The arrangement grants Google a warrant to acquire roughly 41 million shares of TeraWulf common stock. If exercised, this would represent an approximate 8% pro forma equity stake.
This strategic support enables TeraWulf, a leading digital infrastructure operator, to advance two 10-year HPC colocation agreements with Fluidstack.
The contracts allow TeraWulf to deliver over 200 MW of critical IT load from its Lake Mariner data center campus. The initial 10-year term is valued at approximately $3.7 billion, with two five-year extension options that could raise total potential revenue to $8.7 billion.
Notably, deployment is already underway, with about 40 MW of capacity expected to go live in the first half of 2026.
TeraWulf plans to bring the full 200+ MW online by the end of 2026, providing substantial near-term infrastructure support to Fluidstack and reinforcing its position as a top-tier digital infrastructure provider.
The announcement had sparked significant confusion within the community, with industry stakeholders criticizing the firm’s unilateral action.
“The policy was not intended to cover non-custodial wallets but imprecisely used the term “software wallets” without nuance which led to confusion. It is not 2015 anymore – we are working alongside dozens of crypto devshops and protocols to enable this ecosystem.”
