TeraWulf announces Fluidstack expansion with 160 MW CB-5 lease

TeraWulf (WULF) announced that Fluidstack has exercised its option to expand at the Company’s Lake Mariner data center campus in Western New York. The expansion adds CB-5, a new purpose-built data center building providing an incremental 160 MW of critical IT load, with operations expected to commence in the second half of 2026. In connection with the new CB-5 lease, Google (GOOGL) will provide an incremental backstop of $1.4B in support of project-related debt financing and will receive warrants to acquire 32.5M shares of TeraWulf common stock. With this incremental commitment, Google’s total backstop increases to approximately $3.2B, and its total pro forma equity ownership in TeraWulf increases to approximately 14%. The CB-5 lease is on the same economic terms as the initial Fluidstack leases for CB-3 and CB-4, maintaining consistency in structure and economics across the buildout. The CB-5 expansion builds on the previously announced agreements under which TeraWulf is delivering more than 200 MW of AI-optimized data center capacity to Fluidstack at Lake Mariner. With CB-5, total contracted critical IT load for Fluidstack at the campus increases to approximately 360 MW, reinforcing Lake Mariner’s position as one of the largest high-performance computing campuses in the U.S. TeraWulf and Fluidstack are also engaged in ongoing discussions regarding additional capacity expansions.