Overview

• TeraWulf signed two 10-year HPC colocation agreements with Fluidstack worth $3.7 billion, extendable to $8.7 billion through two five-year options.
• Google committed a $1.8 billion lease backstop for Fluidstack’s obligations and received warrants exercisable into roughly 41 million TeraWulf shares, representing about 8% pro forma equity.
• The Lake Mariner campus will deploy an initial 40 MW of AI-optimized capacity in the first half of 2026 and scale to over 200 MW by year-end 2026, with an exclusivity option for an additional 160 MW.
• Deals are structured as modified gross leases with annual escalators and projected site-level net operating income margins of approximately 85%, equating to about $315 million annually.
• TeraWulf shares jumped more than 40% intraday on investors’ positive response to its pivot from bitcoin mining toward high-margin AI hosting.