Compute · the Ledger · Site lease
TeraWulf and Fluidstack form a JV for a 168 MW Abernathy, Texas campus under a 25-year, ~$9.5B lease; Google backstops $1.3B
Signed · announced 28 Oct 2025 · the week to 31 Oct 2025
- Size
- $9.5B
- Power
- 168 MW
- Term
- 25 years
The parties
- TeraWulfcompany pageLandlord
- Fluidstackcompany pageTenant
- Googlecompany pageGuarantor
The source
TeraWulf 8-K Ex. 99.1, 2025-10-28Regulatory filing
TeraWulf 50.1% (rising to 51%), Fluidstack 49.9%. Serves 'a global hyperscale AI platform developing frontier-scale foundation models'. Delivery expected H2 2026. On 2026-07-06 TeraWulf agreed to sell its entire 50.1% interest to an investor group led by Fluidstack (TeraWulf 8-K Ex. 99.1, 2026-07-06).
The same parties, other deals
- TeraWulf and Kentucky Power amend the Muskie Data Campus power agreements, raising contracted capacity from 500 MW to 1 GWundisclosed · 5 Oct 2026
- An unnamed AI lab commits to a 10-year Barber Lake lease following Fluidstack's term, ~$5.2B; Fluidstack lease re-phased$5.2B · 25 Sept 2026
- Anthropic signs a 20-year lease for ~401 MW at TeraWulf's Justified Data campus in Hawesville, Kentucky, ~$19B of contracted revenue$19B · 6 Jul 2026
- Google contracts SpaceX compute capacity, about 110,000 NVIDIA GPUs, $920M a month from October 2026 through June 2029undisclosed · 5 Jun 2026
- Anthropic to access ~3.5 GW of next-generation TPU capacity through Broadcom from 2027; Broadcom signs long-term TPU supply with Googleundisclosed · 6 Apr 2026
- Fluidstack signs a 15-year, $7.0B lease for 245 MW at Hut 8's River Bend campus, Louisiana, with a Google backstop$7B · 17 Dec 2025