TechFlow news, October 28 — According to The Block, Bitcoin mining company TeraWulf announced a partnership with AI cloud platform Fluidstack to develop a 168-megawatt AI data center in Abernathy, Texas. Backed by a $1.3 billion lease commitment from Google, the project is expected to generate approximately $9.5 billion in contract revenue for the joint venture, with TeraWulf holding 51% ownership.
The facility will serve global hyperscale AI platforms focused on cutting-edge foundational models and is expected to be completed in the second half of 2026. Project costs range between $8 million and $10 million per megawatt of critical IT load, to be financed through project-level debt supported by Google's lease obligations.
Meanwhile, TeraWulf released preliminary third-quarter results, reporting revenue between $48 million and $52 million, representing an approximate 84% year-over-year increase. The company attributed its growth to a strategic shift toward long-term high-performance computing hosting contracts backed by investment-grade counterparties.
