TeraWulf Signs $3.7bln AI Hosting Agreements with Fluidstack, Potential $8.7bln Revenues

• TeraWulf signs 200+ MW, 10-year AI hosting agreements with Fluidstack. • Anchors $3.7B in contracted revenues, with potential to reach $8.7B through lease extensions. • Google backs $1.8B of Fluidstack obligations, receiving ~8% equity stake in TeraWulf. • Fluidstack granted 30-day exclusivity for CB-5, adding potential 160 MW of critical IT load.

TeraWulf Inc. (Nasdaq: WULF) has announced two 10-year high-performance computing (HPC) colocation agreements with Fluidstack, a leading AI cloud platform. The agreements represent a significant milestone for TeraWulf, establishing it as a leading provider of hyperscale AI infrastructure. Under the terms of the deals, TeraWulf will deliver more than 200 MW of critical IT load at its Lake Mariner data center campus in Western New York, with the potential to reach 250 MW of gross capacity [1].

The initial 10-year contracts are valued at approximately $3.7 billion, with two five-year extension options that could increase total revenue to approximately $8.7 billion [1]. Google has agreed to backstop $1.8 billion of Fluidstack’s lease obligations to support project-related debt financing and will receive an approximately 8% equity stake in TeraWulf through warrants to acquire 41 million shares of common stock [1]. Fluidstack has also been granted a 30-day exclusivity period for CB-5, which could add an additional 160 MW of critical IT load to the project [1].

The Lake Mariner data center is purpose-built for liquid-cooled AI workloads and is engineered to meet the scale, density, and resiliency required for next-generation compute. The facility features dual 345 kV transmission lines, closed-loop water cooling, and ultra-low-latency fiber connectivity, making it ideally suited for today’s most demanding AI workloads [1].

Paul Prager, Chief Executive Officer of TeraWulf, commented, “This is a defining moment for TeraWulf. We 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’s status as a premier hyperscale-ready campus and further accelerates our strategic expansion into high-performance compute.” Nazar Khan, Chief Technology Officer of TeraWulf, added, “With dual 345 kV transmission lines, closed-loop water cooling, and ultra-low-latency fiber connectivity, this campus is purpose-built for today’s most demanding AI workloads. Our close collaboration with Fluidstack allowed us to design a fully customized, scalable solution.” César Maklary, Co-Founder and President of Fluidstack, stated, “Fluidstack is proud to be a trusted provider of critical compute for the world’s leading AI labs. Our partnership with TeraWulf reflects our shared commitment to delivering rapid, scalable infrastructure for the AI frontier.” [1]

The agreements are expected to generate substantial near-term capacity for Fluidstack, with phase one—approximately 40 MW of critical IT load—expected to go online in the first half of 2026, and the full 200+ MW deployment by year-end 2026 [1].

References:
[1] https://investors.terawulf.com/news-events/press-releases/detail/112/terawulf-signs-200-mw-10-year-ai-hosting-agreements-with