TeraWulf (WULF 59.89%) soared 60% on Thursday to close at $8.71, driven by staggering volume -- over 286 million shares traded, more than six times its 3-month average. The jump followed news that the company signed two 10-year AI hosting agreements with Fluidstack, establishing itself as a serious player in hyperscale digital infrastructure. The contracts, valued at $3.7 billion with potential to reach $8.7 billion, will support over 200 megawatts of liquid-cooled IT load at its Lake Mariner data center.
The broader market traded flat by comparison. The S&P 500 inched up 0.03%, while the Nasdaq Composite slipped by 0.01%. Investors showed modest appetite for risk across tech and AI sectors, while TeraWulf bucked the trend with its sector-defining announcement.
Crypto mining peers posted mixed results. MARA Holdings (MARA -0.66%) dipped 0.7% to $15.75, while Riot Platforms (RIOT 5.70%) gained 5.7% to close at $12.25. Still, neither matched the intensity of TeraWulf's rally, which reflected the company's strategic pivot beyond mining.
The game-changing news: Alphabet's Google will backstop $1.8 billion of Fluidstack's lease obligations in support of the project and receive warrants for roughly 8% equity in TeraWulf. With AI infrastructure demand surging, this partnership aligns WULF with a Tier 1 hyperscaler and signals major institutional confidence. The move could fundamentally reshape TeraWulf's long-term trajectory -- and investors took notice.
Market data sourced from Google Finance and Yahoo! Finance on Tuesday, Aug. 14, 2025.
