Overview

• Fluidstack has exercised its option to build CB-5 at TeraWulf’s Lake Mariner campus, adding 160 MW of AI-optimized capacity set to go online in the second half of 2026.
• Google increased its debt-financing backstop by $1.4 billion to a total of $3.2 billion and received warrants for 32.5 million TeraWulf shares, boosting its pro forma stake to around 14%.
• TeraWulf launched a private offering of $400 million in convertible senior notes due 2031, with a 13-day option for an additional $60 million, to fund data-center expansion and capped-call hedges.
• With CB-5 added, Fluidstack’s total contracted capacity at Lake Mariner climbs to roughly 360 MW and both companies are discussing further buildouts to meet rising AI demand.
• TeraWulf shares jumped about 10% in premarket trading as investors responded to the expanded partnership and financing boost.