08:04 AM EDT, 08/14/2025 (MT Newswires) -- TeraWulf (WULF) said Thursday it signed two 10-year colocation deals with Fluidstack for more than 200 megawatts of critical IT load at its Lake Mariner data center in New York.

The agreements are valued at about $3.7 billion over the initial term, with two five-year extension options that could raise total revenue to $8.7 billion, the company said.

Alphabet's (GOOG, GOOGL) Google will backstop $1.8 billion of Fluidstack's lease obligations to support project debt and will receive warrants equal to roughly an 8% equity stake, TeraWulf said.

Phase one, totaling about 40 megawatts, is expected online in H1 2026, with full deployment by year-end 2026, it said.

The company added that Fluidstack has a 30-day exclusivity period for an additional 160 megawatts at the site.

Shares of the company were up over 27% in recent Thursday premarket activity.