TeraWulf Enters Into AI Hosting Agreements With Fluidstack Worth $3.7 Billion 

Paul, Weiss is advising TeraWulf Inc., a leading owner and operator of environmentally sustainable data center infrastructure for high-performance computing (HPC) hosting and bitcoin mining, on the financing aspects of two HPC colocation agreements with Fluidstack, an AI cloud platform that builds and operates HPC clusters. The agreements represent approximately $3.7 billion in contracted revenue over the initial 10-year terms, including two five-year extension options, bringing the total contract revenue to $8.7 billion if exercised.
 
To support the buildout, Google will backstop $1.8 billion of Fluidstack’s lease obligations for project-related debt financing. Google will also receive warrants to acquire approximately 41 million shares of TeraWulf common stock, representing an approximately 8% ownership stake. 
 
The Paul, Weiss team is led by corporate partners David Huntington and Mark Wlazlo, and includes partners Greg Ezring, Danielle Penhall and David Hong; real estate partners Matthew Dulak and Harris Freidus; and tax partner Reuven Garrett.