Abernathy Fluidstack lease (25-year)
Company: TeraWulf - Project: Abernathy HPC Campus
What the later record shows
Outcome not yet confirmed · happened July 6, 2026
No passage confirms the campus was completed or delivered. TeraWulf sold its entire 50.1% interest in the Abernathy JV on July 6, 2026, and Fluidstack will lead the project, so the commitment is no longer TeraWulf's.
“Following the closing of the transaction, Fluidstack will continue to leading the project.”
2026-07-05 · terawulf 8-K exhibit (tm2619468d1_ex99-1.htm) View cached copy (2026-09-04)Live source ↗
“On July 6, 2026, the Company entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with the Fluidstack Member and certain other purchasers”
2026-08-04 · TeraWulf 10-Q filed 2026-08-05 View cached copy (2026-08-31)Live source ↗
“TeraWulf’s 50.1% membership interest in the Abernathy JV was sold on July 6 for aggregate cash consideration of approximately $530 million”
2026-08-27 · TeraWulf Consolidating Schedules (Q2 2026) View cached copy (2026-09-01)Live source ↗Archive.org ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
The 168 MW Abernathy HPC Campus capacity is fully pre-leased to Fluidstack USA III under 25-year data center lease with built-in rent escalators and term contraction options, with completion and delivery targeted for second half of 2026
Source (primary)
TeraWulf 10-K filed 2026-02-27 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “The Abernathy HPC Campus is designed for 168 MW critical IT load, representing the full build-out of the site. This capacity is fully pre-leased to Fluidstack USA III under a 25-year data center lease with built-in rent escalators and options for term contraction... Construction is proceeding in phases, with completion and delivery currently targeted for the second half of 2026.”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
TeraWulf's 2025 10-K states that the 168 MW Abernathy campus is fully pre-leased to Fluidstack USA III under a 25-year lease with rent escalators and term contraction options. It also states that completion and delivery are targeted for the second half of 2026.
Confirmed in the source:
- The Abernathy HPC Campus is designed for 168 MW of critical IT load
- The 168 MW capacity is fully pre-leased to Fluidstack USA III
- The lease is a 25-year data center lease
- The lease includes built-in rent escalators
- The lease includes options for term contraction
- Completion and delivery are targeted for the second half of 2026
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1083301/000108330126000031/wulf-20251231.htm) in full (490,491 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms TeraWulf 10-K filed 2026-02-27
Quote: “The Abernathy HPC Campus is designed for 168 MW critical IT load, representing the full build-out of the site. This capacity is fully pre-leased to Fluidstack USA III under a 25-year data center lease with built-in rent escalators and options for term contraction... Construction is proceeding in phases, with completion and delivery currently targeted for the second half of 2026.”