TeraWulf leases 200+ MW to Fluidstack at Lake Mariner, with Google backstopping $1.8B

Fluidstack/Fluidstack AI cloud

TeraWulf signed two 10-year colocation agreements with Fluidstack for over 200 MW of critical IT load at its Lake Mariner campus in western New York, worth about $3.7B. Google agreed to backstop $1.8B of Fluidstack's lease obligations and received warrants for about 8% of TeraWulf.

• Up to about $8.7B if both five-year extensions are used.
• About 40 MW planned online in H1 2026, the full 200+ MW by end-2026.
• Project cost of $8-10M per MW of critical IT load.