"TeraWulf, one of the largest publicly traded bitcoin miners, is accelerating its shift into artificial intelligence infrastructure through a new joint venture with AI cloud provider Fluidstack. The companies plan to build 168 megawatts (MW) of high-performance computing capacity at TeraWulf's Abernathy, Texas, campus under a 25-year hosting agreement valued at roughly $9.5 billion in contracted revenue. TeraWulf will hold a 51% stake in the venture and retain exclusive rights to participate in Fluidstack's next ~168 MW project on similar terms."
"To support project financing, Google has committed to back about $1.3 billion of Fluidstack's long-term lease obligations, improving the credit profile of the joint venture's debt structure. No equity issuance or warrants were included as part of the deal. The announcement expands TeraWulf's contracted high-performance compute pipeline to more than 510 MW and supports an updated growth strategy targeting 250 MW to 500 MW of new contracted capacity annually."
""Securing more than 510 MW of critical IT load in the past 10 months provides a direct proof-point of our growth strategy," CEO Paul Prager said. Alongside the expansion, TeraWulf reported preliminary third-quarter revenue of $48 million to $52 million - up roughly 84% from a year earlier - and adjusted EBITDA of $15 million to $19 million. Bitcoin miners are pivoting to AI Leading Bitcoin mining companies are switching over to AI on top of their mining efforts. Firms like Marathon Digital, Riot Platforms, and CleanSpark"
TeraWulf, a major publicly traded bitcoin miner, is accelerating a shift into AI infrastructure through a 51% joint venture with Fluidstack to build 168 MW of high-performance computing at the Abernathy, Texas campus under a 25-year hosting agreement valued at about $9.5 billion. Construction is expected to finish in the second half of 2026 with costs of $8 million to $10 million per MW. Google committed to back roughly $1.3 billion of Fluidstack's long-term lease obligations to support financing. The deal adds to TeraWulf's contracted pipeline exceeding 510 MW and aligns with targets to add 250–500 MW annually.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]