TeraWulf Inc., a Bitcoin mining company, has entered into two 10-year high-performance computing (HPC) colocation agreements with AI cloud platform Fluidstack, covering over 200 megawatts (MW) of AI infrastructure at its Lake Mariner campus. The contracts are valued at approximately $3.7 billion for the initial term, with potential extensions raising the total to $8.7 billion. As part of the deal, Google has agreed to backstop $1.8 billion of Fluidstack’s lease obligations and will acquire an approximately 8% equity stake in TeraWulf through warrants to purchase around 41 million shares. This strategic investment marks one of the largest moves by a major technology company into Bitcoin mining infrastructure. Following the announcement, TeraWulf’s shares rose by about 50%. Analysts have responded positively, with several raising their price targets for TeraWulf, citing the Google partnership and the $1.8 billion backstop as factors that enhance the company’s credit profile and growth prospects in the HPC sector. The deal exemplifies the growing intersection of artificial intelligence, high-performance computing, and cryptocurrency mining within the technology and energy markets.