Shares of TeraWulf (NASDAQ: WULF) jumped more than 25% Tuesday morning after the company announced a pivot to AI.
TeraWulf, one of the largest publicly traded bitcoin miners, is accelerating its shift into artificial intelligence infrastructure through a new joint venture with AI cloud provider Fluidstack.
The companies plan to build 168 megawatts (MW) of high-performance computing capacity at TeraWulf’s Abernathy, Texas, campus under a 25-year hosting agreement valued at roughly $9.5 billion in contracted revenue.
TeraWulf will hold a 51% stake in the venture and retain exclusive rights to participate in Fluidstack’s next ~168 MW project on similar terms. Construction is expected to be completed in the second half of 2026, with the total project costing $8 million to $10 million per MW, the company announced.
To support project financing, Google has committed to back about $1.3 billion of Fluidstack’s long-term lease obligations, improving the credit profile of the joint venture’s debt structure.
No equity issuance or warrants were included as part of the deal.
The announcement expands TeraWulf’s contracted high-performance compute pipeline to more than 510 MW and supports an updated growth strategy targeting 250 MW to 500 MW of new contracted capacity annually.
The company, best known for its bitcoin mining operations, has increasingly leaned into AI-focused data center development amid a market shift toward GPU-based compute demand.
“Securing more than 510 MW of critical IT load in the past 10 months provides a direct proof-point of our growth strategy,” CEO Paul Prager said.
Alongside the expansion, TeraWulf reported preliminary third-quarter revenue of $48 million to $52 million — up roughly 84% from a year earlier — and adjusted EBITDA of $15 million to $19 million.
Bitcoin miners are pivoting to AI
Leading Bitcoin mining companies are switching over to AI on top of their mining efforts. Firms like Marathon Digital, Riot Platforms, and CleanSpark are seeing strong stock gains but are also pivoting toward Artificial Intelligence and High-Performance Computing (HPC), leveraging their large-scale energy and data infrastructure.
This transition positions miners as emerging technology players beyond cryptocurrency, attracting investor interest.
Other companies, including Core Scientific, Bitdeer, and Hut 8, are following suit — Bitcoin miners are becoming key contributors to the AI-driven digital economy while maintaining exposure to Bitcoin.
According to their website, TeraWulf is a U.S.-based digital asset technology company that owns and operates sustainable data centers for high-performance computing (HPC) and bitcoin mining.
