TeraWulf inks $9.5B extension to Fluidstack deal as CEO teases additional 168 MW rollout

Group 1 - TeraWulf has expanded its strategic partnership with Fluidstack by forming a joint venture to develop 168 MW of critical IT load at the Abernathy, Texas campus, with a 25-year hosting commitment worth approximately $9.5 billion in contracted revenue [1][2] - TeraWulf will hold a 51% majority stake in the joint venture, which is expected to deliver the facility in the second half of 2026 [2] - The transaction increases TeraWulf's contracted HPC platform to over 510 MW of critical IT load and supports a revised growth strategy targeting an additional 250 MW to 500 MW of contracted capacity each year [3] Group 2 - Project financing will be backed by Google, which has committed to support approximately $1.3 billion of Fluidstack's long-term lease obligations, enhancing credit quality for the venture's debt [3] - No new equity or warrants were issued in connection with the deal [3] - JonesResearch has set a price target of $24 for TeraWulf, implying a 72% upside [4]