TeraWulf Partners with Fluidstack on $9.5 Billion Texas Data Center Project

TLDR

• TeraWulf Inc formed a joint venture with Fluidstack to build a 168 MW data center campus in Abernathy, Texas
• The project has a $1.3 billion backstop from Google and TeraWulf holds a 51% ownership stake
• The deal is valued at $9.5 billion in contracted revenue over a 25-year lease agreement
• The Texas facility is expected to begin operations in the second half of 2026
• This expansion increases TeraWulf’s contracted high-performance computing platform to over 510 MW

TeraWulf Inc announced a joint venture with Fluidstack on October 28, 2025. The partnership will develop a 168 megawatt data center campus in Abernathy, Texas.

The deal carries a total value of $9.5 billion in contracted revenue over 25 years. TeraWulf will maintain a 51% ownership stake in the venture.

Google is providing a $1.3 billion backstop for the project. The financial backing adds stability to the development plans.

The Texas facility will focus on high-performance computing operations. It will support AI-focused cloud infrastructure and large-scale foundation model development.

TeraWulf Inc., WULF

Construction is already underway at the Abernathy campus. The data center is expected to begin operations in the second half of 2026.

TeraWulf operates environmentally sustainable data centers in the United States. The company focuses on bitcoin mining and high-performance computing hosting.

Expansion Plans

This partnership expands TeraWulf’s contracted HPC platform to over 510 MW. The company has been growing its presence in the AI infrastructure market.

The 25-year lease agreement provides long-term revenue visibility. TeraWulf will generate steady income from the facility once operational.

Fluidstack brings experience in AI-focused cloud infrastructure to the partnership. The company specializes in providing computing resources for artificial intelligence applications.

The facility will have 168 MW of critical IT load capacity. This represents a major addition to TeraWulf’s existing infrastructure portfolio.

Market Response

TeraWulf’s stock price rose over 20% following the announcement. The market responded positively to the Google-backed deal.

The company’s market capitalization reached $5.59 billion. Average trading volume stands at 46.3 million shares.

Analysts currently rate the stock as a buy with a $20 price target. The company maintains a technical sentiment signal of buy.

TeraWulf’s stock traded up more than 9% in premarket hours on Tuesday. Retail sentiment on Stocktwits shifted to bearish from neutral territory.

The Abernathy campus will house infrastructure for global hyperscale AI platforms. TeraWulf continues to position itself in the growing AI computing sector.

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