Overview
- TeraWulf and Fluidstack will co-develop a 168 MW campus at Abernathy, Texas under a 25-year hosting agreement, with TeraWulf holding a 51% stake.
- Google is reported to back $1.3 billion of Fluidstack’s long-term lease obligations to support project financing.
- TeraWulf says construction is underway at the site, with operations targeted to begin in the second half of 2026.
- The deal lifts TeraWulf’s contracted high-performance computing capacity to roughly 510 MW, and grants exclusivity to co-develop Fluidstack’s next ~168 MW project.
- Shares of TeraWulf rose about 20%–22% on the news, as the company also guided Q3 revenue to $48–$52 million and adjusted EBITDA to $15–$19 million.