Fluidstack Announces Three Data Center Lease Agreements, Including Data Campus Expansion, With TeraWulf

Reston – August 18, 2025 – Cooley advised Fluidstack, a premier artificial intelligence (AI) cloud platform, on its three 10-year high-performance computing (HPC) colocation lease agreements with TeraWulf, including one pursuant to the exercise of an expansion option at TeraWulf’s Lake Mariner data center campus in Western New York. The agreements represent approximately $6.7 billion in contracted revenue over the initial 10-year terms and include extension options which, if exercised, would bring the total contract revenue to approximately $16 billion. Google is backing the deal by guaranteeing $3.2 billion of Fluidstack’s lease obligations. The deal will deliver more than 360 megawatts of critical IT infrastructure at TeraWulf’s Lake Mariner data center and gives Fluidstack a dedicated footprint to deploy HPC for AI graphics processing units (GPUs). The first phase of operations is expected to commence in the first half of 2026.

Lawyers Michelle Schulman, Daniel Goldberger, Adrienne Deshmukh, Brooke Fritz, Brooke Nussbaum, Bryan Berman and Ryan Naftulin led the Cooley team advising Fluidstack.

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