TeraWulf

Data-center delivery behind GPU clouds

TeraWulf builds and leases data-center infrastructure, including its Lake Mariner campus in New York. Its AI role is the powered, cooled space that enables a cloud tenant to install and operate computing systems. The company reports revenue-generating critical IT capacity separately from projects still under construction. [3]

The August 13, 2025 Fluidstack transaction covered more than 200 MW of critical IT load under two ten-year leases. Rent begins when the relevant premises are completed. The August 14 press release described about 250 MW of gross capacity, a different measure from IT load. [1][2]

Google's role was credit support for specified Fluidstack obligations, with warrants issued as part of the arrangement. The initial $1.8 billion backstop was neither that amount of cash paid to TeraWulf nor proof that Google bought the company. [1][2]

TeraWulf's August 2026 results reported 81 MW of revenue-generating IT capacity at June 30 and 102 MW after an early-July delivery. That delivery also satisfied conditions for $600 million of Google's support to become effective. These dated operational measures are narrower than the full development pipeline. [3]