TeraWulf Stock Soars 22% After $9.5B Google-Backed AI Data Center Deal

TeraWulf stock surged 22% after unveiling a $9.5 billion AI data center joint venture with Fluidstack, backed by Google’s $1.3 billion lease guarantee.

Shares of TeraWulf (WULF) surged 22% on Tuesday after the bitcoin miner-turned-AI infrastructure company announced a massive $9.5 billion joint venture with cloud platform Fluidstack to develop a new high-performance computing (HPC) facility in Texas.

The 25-year deal marks one of the largest single AI infrastructure commitments in the sector to date, highlighting how miners are repurposing their energy-heavy operations for the artificial intelligence boom.

TeraWulf Expands into AI Infrastructure

Under the agreement, TeraWulf and Fluidstack will co-develop a 168-megawatt (MW) data center at TeraWulf’s Abernathy, Texas campus. The facility will power AI workloads and is scheduled to go live in the second half of 2026.

The joint venture represents about $9.5 billion in contracted revenue over 25 years. TeraWulf will retain a 51% controlling stake and has secured exclusive rights to co-develop Fluidstack’s next AI data center of equal size under similar terms.

The expansion brings TeraWulf’s total computing capacity under contract to 510 MW, with ambitions to add another 250–500 MW each year as demand for AI compute continues to accelerate.

Google’s Role Strengthens Confidence

Google (GOOGL) is backing the deal by guaranteeing $1.3 billion of Fluidstack’s long-term lease obligations, a move analysts say will give lenders additional confidence to fund the project.

The tech giant’s involvement highlights the growing crossover between hyperscale cloud players and AI-focused data infrastructure providers. The financial commitment also signals Google’s broader push to secure compute capacity for its expanding AI portfolio.

TeraWulf’s Financial Outlook Strengthens

TeraWulf expects third-quarter 2025 revenue of $48 million to $52 million, up roughly 84% year over year. Adjusted EBITDA is projected between $15 million and $19 million, nearly triple last year’s levels.

Investors say the deal finally gives TeraWulf recurring revenue and visibility that crypto mining never offered.

Is TerraWulf a Good Stock to Buy?

Wall Street is firmly behind the move. Based on 13 analyst ratings over the past three months, TeraWulf holds a “Strong Buy” consensus, with 12 Buys and just one Hold recommendation.

The average 12-month WULF price target sits at $17.10, implying a 4.7% upside from recent levels.

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