TeraWulf to Expand AI Hosting Agreements With Fluidstack Worth $6.7 Billion

Paul, Weiss is advising TeraWulf Inc., a leading owner and operator of environmentally sustainable digital infrastructure for high-performance computing (HPC) hosting and bitcoin mining, on the financing aspects of a new HPC colocation agreement with Fluidstack, an AI cloud platform that builds and operates HPC clusters. The agreement brings the total contracted revenue with Fluidstack to $6.7 billion over the initial 10-year term, including two five-year extension options, and the total contracted revenue to $16 billion if exercised.

To support the buildout, Google will now backstop $3.2 billion of Fluidstack’s lease obligations for project-related debt financing and received warrants representing an approximately 14% ownership stake in TeraWulf.

The Paul, Weiss team is led by corporate partners David Huntington and Mark Wlazlo, and includes partners Gregory Ezring, Danielle Penhall and David Hong; real estate partners Matthew Dulak and Harris Freidus; and tax partner Reuven Garrett.