TeraWulf Surges 22% on $3.7B AI Hosting Deal with Google Backing

TeraWulf (WULF) shares jumped 22% after announcing two 10-year high-performance computing colocation agreements with AI cloud platform Fluidstack, locking in $3.7 billion in contracted revenue. The deal could expand to $8.7 billion if extension options are exercised.

Google is backing the project with $1.8 billion in lease support and taking an 8% equity stake in TeraWulf through warrants for 41 million shares. The partnership will deploy over 200 megawatts of capacity at TeraWulf's Lake Mariner data center in Western New York, a facility optimized for liquid-cooled AI workloads.

Phase one, delivering 40 MW, is expected by mid-2026. TeraWulf's CEO Paul Prager called the agreement "a defining moment," highlighting the site's hyperscale-ready infrastructure with dual transmission lines and low-latency fiber connectivity.