Overview

• TeraWulf has entered two 10-year high-performance computing colocation agreements with Fluidstack worth $3.7 billion, with extension options that could raise total contract value to $8.7 billion.
• Google will backstop $1.8 billion of Fluidstack’s lease obligations and holds warrants for about 41 million TeraWulf shares, representing an 8% pro forma stake.
• Phase one targets 40 MW of AI-optimized capacity at Lake Mariner in the first half of 2026, scaling to more than 200 MW by the end of that year.
• Fluidstack’s 30-day exclusivity option on the CB-5 expansion could add up to 160 MW of further AI hosting capability.
• Key upcoming milestones include closing project financing, beginning construction, and decisions on exercising the extension and CB-5 options.