TeraWulf and Fluidstack Launch Ambitious AI Project with Google’s Backing

Mining firm TeraWulf has signed a 10-year contract with cloud AI platform Fluidstack. Supported by Google, the miner will provide approximately 250 MW, amounting to $3.7 billion.

The company will offer its infrastructure at the Lake Mariner data center campus in western New York State to host high-performance computing capabilities. The facility is designed for large-scale operations with a focus on liquid cooling for AI workloads.

The agreement anticipates generating around $3.7 billion in revenue over the first decade and includes the option for two five-year extensions. If extended, total revenue could reach $8.7 billion.

Google will provide lease obligation guarantees worth $1.8 billion. In return, the corporation will receive warrants to purchase approximately 41 million shares of TeraWulf—about an 8% stake in the company.

The project will be executed in phases. Around 40 MW will be operational in the first half of 2026, with full capacity expected by the end of the year.

TeraWulf CEO Paul Prager stated that the deal is a “defining moment” for the company, highlighting the combination of capital and computing partners to create a new generation of AI infrastructure based on low-cost and predominantly carbon-free energy.

In March, AI startup CoreWeave, previously engaged in cryptocurrency mining, signed a partnership agreement with OpenAI worth up to $11.9 billion.