Alphabet Backs 2.4 Gigawatts of Leases Across Ten Projects, Partnering with Former Bitcoin Miners

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Alphabet has locked down leases covering roughly 2.4 gigawatts of capacity across ten projects, marking a major expansion of its energy-for-AI infrastructure strategy. In September 2025, Google agreed to backstop $1.4 billion of a $3 billion, 10-year AI hosting lease between Fluidstack and Cipher Mining, covering 168 MW of capacity in Texas with potential to scale to 244 MW. The guarantee earned Alphabet approximately 5.4% equity stake in Cipher Mining, which has shifted its 2.4 GW development pipeline from Bitcoin mining to high-performance computing and AI applications. Alphabet also backed a previous $1.8 billion guarantee in a Fluidstack-TeraWulf deal covering 200 MW. In December 2025, Alphabet announced plans to acquire clean energy developer Intersect Power for $4.75 billion plus debt, targeting 10.8 GW capacity by 2028.
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