When the hyperscaler takes over the lease

If the hyperscaler steps in as tenant, what does it take on, and can it get out?

If Google assumes, the landlord, Fluidstack and Google sign a novation in an agreed form within 15 days. If they do not, it is treated as signed. Google is liable for the rent from its election, whenever the novation is signed, and the novation gives Google an early termination right. At Barber Lake it also resets the phase I rent to modified rates for Google. Fluidstack’s large customers, those using at least 200 MW at Lake Mariner, get up to 12 months to keep using or clear the space.

Randeep Bubbra | Lawyer | Making the next generation of infrastructure financeable · Firm profile · Updated 29 October 2026

What the filed contracts say

Contract	What the filed wording says
Google recognition (TeraWulf)	The novation is signed within 15 days or deemed signed, and Google owes the rent from its election whether or not the novation is signed.
Google recognition (TeraWulf)	The novation form gives Google an early termination right.
Google recognition (Cipher)	At Barber Lake the novation also sets modified phase I rent rates for Google.
Google recognition (TeraWulf)	Fluidstack customers using at least 200 MW get a transition period of up to 12 months.

The filed wording

(1) If Google elects the Google Assumption Option (or is deemed to elect the Google Assumption Option) in accordance with this Agreement, (i) Google, Akela, and Fluidstack must (within fifteen (15) days after Google’s provision of the Google Election Notice to Akela) execute a novation agreement which includes the early termination provision as described in Section 1.1(c)(i) (Google’s Early Lease Termination Right) of Exhibit D and is otherwise substantially on the form attached hereto as Exhibit D (the “Novation Agreement”), whereby Google replaces Fluidstack as the “Tenant,” and assumes all Novated Obligations of Fluidstack under the Fluidstack Lease; (ii) Google shall be liable for all Rent under the Fluidstack Lease, as it becomes due, regardless of when (or if) the Novation Agreement is executed and delivered; … If the Novation Agreement is not executed by Google, Akela, and Fluidstack within the above-mentioned 15-day period, the parties will thereupon be deemed to have executed the Novation Agreement upon the expiration of the 15-day period and Google will have the right to terminate the Lease early as described under Section 1.1(c)(i) (Google’s Early Lease Termination Right) of Exhibit D.

Google recognition agreement, Lake Mariner, section 4(c)(1) · TeraWulf 8-K, Exhibit 10.1

The hyperscaler pays the rent while it decides The hyperscaler’s own equipment in the hall The anchor customer steps into the lease Put it on an issues list All contract clauses

On the deal pages

Financings by the parties to these contracts

The latest debt raised by the companies that signed them, with the terms and the sources on each deal page.

Financing	Borrower or issuer	Date	Amount
Cipher Digital 0.00% convertible senior notes due 2032	Cipher Digital	16 October 2026	US$850m
Cipher Digital 6.00% senior secured notes due 2031	Cipher Digital	15 June 2026	US$810m
Revolver	TeraWulf	7 May 2026	US$250m
Cipher Digital revolving credit facility with US$50m accordion	Cipher Digital	23 March 2026	US$200m
Raylan Data Hawesville delayed draw bridge	TeraWulf	13 March 2026	US$500m

Method

Each extract is quoted from the contract as filed with the SEC, checked against the filed text when it was added; “…” marks words left out. Filers redact commercial terms, so a [***] or [*] is the filer's, not ours. The summaries describe the wording, not how a court would read it, and each contract's defined terms and other clauses can change the effect. General information drawn from public filings. It is not legal advice on any transaction, and using this page does not create a lawyer-client relationship. Views are personal.