TeraWulf announced in a press release that it had signed two 10-year HPC colocation agreements with AI cloud platform Fluidstack, securing more than 200 MW of critical IT load at its Lake Mariner campus in Western New York. The agreements total ~$3.7 billion in contracted revenue and include two five‑year extension options that could lift total revenue to ~$8.7 billion.
To support the buildout, Google will backstop $1.8 billion of Fluidstack’s lease obligations tied to project financing and will receive warrants for ~41 million TeraWulf shares, or ~8% pro forma equity. Phase one of the deployment—about 40 MW—is expected online in the first half of 2026, with the full 200+ MW targeted by year‑end 2026.
The contracts are structured as modified gross leases with annual escalators. TeraWulf projects site NOI margins of 85% (implying ~$315 million annually at full run‑rate) and estimates total project cost at $8–$10 million per MW. Fluidstack also obtained 30‑day exclusivity on Lake Mariner’s CB‑5 expansion, adding a potential 160 MW of critical IT load. Lake Mariner is purpose‑built for liquid‑cooled AI workloads, featuring dual 345 kV transmission lines, closed‑loop water cooling, and low‑latency fiber connectivity.
Read More: TeraWulf Q2 2025 revenue rises to $47.6 million as HPC takes shape
At time of publication, WULF is up 27.3% during pre-market hours.
