TeraWulf (WULF) Hits New All-Time High on New $9.5-Billion Fluidstack Deal

We recently published 10 Stocks Soaring by Double Digits; Uranium Stocks Leading. TeraWulf Inc. (NASDAQ:WULF) is one of the top-performing stocks on Tuesday.

TeraWulf soared to a new all-time high on Tuesday, as investors cheered a new $9.5 billion deal with Fluidstack for the joint development of a new data center at the Abernathy campus in Texas.

In intra-day trading, TeraWulf Inc. (NASDAQ:WULF) jumped to its highest price of $17.05 before trimming gains to end the day just up by 16.86 percent at $15.94 apiece.

In a statement, TeraWulf Inc. (NASDAQ:WULF) said it partnered with Fluidstack to jointly develop a new facility capable of powering 168 MW of critical IT load to global AI hyperscalers. The former will hold a majority stake of 51 percent in the facility, while Fluidstack will own the remaining.

bitcoin mining

With a 25-year hosting commitment, the joint venture also has the right to develop subsequent phases at the Abernathy campus beyond the initial 168 MW, leveraging existing transmission and development infrastructure to support incremental high-density capacity additions.

Separately, TeraWulf Inc. (NASDAQ:WULF) said it secured the exclusive right to partner with Fluidstack for up to 51 percent of the next Fluidstack-led data center project capable of powering another 168 MW of critical IT load capacity on substantially similar commercial terms.

Following the transactions, TeraWulf’s contracted HPC platform now exceeds 510 MW of critical IT load, and supported the revised growth strategy targeting an additional 250 MW to 500 MW of contracted critical IT load per year, having already secured 510 MW of contracted critical IT load in the last 10 months.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.