TeraWulf and Fluidstack Announce Successful Pricing of Project Financing for 168 MW HPC Compute Joint Venture
Rhea-AI Summary
TeraWulf (Nasdaq: WULF) and Fluidstack announced successful pricing of project-level financing for a 168 MW high-performance computing joint venture at the Abernathy, Texas campus. The facility will deliver up to 240 MW gross power capacity (168 MW critical IT load) under a long-term hosting structure with investment-grade credit support from a hyperscale partner via Fluidstack’s platform. Proceeds will fund construction, reserves, and delivery, with commissioning expected in H2 2026. The joint venture can expand beyond the initial phase; TeraWulf reports >500 MW secured and aims to deploy 250–500 MW of HPC capacity annually.
Positive
- Project financing closed for 168 MW critical IT load
- Facility design delivers 240 MW gross power capacity
- Commissioning targeted for H2 2026
- Long-term credit enhancement from a hyperscale partner
- Company has secured >500 MW and plans 250–500 MW annual deployment
Negative
- None.
News Market Reaction
On the day this news was published, WULF gained 1.90%, reflecting a mild positive market reaction. Argus tracked a peak move of +6.8% during that session. Our momentum scanner triggered 45 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $101M to the company's valuation, bringing the market cap to $5.40B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
WULF fell -10.93% while key peers like HUT (-10.05%), MARA (-4.95%), and CIFR (-1.62%) were also down, but scanner data shows no coordinated sector momentum and no peers in the momentum list.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 25 | Preferred conversion | Positive | +10.4% | Mandatory conversion of Series A preferred into common after price trigger. |
| Nov 10 | Earnings release | Positive | +2.6% | Q3 2025 revenue growth and progress in HPC expansion and financing. |
| Oct 31 | Earnings call setup | Neutral | +3.9% | Announcement of schedule and access details for Q3 2025 call. |
| Oct 31 | Convertible notes close | Positive | +3.9% | Closing of $1.025B 0.00% convertible notes for Abernathy and general use. |
| Oct 29 | Convertible upsizing | Negative | -9.0% | Upsize and pricing of $900M 0.00% convertible notes due 2032. |
Recent news, including financings and earnings, has generally seen price moves aligned with the perceived positivity or negativity of the announcements.
Over the last few months, TeraWulf has focused on funding and scaling its Abernathy, Texas data center and broader HPC strategy. Convertible note offerings on Oct 29–31, 2025 raised substantial capital, with an upsized deal drawing a -9.03% reaction. Q3 2025 results on Nov 10 highlighted rapid revenue growth and large long-term contracts, followed by a modest gain. A mandatory preferred conversion announced on Nov 25 preceded a 10.37% rise. Today’s project financing update fits this ongoing build-out narrative.
Market Pulse Summary
This announcement details project-level financing for a 168 MW HPC joint venture at Abernathy, enabling a next-generation AI data center with up to 240 MW of power capacity. It reinforces TeraWulf’s strategy to deploy 250–500 MW of incremental HPC capacity annually, with more than 500 MW already secured. In context of earlier Abernathy-focused financings, execution timing, construction progress into 2H 2026, and future contract visibility remain key metrics to monitor.
Key Terms
high-performance computing technical
ai data center technical
liquid-cooled technical
project-level financing financial
hyperscale technical
colocation technical
AI-generated analysis. Not financial advice.
Milestone financing reinforces strategic partnership, expanding AI demand, and continued improvement in market economics
EASTON, Md., Dec. 18, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, low-carbon digital infrastructure, today announced the successful pricing of project-level financing for their previously disclosed 168 MW high-performance computing (HPC) joint venture at the Abernathy, Texas campus.
The financing supports the development of a next-generation, liquid-cooled AI data center delivering up to 240 MW of gross power capacity (168 MW of critical IT load) under a long-term hosting structure with investment-grade credit support. The financing benefits from long-term credit enhancement provided through Fluidstack’s platform by a leading global hyperscale partner, materially strengthening the project’s credit profile and supporting efficient capital formation.
Proceeds will be used to fund construction, establish required reserves, and complete delivery of the facility, which remains on track for commissioning in the second half of 2026.
A Scalable Partnership Positioned for Sustained HPC Demand
The Abernathy project reflects the continued evolution of the TeraWulf–Fluidstack partnership, built on repeatable site design, disciplined capital formation, and efficient delivery of large-scale AI infrastructure. Together, the parties bring deep experience across development, financing, construction, and operations – enabling rapid deployment of capacity at scale.
Demand for high-performance HPC compute continues to grow at a pace that requires multiple sourcing paths and diverse infrastructure partners. Fluidstack’s platform serves a broad and expanding customer base, and capacity procurement is driven by a combination of time-to-market, total cost, reliability, and execution certainty. Within this environment, the Abernathy campus is positioned as a highly competitive solution given its scale, power availability, and advanced design.
In addition to the initial 168 MW phase, the joint venture retains the ability to expand capacity beyond the initial build, leveraging existing transmission, land, and development infrastructure to support incremental, high-density deployments as market demand continues to scale.
Early Leadership, Improving Economics
TeraWulf and Fluidstack have been early leaders in structuring and financing AI compute infrastructure, including executing one of the first large-scale transactions where the infrastructure owner funded the majority of development capital, establishing an early strategic relationship between the parties, and completing one of the first project financings of its kind in the AI colocation market.
As AI demand has accelerated and available capacity has tightened, market terms have continued to improve, particularly for owners with scalable sites and execution-ready platforms. The Company expects to deploy an incremental 250 MW – 500 MW of HPC capacity annually and has already secured more than 500 MW to date. With a substantial portion of its pipeline still available for contracting, the Company views the current market environment as increasingly favorable.
Leadership Commentary
“This financing represents another important step in scaling a platform that was designed from the outset to grow,” said Paul Prager, Chief Executive Officer of TeraWulf. “We focused early on building sites, relationships, and structures that could adapt as the AI market evolved. Today’s environment validates that approach.”
“Fluidstack is pleased to build on its existing partnership with TeraWulf through this financing for our Abernathy project," said Gary Wu, CEO and Co-Founder of Fluidstack. "This partnership strengthens our shared ambition to shape and deliver more next-generation capacity in our next joint venture development."
About TeraWulf
TeraWulf develops, owns, and operates environmentally sustainable, industrial-scale data center infrastructure in the United States, purpose-built for high-performance computing (HPC) hosting and bitcoin mining. Led by a team of veteran energy infrastructure entrepreneurs, TeraWulf is committed to delivering scalable, low-carbon compute capacity for next-generation AI and HPC customers.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (3) TeraWulf’s ability to perform under its existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in TeraWulf’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in TeraWulf’s filings with the SEC, which are available at www.sec.gov.
Contacts
Investors: investors@terawulf.com
Media: media@terawulf.com
FAQ
What did TeraWulf (WULF) finance for the Abernathy HPC joint venture on December 18, 2025?
How much power capacity will the Abernathy facility provide and when will it commission?
What role does Fluidstack play in the Abernathy project for WULF?
How will TeraWulf use the proceeds from the Abernathy project financing?
Can the Abernathy joint venture expand beyond the initial 168 MW for WULF shareholders?
What capacity targets did TeraWulf cite and how much capacity is already secured?
