TeraWulf secures Google guarantee for $3.2 billion Fluidstack leases at Lake Mariner

TeraWulf has secured a Google backstop guarantee of approximately $3.2 billion for Fluidstack's long-term lease obligations at its Lake Mariner campus in Somerset, New York, alongside warrants giving Google about 14% equity ownership, roughly 73.5 million shares. Crypto Briefing reported the arrangement on October 18, 2026.

How the Google Guarantee Is Structured

Google is not the tenant at Lake Mariner. Fluidstack leases the space, and Google guarantees that Fluidstack will meet those lease obligations. Google's initial commitment in 2025 was $1.8 billion, and the current figure sits at approximately $3.2 billion.

Fluidstack is contracting for approximately 360 MW of critical IT load at Lake Mariner under 10-year contracts. That capacity comes mainly from three buildings on the campus, designated CB-3, CB-4, and CB-5. Energization is scheduled in phases across the second half of 2026 and into 2027. An additional 336 MW is currently under construction to come online in that window, running from H2 2026 to early 2027.

Lake Mariner currently runs at 102 MW of operational capacity. TeraWulf plans to expand the site up to 500 MW, with the potential to reach 750 MW as demand increases. The campus sits on a former coal plant, which means high-voltage grid connections already exist on the property. Specifically, the site features dual 345 kV electrical lines, allowing TeraWulf to expedite its AI and HPC rollout rather than waiting for new infrastructure. TeraWulf projects initial construction costs of $8 million to $10 million per critical IT MW.

CEO Paul Prager's Somerset Operating Company owns the land beneath the Lake Mariner campus. TeraWulf also holds a separate 20-year lease agreement with Anthropic at its Justified Data campus in Kentucky. A recent fire at the Lake Mariner property raised accountability questions among TeraWulf, Fluidstack, and Google, particularly around operations and safety at the site.

TeraWulf's Contracted Capacity and Orderbook

According to akta.pro company records, TeraWulf holds 522 MW of contracted critical IT load with signed customer agreements and controls 2.3 GW of total power capacity across all sites and development pipeline. The company's total AI orderbook stands at $27 billion in combined contracted revenue across three major AI clients, including Anthropic at $19 billion, Core42, and Fluidstack.

TeraWulf signed a 20-year lease agreement with Anthropic in July 2026 for 401 MW of AI computing capacity at its Justified Data campus in Hawesville, Kentucky, expected to generate approximately $19 billion in contracted revenue. In May 2026, TeraWulf acquired the Muskie Data Campus in Eastern Kentucky from Industrial Equity Partners, expanding its pipeline by over 1 GW and growing its total development pipeline by 36% to approximately 3.8 GW.

Earlier TeraWulf Agreements

TeraWulf reported Q2 FY2026 revenue of $44.8 million, down 6% year-over-year, with HPC lease revenue up 52% to $31.9 million, according to Seeking Alpha in October 2026. The company has long-term leases for approximately 839 MW of critical IT load, including a 20-year agreement with Anthropic for approximately $19 billion in contracted revenue.

Kentucky Power and TeraWulf finalized an expanded agreement in October 2026 providing $100 million in customer benefits, Stock Titan reported. TeraWulf will fund residential winter bill credits and agreed to pay estimated financing costs for planned generation construction.

Energization Timeline Through 2027

Fluidstack's contracted capacity at Lake Mariner is scheduled for phased energization across the second half of 2026 and into 2027, with an additional 336 MW under construction to come online in that window.