Cipher: Barber Lake to $9B+ on 20-Year Lease — CRE AI Briefing, Sep 25, 2026

Cipher stretched Barber Lake to a twenty-year contracted lease and lifted facility revenue from $3.8 billion to over $9 billion, with about $5.2 billion from a follow-on decade with a leading AI lab after Fluidstack, while first rent still lands in Q4 2026 and Cipher bears the first $359.3 million of cost overruns. Meanwhile Applied Digital locked a $3.2 billion, 210 MW AI factory in Brookwood, Alabama for an unnamed investment-grade hyperscaler, and VIRTUS raised £2.45 billion from thirteen banks (including a £1.2 billion green facility) for its 78 MW AI-ready Saunderton campus and more European capacity. Common thread for CRE: twenty-year lease dollars and megawatt campuses still clear, but overrun splits, local opposition, and bank green covenants now sit inside the underwriting.

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Sources:
https://markets.businessinsider.com/news/stocks/cipher-digital-expands-barber-lake-lease-term-to-20-years-increasing-revenue-to-over-9-billion-1036574024
https://www.stocktitan.net/sec-filings/CIFR/8-k-cipher-digital-inc-reports-material-event-3a0d843f619e.html
https://seekingalpha.com/news/4647063-cipher-digital-doubles-barber-lake-data-center-lease-revenue-tops-9b
https://www.al.com/business/2026/09/data-center-company-confirms-32-billion-hyperscale-ai-factory-for-alabama.html
https://www.realtytoday.com/articles/114941/20260925/virtus-data-centres-secures-245bn-financing-package-back-expansion.htm
https://datacentrenews.uk/story/virtus-secures-gbp-2-45-billion-data-centre-financing
https://www.theaiconsultingnetwork.com/blog