TeraWulf Expands Strategic Partnership with Fluidstack Through New 168 MW AI Compute Joint Venture

Core Insights - TeraWulf has entered a long-term joint venture with Fluidstack to develop a high-performance computing (HPC) platform, representing approximately $9.5 billion in contracted revenue over 25 years [1][3][12] - The joint venture will focus on delivering 168 MW of critical IT load at the Abernathy, Texas campus, with an expected completion in the second half of 2026 [2][3] - TeraWulf will maintain a 51% majority stake in the joint venture and has secured the exclusive right to partner on future Fluidstack-led projects [4][12] Financial and Operational Highlights - The hosting commitment of 25 years is projected to generate around $9.5 billion in revenue for the joint venture [3][12] - Google is backing approximately $1.3 billion of Fluidstack's long-term lease obligations, enhancing the credit quality for project debt [6][12] - The total project cost is estimated to be between $8 million and $10 million per MW of critical IT load [12] Growth Strategy - TeraWulf's contracted HPC platform now exceeds 510 MW of critical IT load, with a growth strategy targeting an additional 250 MW to 500 MW of contracted capacity annually [5][12] - The joint venture has the right to develop future phases at the Abernathy campus, leveraging existing infrastructure for additional capacity [3][12] Leadership Commentary - TeraWulf's CEO emphasized the importance of execution and the strategic alignment with Fluidstack and Google, highlighting the evolution of their infrastructure model [7] - Fluidstack's leadership expressed confidence in TeraWulf's operational discipline and energy expertise, which are crucial for supporting next-generation GPU clusters [7]