Cryptomine and HPC data center firm TeraWulf is to lease its data center campus in New York to AI cloud firm Fluidstack in a multi-billion-dollar deal that will see Google take a stake in the firm.

TeraWulf to lease New York site to Fluidstack

The company this week announced two 10-year high-performance computing (HPC) colocation agreements with Fluidstack.

Under the agreements, TeraWulf will deliver more than 200MW of critical IT load (~250MW of gross capacity) at its Lake Mariner data center campus in New York. The deal will see approximately 40MW of critical IT load in the first half of 2026, with the full 200MW deployed by the end of 2026. Fluidstack will be leasing buildings CB-3 (42MW) and CB-4 (162MW).

“This is a defining moment for TeraWulf,” said Paul Prager, CEO of TeraWulf. “We are proud to unite world-class capital and compute partners to deliver the next generation of AI infrastructure, powered by low-cost, predominantly zero-carbon energy. This transaction underscores Lake Mariner’s status as a premier hyperscale-ready campus and further accelerates our strategic expansion into high-performance compute.”

The agreements total $3.7 billion in contracted revenue over the initial 10-year terms, and include two five-year extension options. If both extensions are taken up, the total contract would be valued at approximately $8.7 billion. The deal also includes 30-day exclusivity for CB-5 at Lake Mariner, totaling another 160MW.

“Fluidstack is proud to be a trusted provider of critical compute for the world’s leading AI labs,” added César Maklary, co-founder and president of Fluidstack. “Our partnership with TeraWulf reflects our shared commitment to delivering rapid, scalable infrastructure for the AI frontier.”

To support the build-out, Google will backstop $1.8 billion of Fluidstack’s lease obligations to enable project-related debt financing. Google will receive warrants to acquire shares in TeraWulf, equating to an approximately eight percent pro forma equity ownership stake.

TeraWulf is advised by Morgan Stanley, serving as sole financial advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Stutzman, Bromberg, Esserman & Plifka, P.C. serve as legal counsel to the Company.

Fluidstack was founded in 2017 at Oxford University. The company currently has more than 100,000 GPUs under management on its platform, with customers including Mistral AI, Character.AI, Poolside, and Black Forest Labs.

This year so far, Fluidstack has announced a financing deal with Macquarie Group to supply European AI research labs with GPUs, and has partnered with Nvidia, Borealis, and Dell for exascale GPU clusters across Iceland and the Nordics.

In February 2025, Fluidstack signed an MoU with the French government that would see it build a 1GW AI supercomputer in France.

Located on the site of a former coal plant and originally developed for cryptomining, TeraWulf has been pivoting the Lake Mariner campus towards AI and HPC leasing. The site currently has 500MW of capacity, expandable to 750MW. Core42, a subsidiary of Abu Dhabi-based tech group G42, is also a customer of the campus.

TeraWulf secures new land in New York

This week also saw TeraWulf secure land for a new data center campus in New York from the energy company run by its CEO.

The company this week announced the execution of a long-term ground lease for approximately 183 acres at the Cayuga site in Lansing.

The 80-year lease, executed with Cayuga Operating Company LLC, provides TeraWulf with exclusive rights to develop up to 400MW of capacity, with 138MW of power expected to be ready for service in 2026.

“Our lease at Cayuga highlights TeraWulf’s strategic advantage—access to large-scale, sustainable infrastructure in attractive power markets with predominantly zero-carbon energy and robust fiber connectivity to key hubs like New York City,” said Kerri Langlais, chief strategy officer of TeraWulf. “With 138MW expected to come online in the second half of 2026 and scalable capacity up to 400MW, Cayuga further reinforces our position as a destination of choice for enterprise and hyperscale customers seeking low-cost, next-generation compute infrastructure.”

Cayuga’s parent company, Riesling Power, will receive $95 million in the form of TeraWulf common stock and $3 million in cash.

Riesling, of which TeraWulf CEO Prager is president, also owns stock in TeraWulf.

The site was previously home to a 227MW coal-fired power plant that was retired in 2019. A ~67 MW solar installation is planned, and an 800MWh battery energy storage system is in advanced development on parcels adjacent to the leased area.

Riesling has been planning a data center on the site for years. In July 2019, the company and Beowulf Energy LLC filed plans for a 100MW facility there as part of a project called the Empire State Data Hub initiative.

TeraWulf fully acquired Beowulf Electricity & Data (formerly Beowulf Energy), Prager’s energy holding company, earlier this year.

In its Q2 2025 results posted last week, TeraWulf saw revenues of $47.6 million, up from $35.6m the year before.

During the earnings call, TeraWulf CFO Patrick Fleury said the company had “evaluated over 75 potential expansion sites” in 2025, with a “handful” progressing through negotiations.