#TeraWulfSuccess #writetoearn

TeraWulf (WULF) has inked two 10-year high-performance computing (HPC) colocation agreements with AI cloud platform Fluidstack, securing about $3.7 billion in contracted revenue, with the potential to grow to $8.7 billion if two optional five-year extensions are exercised.

As part of the deal, Google will backstop $1.8 billion of Fluidstack’s lease obligations, support project debt financing, and acquire an 8% equity stake in TeraWulf through warrants for roughly 41 million shares.

The agreements cover more than 200 MW of critical IT load (around 250 MW gross capacity) at TeraWulf’s Lake Mariner data center in Western New York — a facility specifically designed for liquid-cooled AI workloads. Equipped with dual 345 kV transmission lines, closed-loop water cooling, and low-latency fiber connectivity, the Lake Mariner campus is positioned as a premier hyperscale-ready site for large-scale AI deployments.

Phase one, delivering 40 MW of capacity, is scheduled for the first half of 2026, with full capacity expected by year-end. Company leaders described the partnership as a major milestone, with CEO Paul Prager calling it “a defining moment” and CTO Nazar Khan emphasizing scalability and readiness. Fluidstack President César Maklary highlighted their shared focus on rapid, large-scale AI infrastructure growth.

The agreements are structured as modified gross leases with annual escalators, projected to deliver site-level net operating income margins of about 85% — roughly $315 million annually. Development costs are estimated at $8–$10 million per MW. Fluidstack also holds a 30-day exclusivity option for the CB-5 facility, which could add another 160 MW of IT load.

TeraWulf shares surged 22% pre-market to $6.68.