Fluidstack Announces Joint Venture With TeraWulf
Reston – October 28, 2025 – Cooley advised Fluidstack, a premier artificial intelligence (AI) cloud platform, on the execution of a long-term high-performance computing joint venture with TeraWulf. Under the agreement, the parties will develop and deliver 168 megawatts (MW) of critical IT load at TeraWulf’s Abernathy, Texas, campus, serving workloads for a global hyperscale AI platform developing frontier-scale foundation models, backed by an investment-grade, long-duration infrastructure commitment through Fluidstack’s platform. The joint venture also has the right to develop subsequent phases at the Abernathy campus beyond the initial 168 MW, leveraging existing transmission and development infrastructure to support incremental high-density capacity additions.
Separately, TeraWulf has secured the exclusive right to partner with Fluidstack for up to 51% of the next Fluidstack-led ~168 MW data center project on substantially similar commercial terms.
Lawyers Adam S. Bloom, Priya Patel, Jeremy Gentile, Alice Wu, Michelle Schulman, Daniel Goldberger, Adrienne Deshmukh, Todd Gluth, Stephanie Gentile and David Dalton led the Cooley team advising Fluidstack.
This is the sixth deal in which Cooley has represented Fluidstack this year, including the company’s data center lease agreement with Cipher Mining in September 2025 and three data center lease agreements with TeraWulf in August 2025, with a combined value of $19 billion+ and a total of nearly 700 MW.
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