TLDR:
- TeraWulf signs $3.7B, 10-year AI hosting deal with Fluidstack for 200+ MW at Lake Mariner campus.
- Google backs $1.8B of Fluidstack obligations, securing 8% equity stake in TeraWulf via 41M warrants.
- Phase one targets 40 MW online by mid-2026, with full deployment of 200+ MW by year-end 2026.
- Deal includes potential $8.7B total revenue if both five-year extension options are exercised.
AI infrastructure has lately gotten a major push from the crypto mining world. Bitcoin miner TeraWulf has signed a 10-year hosting agreement with Fluidstack worth $3.7 billion. The deal will see over 200 MW of high-performance AI capacity deployed at its Lake Mariner campus.
Google is backing the project with $1.8 billion in guarantees and will take an 8% equity stake in the company. The move positions TeraWulf as a key player in AI-powered data services while expanding beyond traditional crypto mining.
TeraWulf $3.7B AI Hosting Contracts at Lake Mariner
According to a press release, TeraWulf’s agreements with Fluidstack cover more than 200 MW of critical IT load. The site, located in Western New York, is purpose-built for liquid-cooled AI workloads and designed for high density and resiliency. The contract represents $3.7 billion in guaranteed revenue over the initial term.
The deal includes two five-year extensions that could bring the total contract value to $8.7 billion. TeraWulf said it will deploy about 40 MW by the first half of 2026 and expects the full 200+ MW to be online before the year ends.
Lake Mariner’s infrastructure includes dual 345 kV transmission lines, closed-loop water cooling, and ultra-low-latency fiber connectivity. These features are tailored for high-performance computing demands from AI-focused clients.
Fluidstack will have 30-day exclusivity on an additional 160 MW at the CB-5 site. This could further expand the campus capacity if executed.
Bitcoin miner TeraWulf has signed two 10-year hosting agreements with AI cloud platform Fluidstack to provide over 200 MW of AI infrastructure, totaling around $3.7 billion. Google will back the deal with up to $1.8 billion in guarantees and receive about 8% of TeraWulf’s equity.…
— Wu Blockchain (@WuBlockchain) August 15, 2025
Google’s $1.8B Backing and 8% Equity Stake
Google will guarantee $1.8 billion of Fluidstack’s lease obligations to help finance the buildout. In return, it will receive about 41 million warrants in TeraWulf, translating to roughly 8% ownership once exercised.
This arrangement not only secures funding but also ties one of the largest AI players to the project. TeraWulf said Google’s involvement strengthens the financing structure and positions Lake Mariner for rapid scaling.
TeraWulf plans to tap capital markets for part of the construction funding. The company expects margins of about 85% its net operating income, which could generate $315 million annually.
By linking AI hosting to established energy infrastructure, TeraWulf is diversifying beyond Bitcoin mining. The project uses predominantly zero-carbon power, aligning with growing corporate energy standards.
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Source: https://blockonomi.com/bitcoin-miner-terawulf-locks-3-7b-ai-deal-google-takes-8-slice/