The agreement reportedly deepens Terawulf’s relationship with Fluidstack, granting the digital infrastructure firm an exclusive right to co-develop future Fluidstack-led projects of similar scale.

According to the announcement, the Abernathy buildout, scheduled for completion in the second half of 2026, will serve workloads for a global hyperscale artificial intelligence (AI) platform developing large-scale foundation models.

Terawulf will hold a 51% stake in the venture, while Fluidstack brings its AI cloud platform expertise. The $9.5 billion commitment, structured as a long-term lease, includes annual escalators and is expected to deliver between $8 million and $10 million per MW of installed IT load.

The project will be financed through a mix of equity installments and debt secured by Fluidstack’s lease obligations — with Google acting as a backstop to bolster credit quality. The joint venture has the option to expand capacity beyond the initial 168 MW using existing infrastructure, positioning Abernathy as a future hub for high-density compute operations.

Following this deal, the release states that Terawulf’s contracted HPC capacity now exceeds 510 MW — a 10-month gain that CEO Paul Prager called “execution in practice.” The company aims to lock in 250–500 MW of additional contracted load annually, leveraging what Prager described as a “repeatable, credit-enhanced platform model backed by Tier-1 partners.”

Fluidstack co-founder and president César Maklary said the partnership will support “next-generation GPU clusters for foundation model developers,” adding that Terawulf’s operational scale and energy management expertise make it an ideal collaborator for expanding sustainable compute capacity.

Morgan Stanley is advising Terawulf on the transaction, with legal counsel from Paul, Weiss, Rifkind, Wharton & Garrison LLP and Stutzman, Bromberg, Esserman & Plifka, P.C. The company said the deal aligns with its strategy of building low-carbon digital infrastructure for AI and bitcoin mining while maintaining financial flexibility and majority governance control.

• What is the size of the new Terawulf–Fluidstack joint venture?
  The project covers 168 MW of critical IT load with expansion rights for future phases.
• How much is the deal worth?
  The 25-year lease represents approximately $9.5 billion in contracted revenue.
• Who is backing the project financially?
  Google is supporting $1.3 billion of Fluidstack’s long-term lease obligations.
• When will the facility be completed?
  The Abernathy, Texas, data center is expected to go live in the second half of 2026.

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