TeraWulf has entered into two 10-year high-performance computing (HPC) colocation agreements with Fluidstack to deliver over 200 MW of critical IT load at its Lake Mariner campus in Western New York.

Contracted revenue for the first ten years is approximately US$3.7 billion, with lease extension options that could raise the total to about US$8.7 billion.

Google will backstop US$1.8 billion of Fluidstack’s lease obligations to facilitate project debt financing and will receive warrants for about 41 million shares of TeraWulf common stock, giving Google an approximate 8% equity stake pro forma.

Phase one of the buildout (roughly 40 MW) is expected to begin operations in the first half of 2026. Full deployment of the over-200 MW load is expected by the end of 2026. TeraWulf Inc.+1

Fluidstack has exercised an option (CB-5) to expand the project by an additional 160 MW of critical IT load. With that expansion, total contracted capacity for Fluidstack at Lake Mariner reaches approximately 360 MW. Google’s financial backing rises by another US$1.4 billion, increasing its total project-debt backstop to about US$3.2 billion, and its equity in TeraWulf rises to approximately 14% as a result.

Analysts have responded strongly. Several firms raised price targets on TeraWulf stock, citing the deal’s transformational potential, improved revenue visibility, enhanced growth profile, and lower risk from entering the AI/HPC infrastructure market.

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