TeraWulf (WULF) has expanded its Google-baced partnership with AI cloud platform Fluidstack, forming a joint venture to develop 168 MW of critical IT load at the Abernathy, Texas campus, under a 25-year hosting commitment worth approximately $9.5 billion in contracted revenue.
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Following the announcement, TeraWulf CEO Paul Prager tweeted that Fluidstack and Google have also tapped TeraWulf for another 168 MW of AI load an undisclosed location.
Under the Abernathy agreement, TeraWulf will hold a 51% majority stake in the joint venture, which is expected to deliver the facility in the H2 2026. Echoing Prager’s comments, the joint venture secures TeraWulf the exclusive right to partner with Fluidstack on its next 168 MW project under similar commercial terms.
The transaction increases TeraWulf’s contracted HPC platform to over 510 MW of critical IT load and supports an upwardly revised growth strategy targeting an additional 250 MW to 500 MW of contracted capacity each year.
Google will back the project’s financing, which has committed to support approximately $1.3 billion of Fluidstack’s long-term lease obligations, enhancing credit quality for the venture’s debt. No new equity or warrants were issued in connection with the deal.
Recently JonesResearch put out a $24 price target for WULF, implying 72% upside.
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At time of publication, WULF is up 8.5% during pre-market hours.
