Overview

• TeraWulf signed two 10-year high-performance computing colocation agreements with Fluidstack that lock in $3.7 billion in contracted revenue and offer extension options up to $8.7 billion.
• Google will backstop $1.8 billion of Fluidstack’s lease obligations and receive warrants for about 41 million shares, representing roughly an 8 percent pro forma stake in TeraWulf.
• The agreements allocate more than 200 MW of critical IT load at the Lake Mariner campus with an initial 40 MW phase slated for the first half of 2026, full deployment by year-end 2026 and a 30-day option to add another 160 MW.
• Structured as modified gross leases with annual escalators, the contracts are projected to deliver site-level net operating income margins of about 85 percent while build costs are estimated at $8–$10 million per megawatt.
• TeraWulf’s shares surged over 40 percent intraday on the announcement, reflecting investor enthusiasm for its strategic shift from bitcoin mining to AI infrastructure hosting.