TeraWulf (NASDAQ: WULF) has locked in a significant step forward in its AI infrastructure expansion, signing two high-performance computing (HPC) colocation agreements with Fluidstack. The 10-year deals will deliver more than 200 MW of critical IT load at TeraWulf’s Lake Mariner data center campus in New York.

The agreements are valued at roughly $3.7 billion in contracted revenue for the initial term and could rise to $8.7 billion if extension options are exercised.

Key Points from the Agreement

• Capacity: Over 200 MW of AI hosting power at Lake Mariner.

• Timeline: 40 MW online by the first half of 2026; full capacity by end of 2026.

• Financials: $3.7B initial contracted revenue; potential $8.7B with extensions.

• Google’s Role: $1.8B lease obligation backstop, warrants for ~41M shares (8% equity stake).

• Infrastructure: Dual 345 kV transmission lines, closed-loop water cooling, ultra-low-latency fiber.

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Google’s investment gives it warrants for approximately 41 million shares, representing about 8% of TeraWulf’s equity. This backing is tied to its commitment to cover $1.8 billion of Fluidstack’s lease obligations, providing added stability to the project.

The Lake Mariner campus is equipped with large-scale power infrastructure, advanced cooling systems, and high-speed fiber connectivity, making it well-suited for AI workloads. The facility’s full build-out is expected to be completed by the end of 2026.