AI cloud platform Fluidstack has exercised its option to expand at TeraWulf’s (WULF) Lake Mariner data center campus in Western New York.
The expansion adds CB-5, a new purpose-built data center building providing an incremental 160 MW of critical IT load, with operations expected to commence in the second half of 2026, according to a Monday morning press release.
Alongside, Google (GOOG) is adding $1.4 billion to its backstop supporting the project’s debt financing. In return, Google is receiving warrants for 32.5 million shares of WULF. Google’s total backstop now totals $3.2 billion and its pro forma equity ownership has risen to 14%.
“This expansion underscores the unmatched scale and capabilities of the Lake Mariner campus,” said Paul Prager, CEO of TeraWulf. “By adding CB-5, we are not only increasing our contracted capacity with Fluidstack, but also further deepening our strategic alignment with Google as a critical financial partner in delivering the next generation of AI infrastructure.”
WULF is higher by 10% premarket and now has nearly doubled in price since the Fluidstack/Google news was first announced late last week.