09:12 AM EDT, 10/28/2025 (MT Newswires) -- TeraWulf ( WULF ) said Tuesday it formed a joint venture with AI cloud platform operator Fluidstack to build and operate a 168-megawatt AI computing facility in Abernathy, Texas.

The project carries a 25-year hosting agreement valued at about $9.5 billion, the company said.

TeraWulf ( WULF ) said it will own 51% of the venture, which is scheduled to begin operations in H2 2026.

Alphabet's (GOOG, GOOGL) Google ( GOOG ) will guarantee roughly $1.3 billion of Fluidstack's long-term lease obligations to support project financing, according to TeraWulf ( WULF ).

TeraWulf ( WULF ) also said it obtained an exclusive right to take up to a 51% stake in Fluidstack's next 168-megawatt data center project.

Following this deal, TeraWulf ( WULF ) said its contracted high-performance computing platform now exceeds 510 megawatts of critical IT load, and it is pursuing an annual growth target of 250 to 500 megawatts of new contracted capacity.

Shares of TeraWulf ( WULF ) were up more than 7% in recent Tuesday premarket activity.