Key takeout
- Google has backed the $1.8 billion Terawulf AI project, earning a potential stake in 8% of its stake.
- The agreement includes $3.7 billion in contract revenues and includes AI-driven infrastructure developments of over 200 MW.
American Bitcoin Miner Terawulf announced on Thursday that it has signed two 10-year high-performance computing (HPC) colocation agreements with Google-backed AI Cloud Platform Fluidstack.
Under the agreement, Terrow Wolf will provide a critical IT load of over 200 megawatts (MW) to the Lake Mariner Data Center campus in western New York, a facility aimed at liquid-cooled AI workloads.
As the company points out, if two five-year extension options are exercised, the total contract value could reach $8.7 billion.
Google will receive a warrant to marry the $1.8 billion Fluidstack lease obligation to support project-related debt financing and acquire approximately 41 million shares of Terawulf’s common stock, representing 8% Pro Forma Equity Stake.
“This is a critical moment for Terrawolf,” Terahulf CEO Paul Prager said in a statement. “We are proud to unite our world-class capital and computing partners to deliver the next generation of AI infrastructure with low-cost zero-carbon energy.”
The first phase of approximately 40 MW is expected to be online in the first half of 2026, with a full deployment of over 200 MW planned by 2026. The total cost of the project is estimated at $8 million-10 million per MW of critical IT load.
“Fluidstack is proud to be a reliable provider of critical calculations for the world’s leading AI lab,” said César Maklary, co-founder and president of Fluidstack. “The partnership with Terawulf reflects our shared commitment to providing a rapid, scalable infrastructure for AI frontiers.”
According to Yahoo Finance data, Terawulf (Wulf) shares have skyrocketed over 46% following new contracts.