TeraWulf Signs 200 MW 10-Year AI Hosting Agreements With Fluidstack

EASTON, Md., Aug. 14, 2025 (GLOBE NEWSWIRE)-- TeraWulf Inc. (Nasdaq: WULF) (" TeraWulf" or the "Company"), a leading owner and operator of vertically incorporated, predominantly zero-carbon digital facilities, today revealed two 10-year high-performance computing (HPC) colocation arrangements with Fluidstack, a premier AI cloud platform that develops and operates HPC clusters for some of the world's largest business.


Under the contracts, TeraWulf will deliver more than 200 MW of important IT load (representing ~ 250 MW of gross capacity) at its Lake Mariner data center campus in Western New york city. Purpose-built for liquid-cooled AI workloads, the center is engineered to fulfill the scale, density and resiliency needed for next-generation compute.


The contracts represent roughly $3.7 billion in contracted income over the preliminary 10-year terms and consist of 2 five-year extension choices which, if exercised, would bring the total contract revenue to approximately $8.7 billion.


To support the buildout, Google will backstop $1.8 billion of Fluidstack's lease obligations to support project-related debt funding and will receive warrants to acquire around 41 million shares of TeraWulf common stock, corresponding to a roughly 8% pro forma equity ownership stake-aligning TeraWulf with among the most prominent international AI partners. TeraWulf also prepares to access the capital markets to money a part of the job.


An accompanying presentation regarding the Fluidstack transaction is offered on the Company's investor relations website at investors.terawulf.com.


Rapid Deployment Schedule


Phase one-approximately 40 MW of vital IT load-is anticipated online in the very first half of 2026, with the full 200+ MW released by year-end 2026, providing substantial near-term capacity to Fluidstack.


Leadership Commentary


" This is a defining minute for TeraWulf," stated Paul Prager, Ceo of TeraWulf. "We are happy to unify first-rate capital and compute partners to deliver the next generation of AI facilities, powered by low-cost, predominantly zero-carbon energy. This deal underscores Lake Mariner's status as a premier hyperscale-ready campus and further accelerates our tactical growth into high-performance compute."


" Fluidstack's dedication underscores the extraordinary quality and readiness of our Lake Mariner facility and the capabilities of our group," included Nazar Khan, Chief Technology Officer of TeraWulf. "With dual 345 kV transmission lines, closed-loop water cooling, and ultra-low-latency fiber connectivity, this school is purpose-built for today's most demanding AI work. Our close cooperation with Fluidstack enabled us to create a completely tailored, scalable solution."


" Fluidstack is happy to be a trusted provider of important compute for the world's leading AI labs," said César Maklary, Co-Founder and President of Fluidstack. "Our partnership with TeraWulf reflects our shared commitment to delivering rapid, scalable facilities for the AI frontier."


Transaction Highlights


- Contract Value: ~$ 3.7 billion across the preliminary 10-year terms
- Lease Extensions: Two five-year alternatives might increase total profits to ~$ 8.7 billion
- Lease Structure: Modified gross lease with annual escalators
- Expected Site Net Operating Income (NOI) 1 Margins: 85% (implies ~$ 315 million every year).
- Total Project Cost: $8-$ 10 million per MW of critical IT load.
- Google Participation: $1.8 billion backstop of Fluidstack lease obligations in assistance of project-related debt; ~ 8% equity stake via 41 million warrants.
- Growth Potential: 30-day exclusivity for CB-5 at Lake Mariner (160 MW)


Advisors


TeraWulf is recommended by Morgan Stanley, acting as sole monetary consultant. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Stutzman, Bromberg, Esserman & Plifka, P.C. work as legal counsel to the Company.


About TeraWulf


TeraWulf establishes, owns, and operates ecologically sustainable, industrial-scale information center facilities in the United States, purpose-built for high-performance computing (HPC) hosting and bitcoin mining. Led by a team of veteran energy infrastructure entrepreneurs, TeraWulf is committed to innovation and functional excellence, with an objective to lead the marketplace in massive digital facilities by serving both its own calculate requirements and those of top-tier HPC customers as a relied on hosting partner.


Contacts


Investors: investors@terawulf.com.
Media: media@terawulf.com!.?.! Forward-Looking Statements This press release contains forward-looking statements within the meaning of the" safe harbor" arrangements of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements of declarations concerning expected future occasions and expectations that are not historic realities. All statements, other than statements of historic fact, are declarations that could be deemed forward-looking statements. In addition, forward-looking statements are typically determined by words such as" strategy,"" think,"" goal,"" target,"" aim,"" anticipate,"" anticipate, "" plan," "outlook," "estimate," "projection," "job," "look for," "continue," "could," "might," "might," "possible," "prospective," "strategy," "chance," "forecast," "should," "would" and other comparable words and expressions, although the absence of these words or expressions does not mean that a declaration is not positive. Forward-looking declarations are based on the existing expectations and beliefs of TeraWulf's management and are inherently subject to a variety of elements, dangers, unpredictabilities and assumptions and their potential effects. There can be no assurance that future advancements will be those that have been prepared for. Actual outcomes may vary materially from those revealed or indicated by forward-looking statements based upon a variety of aspects, dangers, uncertainties and presumptions, consisting of, among others: (1) the capability to mine bitcoin successfully; (2) our capability to bring in additional consumers to lease our HPC data centers; (3) our capability to perform under our existing information center lease contracts; (4) modifications in suitable laws, guidelines and/or allows affecting TeraWulf's operations or the industries in which it runs; (5) the ability to implement particular business goals, including its bitcoin mining and HPC information center development, and to timely and cost-effectively execute related projects; (6) failure to get adequate financing on a timely basis and/or on appropriate terms with regard to expansion or existing operations ; (7) negative geopolitical or financial conditions, consisting of a high inflationary environment, the implementation of new tariffs and more limiting trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and disturbance as an outcome of devices malfunction or break-down, physical catastrophe, information security breach, computer system breakdown or sabotage (and the expenses associated with any of the foregoing) ; (9) the availability and expense of power as well as electrical facilities equipment required to preserve and grow the service and operations of TeraWulf; (10) operational and financial risks related to the growth of the Lake Mariner information center; and (11) other dangers and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission (" SEC"). Potential investors, investors and other readers are warned not to position unnecessary dependence on these forward-looking declarations, which speak just since the date on which they were made. TeraWulf does not presume any commitment to publicly update any positive declaration after it was made, whether as an outcome of brand-new info, future events or otherwise, other than as required by law or policy. Investors are referred to the complete conversation of risks and uncertainties connected with positive statements and the discussion of danger aspects consisted of in the Company's filings with the SEC, which are readily available at www.sec.gov.


1 Net Operating Income (NOI) and NOI Margin are non-GAAP financial steps that the Company defines as follows: NOI represents rental profits less rental residential or commercial property operating expenditures, residential or commercial property taxes and insurance coverage expenses (as tape-recorded in the Company's consolidated statements of operations). NOI Margin is determined by dividing NOI by aggregate rental revenue. NOI is typically utilized by stockholders, Company's management and market experts as a measurement of operating efficiency of the Company's rental portfolio. However, because NOI omits depreciation and amortization and captures neither the changes in the value of the Company's data centers that result from use or market conditions, nor the level of capital investment and capitalized leasing commissions required to maintain the operating efficiency of the Company's data centers, all of which have real financial effect and might materially impact the Company's consolidated results of operations, the energy of NOI and NOI Margin as measures of the Company's efficiency is limited. Other companies, consisting of Real Estate Investment Trusts, might calculate NOI and NOI Margin in a different way than we do and, accordingly, our NOI and NOI Margin may not be similar to these companies' NOI and NOI Margin. NOI and NOI Margin must be considered only as additional to financial procedures such as running loss, calculated in accordance with GAAP, as procedures of Company's performance. Although the Company just uses NOI and NOI Margin supplementally, the Company does rule out them to be a replacement for, or remarkable to, the details provided by U.S. GAAP monetary outcomes.