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- TeraWulf partners with Fluidstack for a major AI expansion.
- Google backs TeraWulf’s $1.3B Texas data center project.
- TeraWulf’s AI pivot boosts growth and strengthens financial performance.
TeraWulf, a leading player in the public bitcoin mining sector, has taken a significant step into artificial intelligence infrastructure. The company, currently the sixth-largest bitcoin miner by market cap, has entered a joint venture with AI cloud platform Fluidstack to develop a 168-megawatt data center in Abernathy, Texas.
Google has committed to leasing this project, which is supported by a lease valued at $1.3 billion, the largest project undertaken by TeraWulf in the field of high-performance computing (HPC).
The data center will specialize in serving hyperscale AI and must meet the increasing demand for foundation model requirements at the frontier scale. With a 25-year hosting contract, TeraWulf will own half of the project, holding a 51 percent share, and the project is expected to generate approximately $ 9.5 billion in contracted revenues.
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Strategic Partnership with Fluidstack
The project is expected to be completed by the second half of 2026 and will be financed through project-level debt, secured by Google’s lease obligations.
FluidStack is a service provider that offers assistance in optimizing a large corporation’s network to create a robust architecture.
It will be an extension of TeraWulf’s recent strategic shift to AI services. The company already had a deal with Fluidstack in its Lake Mariner data center in New York and had acquired a contract for AI hosting, supported by a $3.2 billion lease guarantee from Google.
Besides the Texas deal, TeraWulf has also secured an exclusive right to purchase up to 51 percent of Fluidstack’s future 168-megawatt project on the same terms, further consolidating its presence in the fast-growing AI data center space.
Financial Growth and Strategic Moves
Together with the Texas data center project, TeraWulf has also published its first-quarter results, which showed that revenue grew substantially by 84% year-over-year, with an estimated range of between $48 and $52 million. Projected adjusted company EBITDA during the quarter will be between $15 million $19 million, which is a significant improvement as compared to the same period last year of $6 million.
This expansion can be attributed to TeraWulf’s strategic focus on long-term HPC hosting agreements, which are supported by investment-grade equivalents.
The strong financial performance and continued expansion of AI by TeraWulf indicate that the company is committed to meeting the growing demand for data centers to support AI, as well as other computationally intensive workloads.
The combination of the low cost of renewable energy infrastructure and the strategic relationship with Fluidstack and Google leaves the company in a position to expand its ordered HPC portfolio by 250 to 500 megawatts per year in the next few years.
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