TeraWulf Inc. announced on December 18, 2025 that it has priced project‑level financing for its 168‑MW high‑performance computing (HPC) joint venture at the Abernathy, Texas campus. The debt, structured with credit enhancement through Fluidstack’s platform and a leading hyperscale partner, will provide the capital needed to fund construction, establish reserves, and complete delivery of the facility, which is slated to commission in the second half of 2026.
The financing supports a liquid‑cooled AI data center that can deliver up to 240 MW of gross power capacity, with 168 MW dedicated to critical IT load. The project’s design and financing structure position TeraWulf to meet the growing demand for AI and HPC workloads while maintaining a low‑carbon footprint through its vertically integrated model that combines Bitcoin mining with HPC hosting.
This capital raise aligns with TeraWulf’s strategy to deploy 250–500 MW of new HPC capacity annually. The Abernathy joint venture adds 168 MW of capacity with expansion potential up to 600 MW, reinforcing the company’s ability to scale quickly. CEO Paul Prager said, “This financing represents another important step in scaling a platform that was designed from the outset to grow. We focused early on building sites, relationships, and structures that could adapt as the AI market evolved.”
The partnership with Fluidstack and the credit enhancement from a hyperscale partner underscore the confidence in the project’s viability and TeraWulf’s execution capabilities. Fluidstack CEO Gary Wu added, “This partnership strengthens our shared ambition to shape and deliver more next‑generation capacity in our next joint venture development.” The financing strengthens TeraWulf’s credit profile and demonstrates its ability to secure project‑level debt for large‑scale AI infrastructure.
TeraWulf’s dual‑business model—combining Bitcoin mining with HPC hosting—allows it to maximize energy resource utilization while delivering high‑performance computing services. The liquid‑cooled design of the Abernathy facility further enhances energy efficiency and aligns with the broader industry shift toward greener data‑center solutions. The financing positions TeraWulf to capture a larger share of the rapidly expanding AI and HPC market, supporting its long‑term growth trajectory.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.