Compute / the Ledger · 6 deals
Who is paying whom for compute.
Every deal dated, typed in plain words, and linked to the document it comes from.
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Deals with terawulf as a party. Show every company
| Announced | Deal | Parties | Type | Value | Terms | Source |
|---|---|---|---|---|---|---|
| 5 Oct 2026 | TeraWulf and Kentucky Power amend the Muskie Data Campus power agreements, raising contracted capacity from 500 MW to 1 GWAmendedAmended and restated transmission infrastructure and energy service agreements between TeraWulf subsidiary DB Long Hunts Data LLC and Kentucky Power (an American Electric Power company), executed October 1, 2026. Contracted capacity at Muskie, eastern Kentucky, rises from 500 MW to 1 GW. The second 500 MW phase moves from 2030 to 2029, subject to Kentucky Public Service Commission approval and Kentucky Power's construction schedule. The first 500 MW phase remains targeted to begin ramping in 2028. No value and no customer are stated. The same 8-K says TeraWulf intends to upsize its senior secured revolving credit facility and is seeking additional senior secured debt for letter-of-credit needs tied to utility power agreements; no amount is stated. |
| Power deal | undisclosed | 1,000 MW | TeraWulf 8-K (Item 8.01, Ex. 99.1), 2026-10-05Regulatory filing |
| 6 Jul 2026 | Anthropic signs a 20-year lease for ~401 MW at TeraWulf's Justified Data campus in Hawesville, Kentucky, ~$19B of contracted revenueSignedDeveloped in phases; initial capacity in service H2 2027, full 401 MW by early 2028. TeraWulf says the lease is expected to be supported by an investment-grade credit. Signed directly with Anthropic, not via Fluidstack. | Site lease | $19B | 20 years401 MW | TeraWulf 8-K Ex. 99.1, 2026-07-06Regulatory filing | |
| 28 Oct 2025 | TeraWulf and Fluidstack form a JV for a 168 MW Abernathy, Texas campus under a 25-year, ~$9.5B lease; Google backstops $1.3BSignedTeraWulf 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). | Site lease | $9.5B | 25 years168 MW | TeraWulf 8-K Ex. 99.1, 2025-10-28Regulatory filing | |
| 16 Oct 2025 | TeraWulf subsidiary issues $3.2B of 7.750% senior secured notes due 2030 for the Lake Mariner expansionCompletedIssuer WULF Compute LLC; amortizing; matures 2030-10-15. Secured by the data center project (not GPUs); the leases carry the Google backstop. Initial purchaser Morgan Stanley. | Loan against chips | $3.2B | 7.75% interest | TeraWulf 8-K, 2025-10-23Regulatory filing | |
| 14 Aug 2025 | Google backstops $1.8B of Fluidstack's Lake Mariner lease obligations and receives warrants for ~8% of TeraWulfSignedWarrants 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. | Backstop | $1.8B | TeraWulf 8-K, 2025-08-14Regulatory filing | ||
| 14 Aug 2025 | Fluidstack leases >200 MW at TeraWulf's Lake Mariner campus for 10 years, ~$3.7B of contracted revenueSignedTwo leases (CB-3, CB-4) in Barker, New York, delivered in two phases in 2026. Google backstop: see google-terawulf-backstop-2025-08. On 2025-08-17 Fluidstack added the 160 MW CB-5 building on the same terms, taking its Lake Mariner total to ~360 MW (8-K 2025-08-18). |
| Site lease | $3.7B~$3.7B over the initial 10-year terms; ~$8.7B with two five-year extensions. MW is 'more than 200'. | 10 years · to 13 Aug 2035200 MW | TeraWulf 8-K Ex. 99.1, 2025-08-14Regulatory filing |
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