Google has provided a backstop guarantee of approximately $3.2 billion for long-term lease obligations of Fluidstack at the Lake Mariner data center campus in New York. This figure represents an increase from the initial $1.8 billion commitment made in 2025.
As part of the agreement, Google acquired warrants representing about 14% equity ownership in TeraWulf, which equates to roughly 73.5 million shares. Fluidstack is currently contracting for approximately 360 MW of critical IT load at the site under 10-year contracts.
The Lake Mariner campus, located on a former coal plant site, currently operates at 102 MW. TeraWulf intends to expand capacity to 500 MW, with a potential increase to 750 MW. The site utilizes dual 345 kV electrical lines for high-voltage grid connectivity.
Construction of an additional 336 MW is underway, with phased energization scheduled between the second half of 2026 and 2027. TeraWulf estimates initial construction costs for the project at $8 million to $10 million per critical IT MW.
