Bitcoin miner Terawulf announced on August 14 that it has entered into two ten-year high-performance computing (HPC) colocation agreements with AI cloud platform Fluidstack. Under the agreements, Terawulf will deliver more than 200 MW of critical IT load at its Lake Mariner data center campus in Western New York.
Financial and Corporate Backing
The financial implications are substantial: an estimated $3.7 billion in contracted revenue over the initial 10-year terms, with options for two five-year extensions that could bring total revenue to around $8.7 billion. To facilitate the project, tech giant Google has committed to backstopping $1.8 billion of Fluidstack's lease obligations, supporting project-related debt financing. In exchange, Google receives warrants to acquire approximately 41 million shares of Terawulf common stock, representing about 8% pro forma equity ownership.
Executive Comments
Terawulf CEO Paul Prager stated: “This is a defining moment for TeraWulf. We are proud to unite world-class capital and compute partners to deliver the next generation of AI infrastructure, powered by low-cost, predominantly zero-carbon energy.” Fluidstack co-founder and President César Maklary added that the partnership reflects a shared commitment to delivering rapid, scalable infrastructure for the AI frontier.
Phased Deployment
Deployment will occur in phases: the first phase of approximately 40 MW of critical IT load is expected to go live in the first half of 2026, with full capacity of over 200 MW anticipated by the end of 2026. This provides significant near-term capacity to Fluidstack and marks a major pivot for Terawulf from Bitcoin mining to AI compute services.