TeraWulf Stock Just Shot Up 19% Today: Why Is Fluidstack Partnership Drawing Investor Attention?

• TeraWulf announced a $9.5 billion, 25-year high-performance computing joint venture with Fluidstack.
• The 168 MW Texas facility is set to launch in late 2026.
• The joint venture will be project-financed, with Google supporting $1.3 billion of long-term lease obligations.

TeraWulf Inc. (WULF) on Tuesday announced the expansion of its high-performance computing (HPC) operations through a 25-year joint venture agreement with Fluidstack, a provider of AI-focused cloud infrastructure. 

Under the new partnership, both companies will develop 168 megawatts (MW) of critical IT load capacity at TeraWulf’s Abernathy, Texas campus. 

Deal Value 

The Texas facility, expected to go online in the second half of 2026, will support a global hyperscale AI platform focused on large-scale foundation model development. 

The agreement is valued at approximately $9.5 billion in contracted revenue over 25 years, with TeraWulf holding a 51% ownership stake, while the partnership retains the ability to expand the Abernathy campus beyond the initial 168 MW using existing infrastructure.

Following the announcement, TeraWulf’s stock traded over 19% higher on Tuesday after the morning bell. On Stocktwits, retail sentiment around the stock remained in ‘neutral’ territory, with ‘normal’ message volume. 

Growth and Capacity Expansion

The deal increases TeraWulf’s contracted HPC platform to over 510 MW of critical IT load. The company is targeting an additional 250–500 MW of contracted IT load per year as part of an accelerated expansion strategy, with rights to partner on a future Fluidstack-led 168 MW project under similar commercial terms.

The joint venture will be project-financed, with Google supporting $1.3 billion of long-term lease obligations to strengthen debt financing quality. The 168 MW deployment (240 MW gross) comes with a projected cost of $8–10 million per MW.

TeraWulf stock has gained over 170% in 2025 and over 123% in the last 12 months. 

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