"The Bitcoin miner and high-performance computing (HPC) operator is coming off a transformative summer, having announced a landmark 10-year, 200+ megawatt AI hosting agreement with Fluidstack - a deal backed by Google with a $1.8 billion lease guarantee and 8% equity stake in TeraWulf. The partnership fundamentally changes WULF's credit profile and positions the company as a key player in AI data infrastructure, a move CEO Paul Prager called "a cornerstone for next-generation compute.""
"1. Fluidstack and Google Partnership ExecutionThe 10-year AI hosting deal at Lake Mariner could deliver $350M in annual revenue with site-level margins of roughly 85%. Deployment starts in early 2026, and investors will look for early progress updates and financing structure clarity. 2. Core42 Ramp and HPC TransitionCore42's WULF Den and CB-1 are now revenue-generating, with CB-2 on track for Q4. CFO Patrick Fleury noted Q2 adjusted EBITDA of $14.5M, a turnaround from a $4.7M loss in Q1, marking a major inflection in profitability as hosting grows."
TeraWulf secured a 10-year, 200+ megawatt AI hosting agreement with Fluidstack that includes a $1.8 billion lease guarantee and an 8% equity stake from Google. The deal could produce roughly $350 million in annual revenue at site-level margins near 85%, with deployment beginning in early 2026. Core42-related sites (WULF Den and CB-1) are generating revenue and CB-2 targets Q4. Q2 adjusted EBITDA reached $14.5 million versus a $4.7 million loss in Q1. The company self-mined 485 Bitcoin in Q2, power costs normalized at $0.05/kWh, and management expects mining to contribute positively to EBITDA in H2 2025.
Read at 24/7 Wall St.
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