TeraWulf and Fluidstack agree leases with Google credit support

Leased capacity backed by conditional credit support

TeraWulf's August 14 filing dates the agreements and associated Google recognition arrangements to August 13, 2025. Its separate public release was issued on August 14. Contemporary coverage corroborated the lease and backstop structure. The initial two leases covered more than 200 MW of IT load, with rent beginning after completion of the respective premises. [1][2][3]

The release described a $1.8 billion Google backstop and warrants, rather than a cash transfer of that amount or purchase of the whole company. The leases created a binding future delivery relationship; they did not establish that the full capacity was already operational. [1][2]