Bitcoin Miner TeraWulf Surges After $3.7B AI Deal Backed by Google

Bitcoin miner TeraWulf saw its stock soar after sealing a massive AI compute deal with Fluidstack, backed by Google. The agreement could reshape the firm’s future with billions in long-term revenue potential.

• TeraWulf shares surged over 50% after announcing a $3.7B, 10-year AI compute deal with Fluidstack.
• Google will guarantee up to $1.8B of Fluidstack’s obligations and secure warrants for an 8% stake in TeraWulf.
  The company plans to deliver 200 MW of compute power at its New York data center by end of 2026.
  

The surge in TeraWulf’s share price followed the company’s announcement of two 10-year colocation agreements with AI cloud platform Fluidstack, valued at $3.7 billion in contracted revenue. With two additional five-year extensions, the potential value of the partnership could reach $8.7 billion.

A key component of the deal is Google’s involvement. The tech giant has agreed to backstop $1.8 billion of Fluidstack’s lease obligations, while also receiving warrants that give it the right to acquire an 8% equity stake in TeraWulf. This strategic move ties TeraWulf directly into Google’s expanding AI infrastructure ambitions.

Under the agreement, TeraWulf will provide more than 200 megawatts of high-performance compute capacity at its hydro and nuclear-powered data center in western New York. The rollout will start with 40 MW in the first half of 2026, with full deployment by the end of that year. Fluidstack, known for providing GPU clusters for AI training and inference, already serves clients such as Mistral AI and Black Forest Labs.

Despite strong forward-looking revenue prospects, TeraWulf’s recent financials show a net loss of $79 million in the first half of 2025. Still, the market responded positively, with the firm’s stock price jumping to around $8.40 from a prior close of $5.46.

Final Thought

TeraWulf’s partnership with Fluidstack and Google marks a pivotal shift, positioning the bitcoin miner as a serious player in AI compute infrastructure. While the company still faces financial challenges, the scale of this deal could redefine its trajectory in both the crypto and AI industries.