TeraWulf Secures $3.7B AI Data Deal with Google-Backed Fluidstack

TeraWulf has inked two 10-year high-performance computing colocation agreements with Fluidstack, a MOVE that positions the company at the forefront of AI infrastructure development. The deal will see TeraWulf supply over 200 MW of critical IT load at its Lake Mariner facility in Western New York, a carbon-free site optimized for liquid-cooled AI workloads.

The contracts are projected to generate $3.7 billion in revenue during the initial term, with potential extensions pushing the total to $8.7 billion. Google's involvement includes backstopping $1.8 billion of Fluidstack's lease obligations in exchange for warrants equivalent to an 8% stake in TeraWulf.

Phase one deployment of 40 MW is slated for H1 2026, with full capacity expected by year-end. The Lake Mariner site's advantages include ultra-low-latency fiber connectivity and closed-loop water cooling, making it a strategic asset in the race for AI compute resources.