Overview

• TeraWulf signed two 10-year high-performance computing colocation agreements with Fluidstack worth $3.7 billion, expandable to about $8.7 billion if two five-year extensions are exercised.
• Google agreed to guarantee $1.8 billion of Fluidstack’s lease commitments and received warrants for roughly 41 million shares, representing an ~8% pro forma stake upon exercise.
• The contracts cover over 200 MW of critical IT load at the Lake Mariner data center, with an initial 40 MW phase expected online in the first half of 2026 and full deployment by year-end 2026.
• Agreements are structured as modified gross leases with annual escalators, projected to deliver around 85% site-level net operating income (~$315 million annually) and capex estimated at $8–$10 million per MW.
• TeraWulf shares jumped sharply after the announcement, but final economic benefits depend on completing financing, warrant exercises and meeting construction milestones.