Alphabet, Google’s parent company, has locked down leases covering approximately 2.4 gigawatts of capacity across ten projects, primarily partnering with former Bitcoin miners pivoting to AI workload hosting. In September 2025, Google agreed to backstop $1.4 billion of a $3 billion, 10-year hosting lease between Fluidstack and Cipher Mining, initially covering 168 MW in Texas with scalability up to 244 MW, receiving warrants for an approximately 5.4% equity stake in Cipher Mining in return. Alphabet previously backed a $1.8 billion guarantee in a similar arrangement between Fluidstack and TeraWulf covering 200 MW of capacity. In December 2025, Alphabet announced plans to acquire clean energy developer Intersect Power for $4.75 billion plus debt, with a portfolio targeting 10.8 GW of total capacity by 2028.
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