TeraWulf Secures $9.5B Lease for AI Data Center

In a landmark move that cements its pivot from Bitcoin mining to artificial intelligence, TeraWulf (WULF) announced on January 28, 2026, that it has finalized the project-level financing for its 168 MW high-performance computing (HPC) campus in Abernathy, Texas.

The deal is anchored by a massive 25-year lease agreement with AI cloud provider Fluidstack, projected to generate approximately $9.5 billion in contracted revenue over its term. This partnership, which includes significant backing from Google, represents one of the largest infrastructure commitments in the burgeoning “AI-mining” sector.

The Abernathy AI Campus: A New Blueprint

The Abernathy project marks TeraWulf’s evolution into a dual-purpose digital infrastructure giant, leveraging its access to low-cost, zero-carbon energy for high-density AI workloads.

• The Capacity: The facility will deliver 168 MW of critical IT load (up to 240 MW of gross power capacity).

• Liquid Cooling: The campus is specifically designed as a “next-generation” liquid-cooled data center, essential for handling the extreme heat of the latest AI GPUs (like Nvidia’s Blackwell series).

• The “Google Backstop”: To improve the credit profile for debt financing, Google is backing approximately $1.3 billion of Fluidstack’s long-term lease obligations.

• Timeline: Construction is currently underway, with full commissioning and operations expected to begin in the second half of 2026.

Strategic Pivot & Financial Impact

TeraWulf’s shift is part of a broader trend where Bitcoin miners are repurposing their power-dense sites for AI, which offers more predictable, long-term revenue compared to the volatile crypto market.

“This financing represents another important step in scaling a platform that was designed from the outset to grow. Today’s environment validates our focus on building sites that can adapt as the AI market evolves.” — Paul Prager, CEO of TeraWulf