Bitcoin miner TeraWulf signed two 10-year high-performance-computing colocation agreements with London-based Fluidstack worth about $3.7 billion in guaranteed revenue and as much as $8.7 billion if two five-year extension options are exercised. The pacts cover more than 200 megawatts of liquid-cooled GPU capacity at TeraWulf’s Lake Mariner data-centre campus in western New York, which is powered by hydro- and nuclear-generated electricity. As part of the arrangement, Alphabet’s Google has agreed to backstop $1.8 billion of Fluidstack’s lease obligations and will receive roughly 41 million warrants—equal to an estimated 8 percent stake in TeraWulf—upon project milestones. Google’s involvement gives the search giant a direct foothold in a publicly listed Bitcoin-mining company while securing future access to scarce AI-oriented compute capacity. TeraWulf plans to bring the first 40 MW of capacity online in the first half of 2026 and complete the full build-out by the end of that year. Japanese press materials indicate the contracts could deliver about $315 million in annual operating income at an 85 percent margin. TeraWulf’s shares surged as much as 50 percent intraday after the announcement. Separately, Jack Dorsey’s Block unveiled what it calls the first American-made Bitcoin-mining application-specific integrated circuit. The 3-nanometre ‘Proto’ chip, shipping in modular rigs branded Proto Fleet, is rated at about 14.1 joules per terahash. The twin disclosures underscore Big Tech’s growing push into the infrastructure that underpins both artificial-intelligence workloads and the Bitcoin network.