Oct 28, 2025
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TeraWulf Signs $9.5B AI Lease, Stock Rises 22.88%
TeraWulf Inc. (NASDAQ: WULF), a US-based bitcoin mining and high-performance computing firm, has announced a 25-year lease contract worth $9.5 billion with Fluidstack. The agreement includes delivering 168 megawatts (MW) of critical IT load at its Texas campus to support AI infrastructure.
- TeraWulf gains a 51% majority stake in the partnership and exclusive rights for future Fluidstack-led projects.
- The venture is financed through project debt, with Google contributing $1.3 billion for Fluidstack's long-term lease obligations.
- The project expands TeraWulf's HPC platform to over 510 MW of critical IT load.
- The Abernathy facility will be delivered in the second half of 2026, with plans for further expansion.
- This deal marks TeraWulf's transition from bitcoin mining to a diversified AI infrastructure provider, targeting up to 500 MW of new contracted IT load annually.
- Partnership signals convergence between crypto-native mining infrastructure and institutional AI compute workloads.
- Morgan Stanley acts as financial advisor; Paul, Weiss, Rifkind, Wharton & Garrison LLP provides legal counsel.
- TeraWulf's stock price rose 22.88%, trading at $16.76 on Oct. 28.
