TeraWulf Stock Soars with Google-Backed Joint Venture
By Emon Reiser
Shares for TeraWulf surged after the data center infrastructure company announced a Google-backed joint venture with a lease agreement valued at $9.5 billion, and reported preliminary results for the third quarter.
The stock soared 22% to $16.62 in midday Tuesday trading, on track for its highest close since December 2021. Shares are up 47% month to date and have nearly tripled year to date.
TeraWulf on Tuesday said it entered into a joint venture with artificial intelligence and cloud platform company Fluidstack to develop and operate a data center in Abernathy, Texas, with capacity for 168 megawatts of critical IT load. TeraWulf said the 25-year hosting commitment represents about $9.5 billion in contracted revenue for the joint venture.
Google has backed about $1.3 billion of Fluidstack's long-term lease obligations, while TeraWulf's contributions will be made in installments.
The company also said it expects third-quarter revenue between $48 million and $52 million. Analysts polled by FactSet expect $55.7 million.
"With more than 510 MW of contracted critical IT load now secured, including the new JV announced today, we are operating at a commercial run-rate consistent with our forward strategy of contracting an additional 250 to 500 MW per year," TeraWulf Chief Financial Officer Patrick Fleury said.
Write to Emon Reiser at emon.reiser@wsj.com
(END) Dow Jones Newswires
October 28, 2025 13:21 ET (17:21 GMT)
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