Mon, Aug 18, 2025
TeraWulf adds 160 MW CB-5 Fluidstack lease at Lake Mariner
Key points
- Fluidstack exercised its option to expand at Lake Mariner with CB-5, a new building adding an incremental 160 MW of critical IT load
- Operations expected to commence in the second half of 2026; CB-5 is on the same economic terms as the initial CB-3 and CB-4 leases
- Total contracted Fluidstack critical IT load at the campus increases to approximately 360 MW
- Represents $6.7 billion in contracted revenue, with potential to reach $16 billion with lease extensions
- Google provides an incremental $1.4 billion backstop (total ~$3.2 billion), receives warrants for 32.5 million shares, and increases its pro forma stake to ~14%
Deal
FluidstackAug 2025
SiteLake Mariner
Contracted capacity160 MW
Contract value$3B
Duration10 years + two 5-year extension options
Expected launchH2 2026
Site update
| Site | Status | Active | In build | Theoretical |
|---|---|---|---|---|
Lake MarinerBarker, NY CB-5 disclosed: new purpose-built data center building at Lake Mariner adding incremental 160 MW of critical IT load; operations expected to commence H2 2026; total contracted Fluidstack critical IT load at campus increases to ~360 MW; building purpose-built for high-density liquid-cooled workloads on dual 345 kV transmission lines. Status flags refer to CB-5 only; this communication does not address the rest of the campus | Disclosed | — | — | — |