TeraWulf Secures Game-Changing $3.7B FluidStack Deal to Supercharge AI & High-Performance Computing

TeraWulf just flipped the script—landing a $3.7 billion deal with FluidStack that’ll turbocharge its AI and high-performance computing (HPC) capabilities. Wall Street analysts are already scrambling to update their spreadsheets (between golf outings, naturally).

Why it matters: This isn’t just another corporate partnership. It’s a power move that positions TeraWulf at the bleeding edge of computational infrastructure—exactly where the AI arms race is heating up.

The big picture: With this deal, TeraWulf isn’t just renting out server space—they’re building the equivalent of a digital particle collider. FluidStack’s tech stack combined with TeraWulf’s infrastructure could rewrite the rules for training next-gen AI models.

Between the lines: That $3.7B price tag? Probably half went to lawyers drafting the non-compete clauses. But the other half? Pure rocket fuel for TeraWulf’s expansion into AI-driven data solutions.

The bottom line: While traditional finance plays checkers, TeraWulf’s playing 4D chess—leveraging infrastructure deals to dominate the compute layer powering everything from ChatGPT to quantum simulations. Just don’t ask your financial advisor about it—they’re still trying to explain NFTs.

Prager calls it a defining moment for his company

Chair and CEO, Prager, said this was a defining moment for TeraWulf. He added that the partnership aimed to deliver predominantly low-cost, zero-carbon energy-powered AI infrastructure.

Prager boasted that in addition to accelerating the company’s expansion into high-performance computing, the Lake Mariner facility was hyperscale-ready. Nazar Khan, the Chief Technology Officer at TeraWulf, chimed in, saying the partnership highlighted the readiness of the Lake Mariner facility and the capacity of the team. 

Khan also claimed that Lake Mariner was purpose-built for high-demand AI workloads that fit today’s standards. The data center was connected to ultra-low-latency fiber, dual 354kV transmission lines, and had a closed-loop water-cooled system. Khan believes the partnership with FluidStack allowed his company to engineer a fully customized and scalable solution.

“Fluidstack is proud to be a trusted provider of critical compute for the world’s leading AI labs…Our partnership with TeraWulf reflects our shared commitment to delivering rapid, scalable infrastructure for the AI frontier.”

–César Maklary, Co-Founder and President of Fluidstack

Patrick Fleury, TeraWulf’s Chief Financial Officer, said that, given the company’s expected credit profile boost, TeraWulf had refined its financing strategy to focus on initiatives in capital markets. He added that his company was benefiting a lot from its updated lease agreements and Google’s support.

TeraWulf said it aimed for long-term success by balancing Bitcoin mining and AI, as previously reported by Cryptopolitan. The latest deal with FluidStack is expected to rake in over $350 million in Annual revenue, with net operating margins of about 85% at the site level.

TeraWulf brings in Cayuga

Prager said the company’s second step in its long-term strategy was bringing in Cayuga through an eight-year ground lease with purchase options, securing exclusive rights to develop a 400 MW digital infrastructure site.

The CEO claimed the site was fully equipped with redundant fiber, industrial water intake, and high-capacity transmission. TeraWulf expects to bring over 130 MW online in 2027, with the potential to expand beyond that. 

Prager boasted that these two deals increased the company’s platform capacity to more than one gigawatt (1 GW). He added that this capacity firmly positioned Lake Mariner and Cayuga as the company’s cornerstone assets for its future AI venture. TeraWulf’s CFO, Fleury, also mentioned that the Lake Mariner and Cayuga sites had the same advantages. He added that acquiring Beowulf Electricity and Data in Q2 further streamlined the company’s structure.

Prager also mentioned his company’s first HPC tenant, Core 42. Adding that the partnership was still outstanding and anticipated further growth for the relationship. Fleury said his company had invested heavily in its HPC business over the past 12 months. The CFO explained that everything was on schedule and on budget to deliver the anticipated capacity.  

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