Bitcoin miner TeraWulf (ticker WULF) saw its shares jump by over 50% intraday after announcing two 10-year colocation agreements with AI high-performance computing provider Fluidstack.
The deals are worth $3.7 billion in contracted revenue over the initial 10-year terms, with two five-year extension options worth an additional $5 billion, bringing the potential total to $8.7 billion, according to TeraWulf's press release.
Notably, Google will backstop $1.8 billion of Fluidstack's lease obligations and will receive warrants to acquire an approximately 8% equity stake in TeraWulf.
Under the terms of the agreement, TeraWulf will deliver over 200 megawatts of "critical IT load" at its data center in western New York powered by hydroelectric and nuclear energy. TeraWulf's investments in high-performance computing led to a rise in net losses over the course of 2025 so far, The Block previously reported.
The firm expects 40 MW to come online in the first half of 2026, with the full 200 MW deployed by the end of that year. Fluidstack provides single-tenant GPU clusters for AI training and inference to firms such as Mistral AI and Black Forest Labs, per company materials.
According to Terawulf's latest earnings report published last week, the firm has recorded a total net loss of over $79 million for the first six months of the year.
TeraWulf shares are currently trading around $8.40, according to The Block's price data, a jump of over 50% from its previous closing price of $5.46.
