Key Takeaways
- Google has increased its stake in TeraWulf to approximately 14% and raised its total project backstop commitment to $3.2 billion.
- Fluidstack has expanded its data center deal at TeraWulf’s Lake Mariner campus, increasing its contracted IT load to about 360 MW.
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TeraWulf, which runs sustainable, high-capacity data centers across the U.S. for HPC and crypto mining, announced today that AI cloud platform Fluidstack has opted to increase its footprint at the Lake Mariner campus in Western New York.
Shares of TeraWulf (WULF) surged approximately 13% following the announcement, Yahoo Finance data shows.
The expansion, built on a 10-year AI infrastructure hosting deal between TeraWulf and Fluidstack announced last week, will add a new purpose-built data center, CB-5, providing 160 MW of critical IT load. Operations are slated for the second half of 2026.
The expansion increases Fluidstack’s total contracted critical IT load at Lake Mariner to approximately 360 MW, representing $6.7 billion in contracted revenue with potential to reach $16 billion through lease extensions.
Google will provide an additional $1.4 billion backstop to support project-related debt financing and receive warrants to acquire 32.5 million shares of TeraWulf common stock. This raises Google’s total backstop commitment to $3.2 billion and boosts its pro forma ownership stake in TeraWulf to 14%.
“This expansion underscores the unmatched scale and capabilities of the Lake Mariner campus,” said TeraWulf CEO Paul Prager in a statement. “By adding CB-5, we are not only increasing our contracted capacity with Fluidstack, but also further deepening our strategic alignment with Google as a critical financial partner in delivering the next generation of AI infrastructure.”
According to TeraWulf CTO Nazar Khan, Fluidstack’s quick expansion after the initial deal is a vote of confidence in TeraWulf’s infrastructure.
“Like the prior buildings, CB-5 will be purpose-built for high-density, liquid-cooled workloads, leveraging Lake Mariner’s dual 345 kV transmission lines, sustainable water cooling, and ultra-low-latency connectivity,” Khan noted. “And with the scale, resources, and infrastructure we have in place, there is significant potential for even further expansion with Fluidstack as their compute requirements continue to grow.”
TeraWulf and Fluidstack are currently in discussions regarding additional capacity expansions at the facility, which is positioned as one of the largest high-performance computing campuses in the US.
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