Terawulf stock rises after securing project financing for AI data center
Investing.com -- Terawulf Inc (NASDAQ:WULF) stock gained 2.5% in premarket trading Friday after the company announced it had secured project-level financing for a 168 MW high-performance computing joint venture in Abernathy, Texas.
The financing will support the development of a liquid-cooled AI data center with up to 240 MW of gross power capacity. The project, a partnership with Fluidstack, benefits from long-term credit enhancement provided by a global hyperscale partner, which strengthens the project’s credit profile.
Proceeds will fund construction, establish required reserves, and complete delivery of the facility, which is scheduled for commissioning in the second half of 2026. The joint venture also retains the ability to expand capacity beyond the initial build.
"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."
The company, which describes itself as a leading owner and operator of vertically integrated, low-carbon digital infrastructure, expects to deploy an additional 250 MW to 500 MW of high-performance computing capacity annually. TeraWulf has already secured more than 500 MW to date and views the current market environment as increasingly favorable.
Gary Wu, CEO and Co-Founder of Fluidstack, noted that the partnership "strengthens our shared ambition to shape and deliver more next-generation capacity in our next joint venture development."
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