TeraWulf Secures $9.5 billion AI Venture as Stock Soars 25%

- TeraWulf partners with Google-backed Fluidstack to develop AI infrastructure. - The partnership projects $9.5 billion in revenue from a 168 MW Texas data center project. On October 28, 2025, The Block reported that public bitcoin mining company TeraWulf has partnered with Google-backed Fluidstack to form a $9.5 billion joint venture to build a high-performance AI data center in Abernathy, Texas. This project marks TeraWulf’s strategic move beyond cryptocurrency, as the company is now venturing into the artificial intelligence (AI) and high-performance computing (HPC) sectors, which offer significant revenue prospects. This 25-year agreement establishes a 168-megawatt data center, which the partners expect to complete by the second half of 2026. The facility will focus on hosting foundational AI models on a global scale. TeraWulf retains a 51% ownership stake, while Google provides $1.3 billion in lease-backing commitments to secure the venture’s debt. This partnership boosts TeraWulf’s contracted capacity to over 510 MW. In addition, the agreement grants the company exclusive rights to participate in Fluidstack's future expansion endeavors, including another 168 MW project under similar terms. By pursuing long-duration HPC hosting agreements, TeraWulf diversifies its portfolio and signals a noteworthy pivot from its core cryptocurrency mining operations. The announcement triggered a 25% surge in TeraWulf’s stock price, reflecting strong investor confidence. The company also unveiled its preliminary third-quarter earnings, which revealed an estimated revenue increase to between $48 million and $52 million, marking a substantial year-over-year improvement. Wall Street analysts responded positively, with Oppenheimer initiating coverage with an "outperform" rating and setting a $20 price target. Supported by robust revenue forecasts and Google’s financial backing, this joint venture positions TeraWulf at the forefront of the converging AI and crypto infrastructure sectors.