Shares of Terawulf (Wulf) jumped 22% on Tuesday after the bitcoin mining firm Unveiled A new $9.5 billion artificial Intelligence (AI) infrastructure joint venture with Cloud Platform FluidStack, deepens its push into high-performance computing (HPC).
The 25-year lease agreement, representing nearly $9.5 billion in contracted revenue, will see the two companies build 168 megawatts (MW) of data center capacity at Terawulf’s Abernathy, Texas Campus. The facility will serve AI workloads, and is expected to go live in the second half of next year.
Google (GOOG) is backing the deal by backing $1.3 billion of FluidStack’s long-term lease obligations, giving lenders more confidence to finance the project. Terawulf will hold a 51% stake in the joint venture.
Terawulf has also secured the exclusive right to co-develop the next 168 MW AI Data Center Project under similar terms. With this deal, Terawulf already has 510 MW of computing capacity under contract, and aims to add 250 to 500 MW annually going forward.
In a separate updatethe company said it expects third quarter 2025 revenue between $48 million and $52 million, up 84% from the same period last year. Adjusted EBITDA is expected to be between $15 million and $19 million, nearly triple last year’s results.
Read more: Bitcoin Miner Core Scientific Upgraded To Buy In AI Data Center Boom: HC Wainwright
