Zhi Tong Cai Jing·2025-08-14 13:45Core Insights - TeraWulf's stock surged by 26% following the announcement of Google's acquisition of an 8% stake in the company [1] - The company is transitioning from traditional cryptocurrency mining to providing high-performance computing and AI infrastructure services for large-scale clients, similar to CoreWeave's transformation [1] - TeraWulf signed two ten-year agreements with Fluidstack to deliver over 200 megawatts of critical IT load using its Lake Mariner data center [1] Financial Agreements - The total contract revenue from the agreements with Fluidstack is projected to reach $3.7 billion, potentially increasing to $8.7 billion if two five-year renewal options are exercised [1] - Google has committed $1.8 billion to support the project, which will be used for debt financing related to the project [1] - In exchange for its investment, Google will receive warrants to purchase approximately 41 million shares of TeraWulf common stock, representing an 8% equity stake [1] Infrastructure and Technology - TeraWulf's Lake Mariner data center is equipped with dual 345 kV power lines, a closed-loop water cooling system, and ultra-low latency fiber networks, designed for demanding AI workloads [2] - The collaboration with Fluidstack enables TeraWulf to offer fully customizable and scalable solutions [2] - The CEO emphasized the importance of low-cost, zero-carbon energy in driving the next generation of AI infrastructure [2]