AI cloud platform Fluidstack has announced its expansion at TeraWulf’s Lake Mariner data center campus in Western New York. The new purpose-built data center building, CB-5, will provide an additional 160 MW of critical IT load, with operations set to begin in the second half of 2026.
In a press release on Monday morning, it was revealed that Google is contributing $1.4 billion to support the project’s debt financing. In exchange, Google will receive warrants for 32.5 million shares of WULF, increasing its total backstop to $3.2 billion and raising its pro forma equity ownership to 14%.
Paul Prager, CEO of TeraWulf, expressed his enthusiasm for the expansion, stating, “This expansion underscores the unmatched scale and capabilities of the Lake Mariner campus. By adding CB-5, we are not only increasing our contracted capacity with Fluidstack but also further deepening our strategic alignment with Google as a critical financial partner in delivering the next generation of AI infrastructure.”
Following this news, WULF’s stock price has surged by 10% in premarket trading, nearly doubling in value since the announcement of the Fluidstack/Google partnership last week.
This expansion represents a significant step forward for Fluidstack and TeraWulf, as they work together to meet the growing demand for AI infrastructure. With Google’s substantial financial support, the project is well-positioned for success in the evolving technology landscape.