Overview
- TeraWulf and Fluidstack will develop 168 MW of capacity at Abernathy, Texas under a 25-year hosting agreement, with construction underway and operations targeted for the second half of 2026.
- Google is backing $1.3 billion of Fluidstack’s long-term lease obligations, a credit enhancement designed to support project-level debt financing.
- TeraWulf will own 51% of the joint venture and secured exclusive rights to co-develop Fluidstack’s next roughly 168 MW project on similar terms.
- The deal lifts TeraWulf’s contracted HPC platform to more than 510 MW, with the company targeting 250–500 MW of new contracted capacity annually.
- TeraWulf issued preliminary Q3 2025 guidance of $48–$52 million in revenue and $15–$19 million in adjusted EBITDA, while its shares climbed roughly 17% to 25% on the announcement.