TeraWulf (WULF) Shares Soar 21% as $9.5B AI Infrastructure Lease Boosts Bitcoin Mining

Key Points

• TeraWulf Inc. has announced a 25-year lease contract worth around $9.5 billion with Fluidstack.
• The joint venture will aid TeraWulf’s AI infrastructure integration and will deliver 168 MW of critical IT load at its Texas campus.

TeraWulf Inc., a US-based Bitcoin mining and high-performance computing firm, has revealed a significant 25-year lease agreement, valued at approximately $9.5 billion, with Fluidstack. The partnership will provide 168 megawatts (MW) of critical IT load at TeraWulf’s Texas campus, supporting the integration of the company’s AI infrastructure.

According to documents filed with the Securities and Exchange Commission (SEC), the collaboration structure grants TeraWulf a 51% majority stake and exclusive rights to participate in future projects led by Fluidstack. The venture will be financed through project debt, with Google supporting $1.3 billion of Fluidstack’s long-term lease obligations.

Partnership Expansion and Growth Outlook

TeraWulf CEO, Paul Prager, expressed satisfaction with the deeper strategic alignment with Fluidstack and Google through this long-term joint venture. He noted that what started as a single site has evolved into a repeatable, credit-enhanced platform model backed by Tier-1 partners.

The project will increase TeraWulf’s contracted high-performance computing (HPC) platform to over 510 MW of critical IT load, reinforcing its status as a low-carbon digital infrastructure provider. The Abernathy facility is expected to be delivered in the second half of 2026, and future expansions are already under consideration as both companies aim to utilize existing infrastructure.

The long-term agreement underlines TeraWulf’s wider transition from a conventional Bitcoin mining company into a diversified AI infrastructure provider. The company now aims for between 250 MW and 500 MW of new contracted IT load annually, reflecting an aggressive growth strategy to meet global demand for GPU-intensive AI computing.

TeraWulf’s strategic partnership with Fluidstack, bolstered by Google’s financial commitment, indicates a growing convergence between crypto-native mining infrastructure and institutional AI compute workloads. César Maklary, Co-Founder and President of Fluidstack, expressed pride in partnering again with TeraWulf as they expand their platform to support next-generation GPU clusters for foundation model developers.

The transaction, advised financially by Morgan Stanley and legally by Paul, Weiss, Rifkind, Wharton & Garrison LLP, signifies one of the most substantial HPC infrastructure commitments by a US digital asset firm to date. TeraWulf’s (WULF) stock price increased 22.88% on Oct. 28, trading at $16.76 at the time of writing.