Fluidstack / TeraWulf campus, August 2025

Announced 2025-08-14 · 200+ MW · Undisclosed

Two ten-year hosting agreements. Approximately $3.7B initial-term revenue; $8.7B includes optional extensions. Google’s $1.8B backstop and warrants are financing support, not another compute purchase. The 160 MW expansion is separate. The August 2026 filing reports partial lease commencement by June 30, with later phases extending into early 2027. Its 102 MW energized figure covers Lake Mariner across customers, not a Fluidstack allocation.

First-capacity target: First approximately 40 MW targeted for first half of 2026

Reported delivery: Partial lease commencement. MW undisclosed. One Fluidstack lease had partially commenced by June 30. Customer-specific delivered MW are undisclosed; the original approximately 40 MW tranche is not confirmed in full.