TeraWulf forms $9.5B JV with Fluidstack for 168 MW AI compute; Q3 revenue up 84% YoY

TERAWULF INC.

JV to build 168 MW HPC campus in Abernathy, TX; TeraWulf owns 51%, total project cost $8-10M/MW.
25-year lease yields ~$9.5B contracted revenue to JV; Google backstops $1.3B of lease obligations.
Preliminary Q3 2025 revenue $48-52M (+84% YoY); adjusted EBITDA $15-19M vs $6M in Q3 2024.
Exclusive right to partner on next ~168 MW Fluidstack-led project; platform now >510 MW contracted.
Growth strategy: targeting 250-500 MW additional contracted critical IT load per year.

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