TeraWulf Signs 200+ MW, 10-Year AI Hosting Agreements with Fluidstack
TeraWulf (NASDAQ:WULF) has secured two major 10-year HPC colocation agreements with Fluidstack to deliver over 200 MW of critical IT load at its Lake Mariner data center campus. The agreements represent approximately $3.7 billion in contracted revenue over the initial term, with potential to reach $8.7 billion if extension options are exercised.
Google will backstop $1.8 billion of Fluidstack's lease obligations and receive warrants for approximately 41 million shares (8% equity stake) in TeraWulf. The deployment schedule targets 40 MW online by H1 2026, with full 200+ MW capacity expected by year-end 2026. The Lake Mariner facility features dual 345 kV transmission lines, closed-loop water cooling, and ultra-low-latency fiber connectivity.
TeraWulf (NASDAQ:WULF) ha ottenuto due importanti contratti di colocation HPC della durata di 10 anni con Fluidstack, per fornire oltre 200 MW di carico IT critico nel campus del data center Lake Mariner. I contratti rappresentano circa $3.7 billion di ricavi contrattuali nel periodo iniziale, con potenziale fino a $8.7 billion se verranno esercitate le opzioni di estensione.
Google 驳补谤补苍迟颈谤脿 $1.8 billion degli obblighi di locazione di Fluidstack e ricever脿 warrant per circa 41 million shares (partecipazione dell'8%) in TeraWulf. Il piano di implementazione prevede 40 MW online entro la prima met脿 del 2026 e piena capacit脿 di oltre 200 MW entro la fine del 2026. La struttura di Lake Mariner dispone di doppie linee di trasmissione a 345 kV, raffreddamento ad acqua a circuito chiuso e connettivit脿 in fibra a latenza ultra-bassa.
TeraWulf (NASDAQ:WULF) ha asegurado dos importantes acuerdos de colocation HPC a 10 a帽os con Fluidstack para suministrar m谩s de 200 MW de carga cr铆tica de TI en su campus del centro de datos Lake Mariner. Los acuerdos representan aproximadamente $3.7 billion en ingresos contratados durante el plazo inicial, con potencial de alcanzar $8.7 billion si se ejercen las opciones de extensi贸n.
Google 谤别蝉辫补濒诲补谤谩 $1.8 billion de las obligaciones de arrendamiento de Fluidstack y recibir谩 warrants por aproximadamente 41 million shares (una participaci贸n del 8%) en TeraWulf. El calendario de despliegue apunta a tener 40 MW en l铆nea para la primera mitad de 2026 y la capacidad completa de m谩s de 200 MW para finales de 2026. La instalaci贸n de Lake Mariner cuenta con l铆neas de transmisi贸n dobles de 345 kV, refrigeraci贸n por agua de circuito cerrado y conectividad por fibra de latencia ultra baja.
TeraWulf (NASDAQ:WULF)臧赌 Fluidstack瓿� 10雲� 旮瓣皠鞚� 欤检殧 HPC 旖旊旒�鞚挫厴 瓿勳暯 2瓯挫潉 觳搓舶頃� Lake Mariner 雿办澊韯办劶韯� 旌犿嵓鞀れ棎 齑� 200 MW 鞚挫儊鞚� 頃奠嫭 IT 攵�頃橂ゼ 瓿店笁頃╇媹雼�. 鞚措摛 瓿勳暯鞚� 齑堦赴 旮瓣皠 霃欖晥 鞎� $3.7 billion鞚� 瓿勳暯 靾橃澋鞚� 鞚橂頃橂┌, 鞐办灔 鞓奠厴鞚� 頄夓偓霅橂┐ 斓滊寑 $8.7 billion旯岇 電橃柎雮� 靾� 鞛堨姷雼堧嫟.
Google鞚� Fluidstack鞚� 鞛勲寑 毂呾瀯 欷� $1.8 billion鞚� 氤挫(氚膘姢韱�)頃橁碃 TeraWulf 歆�攵� 鞎� 8%鞐� 頃措嫻頃橂姅 鞎� 41 million shares鞐� 雽�頃� 鞗岆煱韸鸽ゼ 氚涭姷雼堧嫟. 氚办箻 鞚检爼鞚� 2026雲� 靸侂皹旮瓣箤歆� 40 MW 鞓澕鞚�, 2026雲� 毵愱箤歆� 鞝勳泊 200+ MW 臧赌霃欖潉 氇╉憸搿� 頃╇媹雼�. Lake Mariner 鞁滌劋鞐愲姅 鞚挫 345 kV 靻§爠靹�, 韽愳噭 耄攧 氚╈嫕鞚� 靾橂儔 鞁滌姢韰�, 齑堨爛歆�鞐� 甏戩劕鞙� 鞐瓣舶鞚� 臧栰栋鞝� 鞛堨姷雼堧嫟.
TeraWulf (NASDAQ:WULF) a conclu deux accords majeurs de colocation HPC sur 10 ans avec Fluidstack pour fournir plus de 200 MW de charge IT critique sur son campus du centre de donn茅es Lake Mariner. Les accords repr茅sentent environ $3.7 billion de revenus contractuels sur la p茅riode initiale, avec un potentiel atteignant $8.7 billion si les options de prolongation sont exerc茅es.
Google se portera garant de $1.8 billion des obligations de location de Fluidstack et recevra des warrants repr茅sentant environ 41 million shares (une participation de 8%) dans TeraWulf. Le calendrier de d茅ploiement vise 40 MW en service d'ici le premier semestre 2026 et une capacit茅 totale de plus de 200 MW d'ici la fin 2026. L'installation de Lake Mariner dispose de lignes de transmission double 345 kV, d'un refroidissement par eau en circuit ferm茅 et d'une connectivit茅 fibre 脿 latence ultra-faible.
TeraWulf (NASDAQ:WULF) hat zwei gro脽e 10-j盲hrige HPC-Colocation-Vertr盲ge mit Fluidstack abgeschlossen, um mehr als 200 MW kritische IT-Last auf dem Lake Mariner Rechenzentrumscampus bereitzustellen. Die Vertr盲ge entsprechen in der Anfangslaufzeit etwa $3.7 billion an vertraglichen Einnahmen, mit Potenzial bis zu $8.7 billion, falls Verl盲ngerungsoptionen gezogen werden.
Google wird $1.8 billion der Mietverpflichtungen von Fluidstack absichern und erh盲lt Warrants f眉r rund 41 million shares (etwa 8% Beteiligung) an TeraWulf. Der Einsatzplan sieht 40 MW Online bis H1 2026 vor, die volle Kapazit盲t von 眉ber 200 MW wird bis Ende 2026 erwartet. Die Lake Mariner-Anlage verf眉gt 眉ber doppelte 345 kV-脺bertragungsleitungen, ein geschlossenes Wasserk眉hlungssystem und ultraschnelle Glasfaserverbindungen mit sehr niedriger Latenz.
- None.
- Significant capital expenditure required ($8-$10 million per MW)
- 8% equity dilution through Google warrants
- Additional capital markets funding needed for project completion
Insights
TeraWulf secures $3.7B AI hosting deal with Fluidstack, backed by Google, transforming its business model with long-term recurring revenue.
TeraWulf has executed a landmark transaction that fundamentally transforms its business trajectory and establishes it as a significant player in AI infrastructure. The $3.7 billion in contracted revenue over the initial 10-year terms provides extraordinary visibility into future cash flows, with extension options potentially pushing total contract value to $8.7 billion. The 85% NOI margins translate to approximately $315 million annually in site-level operating income, representing a step-change improvement to TeraWulf's financial profile.
The Google backstop for $1.8 billion of Fluidstack's lease obligations is particularly noteworthy, as it substantially de-risks the project financing. Google's willingness to take an 8% equity stake via warrants represents a critical vote of confidence in TeraWulf's infrastructure capabilities and suggests potential for deeper strategic alignment. This third-party validation from two sophisticated technology partners significantly elevates TeraWulf's standing in the hyperscale AI infrastructure market.
The Lake Mariner facility appears purpose-built for AI compute, with dual 345 kV transmission lines, closed-loop water cooling, and ultra-low-latency fiber connectivity. These technical specifications address critical requirements for power-intensive, high-density AI clusters. The $8-10 million per MW capital expenditure is in line with industry benchmarks for high-specification data center development. The 30-day exclusivity for an additional 160 MW at the CB-5 site indicates potential for significant follow-on business beyond the initial 200+ MW commitment.
This transaction transforms TeraWulf from a predominantly crypto mining operation to a diversified digital infrastructure provider serving the rapidly growing AI sector, representing a strategic pivot with substantially improved revenue stability and growth potential.
Further Establishes TeraWulf as a Leading Provider of Hyperscale AI Infrastructure, Backed by Tier 1 Counterparties
Transaction Anchors ~
Through Lease Extensions
Google Backstops
Receives ~
Fluidstack Granted 30-day Exclusivity for CB-5, Adding Potential 160 MW of Critical IT Load
EASTON, Md., Aug. 14, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc.聽(Nasdaq: WULF) (鈥淭eraWulf鈥� or the 鈥淐ompany鈥�), a leading owner and operator of vertically integrated, predominantly zero-carbon digital infrastructure, today announced two 10-year high-performance computing (HPC) colocation agreements with Fluidstack, a premier AI cloud platform that builds and operates HPC clusters for some of the world鈥檚 largest companies.
Under the agreements, TeraWulf will deliver more than 200 MW of critical IT load (representing ~250 MW of gross capacity) at its Lake Mariner data center campus in Western New York. Purpose-built for liquid-cooled AI workloads, the facility is engineered to meet the scale, density and resiliency required for next-generation compute.
The agreements represent approximately
To support the buildout, Google will backstop
An accompanying presentation regarding the Fluidstack transaction is available on the Company鈥檚 investor relations website at investors.terawulf.com.
Rapid Deployment Schedule
Phase one鈥攁pproximately 40 MW of critical IT load鈥攊s expected online in the first half of 2026, with the full 200+ MW deployed by year-end 2026, delivering substantial near-term capacity to Fluidstack.
Leadership Commentary
鈥淭his is a defining moment for TeraWulf,鈥� said Paul Prager, Chief Executive Officer of TeraWulf. 鈥淲e are proud to unite world-class capital and compute partners to deliver the next generation of AI infrastructure, powered by low-cost, predominantly zero-carbon energy. This transaction underscores Lake Mariner鈥檚 status as a premier hyperscale-ready campus and further accelerates our strategic expansion into high-performance compute.鈥�
鈥淔luidstack鈥檚 commitment underscores the exceptional quality and readiness of our Lake Mariner facility and the capabilities of our team,鈥� added Nazar Khan, Chief Technology Officer of TeraWulf. 鈥淲ith dual 345 kV transmission lines, closed-loop water cooling, and ultra-low-latency fiber connectivity, this campus is purpose-built for today鈥檚 most demanding AI workloads. Our close collaboration with Fluidstack allowed us to design a fully customized, scalable solution.鈥�
鈥淔luidstack is proud to be a trusted provider of critical compute for the world鈥檚 leading AI labs,鈥� said C茅sar Maklary, Co-Founder and President of Fluidstack. 鈥淥ur partnership with TeraWulf reflects our shared commitment to delivering rapid, scalable infrastructure for the AI frontier.鈥�
Transaction Highlights
- Contract Value: ~
$3.7 billion across the initial 10-year terms - Lease Extensions: Two five-year options could increase total revenue to ~
$8.7 billion - Lease Structure: Modified gross lease with annual escalators
- Expected Site Net Operating Income (NOI)1 Margins:
85% (implies ~$315 million annually) - Total Project Cost:
$8 -$10 million per MW of critical IT load - Google Participation:
$1.8 billion backstop of Fluidstack lease obligations in support of project-related debt; ~8% equity stake via 41 million warrants - Growth Potential: 30-day exclusivity for CB-5 at Lake Mariner (160 MW)
Advisors
TeraWulf is advised by Morgan Stanley, serving as sole financial advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Stutzman, Bromberg, Esserman & Plifka, P.C. serve as legal counsel to the Company.
About TeraWulf
TeraWulf develops, owns, and operates environmentally sustainable, industrial-scale data center infrastructure in the United States, purpose-built for high-performance computing (HPC) hosting and bitcoin mining. Led by a team of veteran energy infrastructure entrepreneurs, TeraWulf is committed to innovation and operational excellence, with a mission to lead the market in large-scale digital infrastructure by serving both its own compute requirements and those of top-tier HPC clients as a trusted hosting partner.
Contacts
Investors:
Media:
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the 鈥渟afe harbor鈥� provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as 鈥減lan,鈥� 鈥渂elieve,鈥� 鈥済oal,鈥� 鈥渢arget,鈥� 鈥渁im,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥渙utlook,鈥� 鈥渆stimate,鈥� 鈥渇orecast,鈥� 鈥減roject,鈥� 鈥渟eek,鈥� 鈥渃ontinue,鈥� 鈥渃ould,鈥� 鈥渕ay,鈥� 鈥渕ight,鈥� 鈥減ossible,鈥� 鈥減otential,鈥� 鈥渟trategy,鈥� 鈥渙pportunity,鈥� 鈥減redict,鈥� 鈥渟hould,鈥� 鈥渨ould鈥� and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf鈥檚 management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf鈥檚 operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations途 (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing)途 (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; (10) operational and financial risks associated with the expansion of the Lake Mariner data center; and (11) other risks and uncertainties detailed from time to time in the Company鈥檚 filings with the Securities and Exchange Commission (鈥淪EC鈥�). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company鈥檚 filings with the SEC, which are available at www.sec.gov.
1 Net Operating Income (NOI) and NOI Margin are non-GAAP financial measures that the Company defines as follows: NOI represents rental revenue less rental property operating expenses, property taxes and insurance expenses (as recorded in the Company鈥檚 consolidated statements of operations). NOI Margin is calculated by dividing NOI by aggregate rental revenue. NOI is commonly used by stockholders, Company鈥檚 management and industry analysts as a measurement of operating performance of the Company鈥檚 rental portfolio. However, because NOI excludes depreciation and amortization and captures neither the changes in the value of the Company鈥檚 data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of the Company鈥檚 data centers, all of which have real economic effect and could materially impact the Company鈥檚 consolidated results of operations, the utility of NOI and NOI Margin as measures of the Company鈥檚 performance is limited. Other companies, including AG真人官方 Estate Investment Trusts, may calculate NOI and NOI Margin differently than we do and, accordingly, our NOI and NOI Margin may not be comparable to these companies鈥� NOI and NOI Margin. NOI and NOI Margin should be considered only as supplemental to financial measures such as operating loss, computed in accordance with GAAP, as measures of Company鈥檚 performance. Although the Company only utilizes NOI and NOI Margin supplementally, the Company does not consider them to be a substitute for, or superior to, the information provided by U.S. GAAP financial results.
FAQ
What is the value of TeraWulf's new agreement with Fluidstack?
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