TeraWulf Fluidstack sign two 10-year AI HPC leases; Google backs debt

TeraWulf WULF announced a landmark expansion of its high-performance computing capacity, signing two 10-year HPC colocation agreements with Fluidstack that collectively lock in about 3.7 billion in contracted revenue with potential to rise to 8.7 billion if two five-year extension options are exercised. Google will backstop roughly 1.8 billion of Fluidstack’s lease obligations, help facilitate project debt financing, and receive warrants for about 41 million TeraWulf shares, representing an equity stake of roughly 8 percent on a pro forma basis. The deals will add more than 200 megawatts of critical IT load at TeraWulf’s Lake Mariner data center campus in Western New York, a facility purpose-built for liquid-cooled AI workloads. Phase one, delivering 40 MW, is expected to come online in the first half of 2026, with full capacity slated for the end of 2026.

The Lake Mariner site is designed to cater to hyperscale AI workloads, featuring dual 345 kilovolt transmission lines, closed-loop water cooling, and low-latency fiber connectivity. The arrangement with Fluidstack positions TeraWulf as a key provider of AI infrastructure, expanding its footprint beyond traditional...