Google lease backstop for Fluidstack
Company: TeraWulf
The claim, verbatim
Google backstops $4.5 billion of Fluidstack's lease obligations, fully covering debt exposure
Source (primary)
Investor Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-09-01)Live source ↗
Quote: “Google backstops totaling $4.5Bn of Fluidstack's lease obligations”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The presentation gives the $4.5 billion total Google backstop across all leases. It separately states that the $3.2 billion Google lease backstop tied to the notes fully covers debt exposure.
Confirmed in the source:
- Google backstops a total of $4.5 billion of Fluidstack's lease obligations across all leases
- Google's lease backstop fully covers the debt exposure of the $3.2 billion notes
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_0c87b48cb4d1c6967968c7d0c3e5933d/terawulf/db/2396/23306/pdf/WULF_Q3_2025_Investor_Update_%28Nov_2025%29vF.pdf) in full (31,442 characters, retrieved September 1, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Investor Presentation
Quote: “Google backstops totaling $4.5Bn of Fluidstack's lease obligations”