Overview

• Fluidstack exercised its option to add CB-5 at Lake Mariner, bringing 160 MW of incremental critical IT load targeted to start operations in the second half of 2026.
• The expansion takes Fluidstack’s contracted IT load at the campus to about 360 MW, with projected contracted revenue of $6.7 billion and up to $16 billion if lease extensions are used.
• Google increased its project backstop by $1.4 billion to $3.2 billion and received additional warrants that lift its reported pro forma stake in TeraWulf to roughly 14%.
• Reports diverge on the precise warrant count—some cite 32.5 million while others report figures above 73 million—and TeraWulf says the backstop is tied to AI/HPC lease obligations, not corporate debt.
• TeraWulf funded the buildout by pricing and upsizing a convertible senior notes offering to $850 million at 1% due 2031 with capped-call hedges, and the stock’s sharp rally later cooled after the financing terms were set.