Google termination fee backstop for Flash Compute
Company: TeraWulf
The claim, verbatim
Google has committed to a $1.3 billion termination fee to assume the Flash Compute data center lease upon Fluidstack insolvency or payment default, unless six years have passed or equipment capacity is below 50% of baseline capacity
Source (primary)
terawulf 8-K exhibit (tm2533501d1_ex99d1.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-09-23)Live source ↗
Quote: “Google must assume the lease upon an FS insolvency or payment default, unless (i) the first 6 years of the DC Lease term have passed or (ii) the premises only has equipment installed capable of consuming less than 50% of Baseline Capacity... Initial FS Termination Fee 1,300”
How we checked this
Checked on September 26, 2026. The cited source supports part of this claim, but not all of it.
The document supports both Google's lease-assumption obligation with its two exceptions and a $1.3 billion termination-fee backstop. It does not tie the fee to assuming the lease as the claim does.
Confirmed in the source:
- Google must assume the data center lease upon a Fluidstack insolvency or payment default, unless the first 6 years of the lease term have passed or installed equipment can consume less than 50% of Baseline Capacity
- The presentation models an initial Fluidstack termination fee of $1,300 million, labeled as paid by Google and described as a Google backstop
We could not confirm this from the cited source:
- That the $1.3 billion termination fee is the mechanism by which Google assumes the lease; the document presents the lease-assumption obligation and the termination-fee backstop as separate items, with the fee shown in a scenario that assumes early termination
That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1083301/000110465925122293/tm2533501d1_ex99d1.htm) in full (12,131 characters, retrieved September 23, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms terawulf 8-K exhibit (tm2533501d1_ex99d1.htm)
Quote: “Google must assume the lease upon an FS insolvency or payment default, unless (i) the first 6 years of the DC Lease term have passed or (ii) the premises only has equipment installed capable of consuming less than 50% of Baseline Capacity... Initial FS Termination Fee 1,300”