TeraWulf (WULF) has signed two 10-year high-performance computing (HPC) colocation agreements with AI cloud platform Fluidstack.

These agreements secure approximately $3.7 billion in revenue, potentially increasing to $8.7 billion if two five-year extension options are realized.

Key Points:

• Google will underwrite $1.8 billion of Fluidstack’s lease obligations while acquiring an 8% equity stake in TeraWulf.
• The first phase (40 MW) is projected to go live in the first half of 2026, with full deployment of 200+ MW expected by the end of that year.

TeraWulf’s Lake Mariner data center, optimized for liquid-cooled AI workloads, is being positioned as a leading site for demanding AI applications. The site is equipped with robust infrastructure and is anticipated to deliver critical IT load over the years ahead.

CEO Paul Prager remarked on the partnership’s historic significance, while CTO Nazar Khan added that the facility is fully equipped for scalability, indicating a strong commitment to ramping up AI infrastructure efficiently.