipher Mining. The initial arrangement covers 168 MW of capacity at a facility in Texas, with room to scale up to 244 MW.
In exchange for the guarantee, Alphabet received warrants granting it an approximately 5.4% equity stake in Cipher Mining.
