TeraWulf Inc. has signed two 10-year high-performance computing colocation agreements with AI cloud platform Fluidstack to deliver more than 200 MW of critical IT load at the company’s Lake Mariner data-center campus in western New York. The contracts carry about $3.7 billion in guaranteed revenue and could reach $8.7 billion if two five-year extension options are exercised. As part of the transaction, Google will backstop $1.8 billion of Fluidstack’s lease obligations and receive warrants for roughly 41 million TeraWulf shares, equal to an estimated 8% equity stake. The commitment gives the search giant exposure to a bitcoin-miner-turned-AI-infrastructure provider while de-risking project financing for TeraWulf. Phase one of the Lake Mariner build-out—40 MW— is scheduled to come online in the first half of 2026, with the full 200-plus-megawatt capacity targeted for year-end 2026. TeraWulf projects site-level net operating income margins of about 85%, or roughly $315 million a year, on construction costs of $8-10 million per megawatt. The facility features dual 345-kV transmission lines, closed-loop water cooling and ultra-low-latency fiber connectivity tailored for dense AI workloads. Separately, the company has secured an 80-year ground lease on 183 acres at the former Cayuga coal plant in Lansing, New York, granting rights to develop up to 400 MW of additional computing capacity. About 138 MW of predominantly zero-carbon power at Cayuga is expected to be available in 2026, reinforcing TeraWulf’s strategic shift toward large-scale AI and high-performance computing infrastructure.