Terawuf announced it signed two, 10-year HPC colocation agreements with Fluidstack, which operates an AI cloud platform. Per the deal, TeraWulf will deploy more than 200 Megawatts (MW) of critical IT load at its Lake Mariner data center campus in Western New York.

The agreements represent about $3.7 billion in contracted revenue over the initial 10-year terms. They also include two, five-year extension options, which could bring the total contracted revenue to around $8.7 billion.

Google (GOOGL) plans to backstop $1.8 billion of Fluidstack's lease obligations to support the buildout and project-related debt financing. In return, Google will receive around 41 million shares of TeraWulf stock, giving it about an 8% stake in the company.