Overview
- TeraWulf and Fluidstack formed a joint venture to develop 168 MW of critical IT load at the Abernathy, Texas campus under a 25‑year hosting agreement valued at roughly $9.5 billion.
- TeraWulf holds a 51% stake in the venture and secured exclusive rights to co‑develop Fluidstack’s next ~168 MW project on similar terms.
- Google committed to back about $1.3 billion of Fluidstack’s long‑term lease obligations, supporting financing that is expected to rely on project debt.
- The facility is targeted to begin operations in the second half of 2026, expanding TeraWulf’s contracted HPC capacity to more than 510 MW with an annual growth goal of 250–500 MW.
- Shares of TeraWulf jumped roughly 17%–25% after the announcement, as the company also guided Q3 revenue to $48–$52 million and adjusted EBITDA to $15–$19 million; Morgan Stanley advised and Paul, Weiss served as legal counsel.