Terawulf has announced the successful pricing of project-level financing for its 168 megawatt (MW) high-performance computing (HPC) joint venture with Fluidstack at its Abernathy, Texas campus. This financing supports construction of a next-generation, liquid-cooled artificial intelligence (AI) data center, which will provide up to 240 MW of gross power capacity, including 168 MW of critical IT load. The long-term hosting structure includes investment-grade credit support supplied through Fluidstack’s platform by a global hyperscale partner, which Terawulf says strengthens the project’s credit quality and capital efficiency.
According to Terawulf, the funding will be applied to construction, reserve establishment, and facility delivery, keeping the project on track for commissioning in the second half of 2026. The Abernathy project employs scalable, repeatable site designs and aims to enable efficient, large-scale AI infrastructure deployment for expanding HPC demand in the data center sector. The initial phase allows for future expansion by leveraging existing land, transmission, and development infrastructure to support additional high-density deployments as demand increases.
Terawulf claims that this structure is among the first large-scale financing transactions in the AI colocation market where the infrastructure owner has funded the majority of development capital. This approach supports the company’s broader strategy to deploy an additional 250 MW to 500 MW of HPC capacity each year, with over 500 MW contracted so far.
“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.”
Source: TeraWulf
