TeraWulf has made one of the biggest partnerships in crypto mining history after inking a partnership with Fluidstack, a company financially backed by Google.
In its shareholder call, TeraWulf announced a 10-year colocation lease agreement with AI infrastructural provider Fluidstack, with the contract valued at approximately $3.7 billion. That figure could double if five-year extensions are exercised.
This acquisition has allowed Google to become a mini shareholder of TeraWulf. In exchange for financially supporting Fluidstack’s in its $1.8 billion lease obligations with TeraWulf, Google will obtain 41 million in WULF shares, an equivalent of 8% of the overall shares.
The agreement will expand TeraWulf’s New York data center capacity by over 200 megawatts of IT load.
“Given the expected improvement in our credit profile, we’ve refined our financing strategy to focus on a series of capital markets initiatives with the benefit of our new financial support from Google and our updated lease agreements."
Founded in 2021 as a Bitcoin mining company with an emphasis on sustainable operations, TeraWulf has been facing financial headwinds coming into 2025.
In Q1, it reported a $61.4 million net loss alongside a steep revenue drop. The company gained a little momentum in the second quarter, returning to profitability and posting stronger revenues compared to Q1.
Still, the company continues to face challenges, as volatile BTC prices and rising infrastructure costs have made the mining industry more challenging.
This challenges have also prompted many mining companies like TeraWulf to diversity into AI and high performance computing to stabilize earnings.
A "potential partnership" with Google has sent WULF shares shooting through the roof, with the shares surging as much as 48% intraday to $8.11, with trading volume quadrupling the daily average, according to Yahoo Finance.
The stock last traded at $7.50, up 37% on the day, giving TeraWulf a market cap close to $3 billion. The rally has pushed WULF into positive territory for 2025.
While the company is deepening its AI footprint, it still retains its crypto proxy stock status due to ongoing mining operations.
In Q2, TeraWulf self-mined 485 BTC — down from 699 BTC a year earlier — and ended the quarter with $90 million in cash, cash equivalents, and Bitcoin.
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