TeraWulf Expands AI Infrastructure With $9.5 Billion Fluidstack Joint Venture Backed by Google

TeraWulf has formed a long-term joint venture with AI cloud provider Fluidstack to develop a 168-megawatt data center in Texas in the bitcoin mining firm’s latest expansion into HPC colocation.

Terawulf announced on Tuesday that the 25-year deal represents approximately $9.5 billion in contracted revenue for the joint venture, sending WULF shares up about 9% in pre-market trading.

Under the agreement, TeraWulf will own 51% of the venture, which is slated to serve workloads for a global hyperscale AI platform developing frontier-scale foundation models. The facility is expected to come online in the second half of 2026. The company pegged the total project cost at $8 million to $10 million per megawatt of critical IT load and said the lease is structured with annual escalators.

To support project debt financing, Google will back approximately $1.3 billion of Fluidstack’s long-term lease obligations. TeraWulf’s equity contributions will be staged, with no new equity securities or warrants issued in connection with the deal.

The announcement follows TeraWulf and Fluidstack’s earlier partnership at TeraWulf’s Lake Mariner data center campus in Western New York, where Fluidstack exercised an option in August to add another 160 MW of critical IT load — known as the CB-5 expansion — on top of the 200-MW AI colocation deal announced days earlier. Those New York agreements, valued at $3.7 billion over a 10-year term, also included Google’s $3.2 billion lease-backing commitment and warrants giving it a pro forma 14% equity stake in TeraWulf.

Combined with the new Abernathy project, TeraWulf said its contracted HPC platform now exceeds 510 MW of critical IT load secured within the past 10 months. The company is targeting an additional 250–500 MW of contracted capacity annually as it scales its AI infrastructure footprint beyond its Bitcoin mining operations.

“This transaction demonstrates execution in practice,” said TeraWulf CEO Paul Prager. “What began as a single site has matured into a repeatable, credit-enhanced platform model backed by Tier-1 partners.”

Fluidstack President César Maklary called the new venture a continuation of the companies’ collaboration to deploy “next-generation GPU clusters for foundation model developers,” citing TeraWulf’s “operational discipline, energy expertise, and development scale.”

TeraWulf also secured an exclusive option to participate in up to 51% of Fluidstack’s next 168-MW project under similar terms, further extending a partnership that has quickly become one of the largest AI-infrastructure build-outs by a former Bitcoin-mining operator.