TeraWulf (WULF) Investor presentation summary

Transaction overview

• Signed a 10-year AI hosting agreement for over 200 MW hyperscale colocation at Lake Mariner, valued at approximately $3.7 billion in contracted revenue.

• Lease includes 200+ MW critical IT load under contract, with extension options that could add another $5 billion in revenue.

• Google holds an 8% stake and provides a $1.8 billion backstop for Fluidstack's obligations, supporting project debt.

• Fluidstack has a 30-day exclusivity for an additional 160 MW, with all contracted capacity to be delivered by year-end 2026.

Strategic significance

• Secures Fluidstack, a leading AI cloud platform serving major global technology companies.

• Partnership demonstrates hyperscaler-grade infrastructure readiness and long-term alignment with major AI ecosystem players.

• Fluidstack is considering significant near-term expansion at Lake Mariner, reflecting strong tenant confidence.

• Integration of capital, compute infrastructure, and grid-scale energy enables delivery of complex AI projects.

Economic impact

• Expected to generate about $370 million in average annual contracted revenue and $315 million in annual site NOI, with an 85% NOI margin.

• Modified gross lease structure includes annual escalators; capex estimated at $8–$10 million per MW of critical IT load.

• Low-cost, predominantly zero-carbon power is fully passed through to the tenant, supporting efficient cost structure.