Bitcoin mining company TeraWulf (stock code: WULF) saw its stock price surge by about 59% after announcing that it had signed two 10-year custody agreements with AI high-performance computing provider Fluidstack.
According to a press release issued on Thursday, the agreements are expected to generate approximately $3.7 billion in contract revenue during the initial 10-year term, with two five-year extension options that could add an additional $5 billion in revenue, potentially bringing the total contract amount to $8.7 billion if fully exercised.
Notably, to support this expansion, internet giant Google will provide an $1.8 billion guarantee for Fluidstack's lease obligations and acquire warrants to purchase approximately 8% equity in TeraWulf.
TeraWulf develops, owns, and operates environmentally sustainable industrial-grade data center infrastructure in the United States, specifically designed for high-performance computing (HPC) hosting and Bitcoin mining. Fluidstack co-founder and president César Maklary stated:
Fluidstack prides itself on being a trusted key computing provider for the world's top AI laboratories. Our partnership with TeraWulf embodies our mutual commitment to providing fast and scalable infrastructure for the cutting edge of AI.
Under the terms of the agreement, TeraWulf will provide over 200 megawatts of 'critical IT load' at its data center powered by hydropower and nuclear energy located in Western New York. (The Block) Previous reports indicated that TeraWulf's investments in high-performance computing have led to increased net losses to date in 2025.
The company expects to activate 40 megawatts of computing capacity in the first half of 2026, with full deployment of 200 megawatts by the end of that year. According to company data, Fluidstack provides single-tenant GPU clusters for companies like Mistral AI and Black Forest Labs for AI training and inference.
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