TeraWulf (WULF), has signed two 10-year high-performance computing (HPC) colocation agreements with AI cloud platform Fluidstack.
The agreements lock in roughly $3.7 billion in contracted income, with potential to rise to $8.7 billion if two five-year extension choices are exercised.
Google will assist the venture by backstopping $1.8 billion of Fluidstack’s lease obligations, facilitating venture debt financing, and taking an 8% fairness stake in WULF by way of warrants for about 41 million shares.
The offers will present over 200 megawatts of important IT load (round 250 MW gross capability) at TeraWulf’s Lake Mariner knowledge middle in Western New York, a facility purpose-built for liquid-cooled AI workloads.
TeraWulf’s Lake Mariner campus, outfitted with twin 345 kV transmission traces, closed-loop water cooling, and low-latency fiber connectivity, is positioned as a premier hyperscale-ready website for demanding AI workloads. Section one of many deployment, delivering 40 MW of capability, is slated for the primary half of 2026, with full buildout anticipated by year-end.
Management from each corporations emphasised the strategic significance of the partnership. CEO Paul Prager known as it “a defining second” for TeraWulf, whereas CTO Nazar Khan highlighted the power’s scalability and readiness. Fluidstack President César Maklary underscored their joint dedication to fast, scalable AI infrastructure.
The agreements are structured as modified gross leases with annual escalators, anticipated to generate site-level web working revenue margins of 85% or roughly $315 million yearly. Whole venture prices are projected at $8–$10 million per MW. Fluidstack additionally holds a 30-day exclusivity possibility for CB-5, probably including one other 160 MW of IT load.
TerraWulf shares are up 22% pre-market to $6.68.
