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Data centers · Evidence brief

TeraWulf signs Google-backed Fluidstack AI hosting at Lake Mariner

TeraWulf + Fluidstack + Google

Primary sourcePress release only2025-08-14
Deal structureHPC colocation / miner-to-AI hosting conversion
GeographyLake Mariner, Western New York
Infrastructure layersData centers + cloud capacity + power
Disclosed scaleMore than 200 MW critical IT load; about $3.7B contracted revenue, up to $8.7B with extensions

Why it matters

The strategic read

One of the clearest public examples of bitcoin-mining infrastructure being recapitalized into AI hosting, with Google effectively underwriting customer credit and taking equity upside.

Source-supported terms

What was disclosed

  1. 01

    TeraWulf signed two 10-year HPC colocation agreements with Fluidstack.

  2. 02

    TeraWulf will deliver more than 200 MW of critical IT load, representing about 250 MW gross capacity, at Lake Mariner.

  3. 03

    The agreements represent about $3.7B of contracted revenue initially and up to about $8.7B if extension options are exercised.

  4. 04

    Google backstops $1.8B of Fluidstack obligations and receives warrants for roughly 8% pro forma TeraWulf ownership.

Disclosure boundary

What is known—and what is not

Hosting agreements and Google backstop/warrant terms summarized publicly; full contracts and project financing documents are not public.