Compute · the Ledger · Backstop
Google backstops $1.8B of Fluidstack's Lake Mariner lease obligations and receives warrants for ~8% of TeraWulf
Signed · announced 14 Aug 2025 · the week to 15 Aug 2025
- Size
- $1.8B
The parties
- Googlecompany pageGuarantor
- Fluidstackcompany pageTenant
- TeraWulfcompany pageLandlord
The source
TeraWulf 8-K, 2025-08-14Regulatory filing
Warrants for ~41M TeraWulf shares. On Fluidstack default or insolvency Google may pay rent and assume the lease or pay a termination fee. Raised to ~$3.2B total with CB-5 on 2025-08-17.
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