TeraWulf signs 200+ MW AI hosting deal with Fluidstack, backed by Google; ~$3.7B in contracted revenue

TERAWULF INC.

TeraWulf signs 200+ MW, 10-year HPC colocation deal with Fluidstack; ~$3.7B initial revenue, up to $8.7B with extensions.
Google backstops $1.8B of Fluidstack lease obligations, receives warrants for ~41M shares (~8% pro forma equity stake).
Phase one (40 MW) expected online H1 2026; full 200+ MW deployed by year-end 2026.
Expected site NOI margins of 85% (~$315M annually); total project cost $8-10M per MW.
CBRE to receive $30M initial commission, plus potential $20M for additional capacity; 30-day exclusivity for CB-5 (160 MW).

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