Shares of TeraWulf (WULF) surged 22% after announcing a $9.5 billion AI infrastructure venture with Fluidstack. The 25-year lease agreement will build 168 MW of data center capacity in Texas for AI workloads, with Google backing $1.3 billion of Fluidstack’s obligations.

TeraWulf will hold a 51% stake in the joint venture and secure exclusive rights to develop another 168 MW AI data center project. The company now has 510 MW of computing capacity under contract and aims to add 250 to 500 MW annually.

In a separate update, TeraWulf projects third quarter 2025 revenue between $48 million and $52 million, up 84% from last year. Adjusted EBITDA is expected between $15 million and $19 million, nearly tripling last year’s results.

Read more at Yahoo Finance: TeraWulf Stock Surges 22% After $9.5B Google-Backed AI Compute Deal With Fluidstack