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← Terawulf
Thu, Aug 14, 2025

TeraWulf signs Fluidstack leases at Lake Mariner, backed by Google

Source document ↗

Key points

  • Two 10-year HPC colocation agreements, >200MW critical IT (~250MW gross), ~$3.7B contracted revenue (up to ~$8.7B with extensions)
  • Expected Site NOI margin 85% (~$315M annually); Google backstop $1.8B + ~41M warrants (~8% equity)

Deal

FluidstackAug 2025
SiteLake Mariner
Contracted capacity200 MW
Contract value$3.7B
Duration10 years + two 5-year extension options
Disclosed NOI$315M/yr