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25-year lease agreement represents approximately $9.5 billion in contracted revenue
Google backstops $1.3 billion of Fluidstack's long-term lease obligations in support of project debt
Exclusive right to partner with Fluidstack on next ~168 MW critical IT load project
Expands TeraWulf's contracted HPC platform to 510 MW of critical IT load and supports an upwardly revised growth strategy targeting 250–500 MW of new contracted capacity annually
EASTON, Md., Oct. 28, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc. (NASDAQ:WULF) ("TeraWulf" or the "Company"), a leading owner and operator of vertically integrated, low-carbon digital infrastructure, today announced that it has executed a long-term high-performance computing (HPC) joint venture with Fluidstack, a premier AI cloud platform that builds and operates HPC clusters for some of the world's largest companies.
Under the agreement, the parties will develop and deliver 168 MW of critical IT load at the Abernathy, Texas campus, serving workloads for a global hyperscale AI platform developing frontier-scale foundation models, backed by an investment-grade, long-duration infrastructure commitment through Fluidstack's platform. The facility is expected to be delivered in the second half of 2026.
The 25-year hosting commitment represents approximately $9.5 billion in contracted revenue to the joint venture.1 TeraWulf will hold a majority stake of 51% in the joint venture. The joint venture also has the right to develop subsequent phases at the Abernathy campus beyond the initial 168 MW, leveraging existing transmission and development infrastructure to support incremental high-density capacity additions.
Separately, TeraWulf has secured the exclusive right to partner with Fluidstack for up to 51% of the next Fluidstack-led ~168 MW data center project on substantially similar commercial terms.
As a result of this transaction, TeraWulf's contracted HPC platform now exceeds 510 MW of critical IT load. The Company is executing on an upwardly revised growth strategy targeting an additional 250 MW to 500 MW of contracted critical IT load per year, having already secured 510 MW of contracted critical IT load in the last 10 months.
The joint venture will be project-financed, with Google backing approximately $1.3 billion of Fluidstack's long-term lease obligations to support project-related debt financing, materially enhancing credit quality for project debt. TeraWulf's equity contributions to the joint venture will be made in staged installments, preserving corporate balance sheet flexibility while maintaining majority governance rights. No TeraWulf equity securities or warrants were issued in connection with this transaction.
Posted In: WULF
