Fluidstack

Google providing a financial backstop covering obligations for the 15-year base lease term

completed delivery of CB-3 in early July, increasing revenue-generating capacity to 102 MW and satisfying the applicable conditions for $600 million of Google’s credit support for Fluidstack’s lease obligations to become effective.

• 380 critical IT MW with a second tenant, Fluidstack with credit enhancement from Google, commencing in 2026.

On December 17, 2025, Hut 8 Corp., a Delaware corporation (the "Company"), issued a press release (the "Press Release") announcing that it entered into a 15-year lease agreement with a subsidiary of Fluidstack Ltd. ("Fluidstack") for 245 megawatts of IT capacity at the Company's River Bend data center campus in Louisiana, along with certain related transactions, including a financial backstop provided by Google LLC for all rent and certain other financial obligations under the lease agreement.

Extension: Three 5-year renewal options; total value up to $17.7B if all are exercised; ROFO for up to an additional 1,000 MW.

The A&R Fluidstack Lease entitles Fluidstack to an additional 39 MW of critical IT load in a second phase of development (“Phase II”). ... Fluidstack’s obligations to pay rent under the A&R Fluidstack Lease begin on the commencement date of operations for the applicable phase, and will continue for a 10-year term from commencement date of operations for Phase I.

Extension: Two five-year extension options

The Abernathy Campus is initially designed for 240 MW of capacity with potential site expansion to 600 MW. The venture, in which TeraWulf holds up to a 51% controlling interest, includes a 25-year lease with Fluidstack, backed by a $1.3 billion Google credit enhancement, and the right to develop future phases leveraging existing transmission infrastructure.

In August, Akela executed three ten-year Fluidstack leases, backed by Google, providing 450 MW of capacity and approximately $6.7 billion in contracted revenue. These leases, scheduled to be delivered in phases through 2026, are financed and benefit from Google credit enhancement, creating durable, infrastructure-style cash flows.

Executed 10-Year AI Hosting Agreement with Fluidstack and Google

In connection with the Abernathy Datacenter Lease, FS AB entered into a recognition agreement dated September 26, 2025 (the “Datacenter Recognition Agreement”) with Fluidstack and Google LLC (“Google”), pursuant to which Google has agreed to backstop (the “Datacenter Google Backstop”) certain obligations of Fluidstack under the Abernathy Datacenter Lease. ... The Datacenter Google Backstop totals $1.3 billion, commences amortization upon the rent commencement date under the Abernathy Datacenter Lease, and amortizes over 10 years.

On September 26, 2025, FS AB LLC (“FS AB”), an indirect subsidiary of the Joint Venture, as landlord, entered into a lease agreement (the “Abernathy Datacenter Lease”) with Fluidstack USA III Inc. (“Fluidstack”), an affiliate of the Fluidstack Member, as tenant. Under the Abernathy Datacenter Lease, the Joint Venture will provide Fluidstack with a total of 168 MW of critical IT load for high-performance computing (“HPC”) data center operations at the Abernathy HPC Campus. ... The contracted 25-year revenue to the Joint Venture is expected to total approximately $9.5 billion.

Extension: Tenant has options to shorten lease to 20 or 15 years.

On September 25, 2025, Cipher Mining Inc. announced that its wholly owned indirect subsidiary Cipher Barber Lake LLC had entered into a Datacenter Lease (the “Fluidstack Lease”) with Fluidstack USA II Inc., which provides for the development of a data center facility on, and lease to Fluidstack of, Cipher Barber Lake’s facility located in Colorado City, Texas... The Facility is expected to provide 168 megawatts (MW) of critical IT load for high-performance computing data center operations. The Company expects to complete the development and construction of the Facility and deliver the Facility to Fluidstack by September 2026. Fluidstack’s obligations to pay rent under the Fluidstack Lease begin on the commencement date of the lease and will continue for a 10-year term.

Extension: Two 5-year extension options, total ~$7 billion if exercised.

On August 17, 2025, TeraWulf Inc. ... announced that its indirect subsidiary Akela Data LLC (“Akela”) had entered into a Datacenter Lease Agreement for colocation building number 5 (“CB-5”) ... with Fluidstack USA I Inc. ... Akela has agreed to lease property at the Company’s Lake Mariner data center campus in upstate New York to Fluidstack ... The CB-5 Premises will provide more than 160 megawatts (MW) of critical IT load ... Akela is expected to complete construction and deliver the CB-5 Premises to Fluidstack by year end 2026. Fluidstack’s obligations to pay rent under the Fluidstack Lease begin on the completion date of the lease and continue for a 10-year term.

Extension: Press release states total contracted revenue has potential to reach $16 billion with lease extensions, but CB-5-specific extension terms are not stated.

In connection with the new CB-5 lease, Google will provide an incremental backstop of $1.4 billion in support of project-related debt financing and will receive warrants to acquire 32.5 million shares of TeraWulf common stock. ... Google has agreed to backstop (the “Google BackStop”) certain obligations of Fluidstack under the Fluidstack Lease.

10-year, $3.7Bn hyperscale lease with Fluidstack ... Google backstops $1.8Bn of Fluidstack's lease obligations ... 250.0 MW contracted to Fluidstack (online 2026) ... ~$3.7Bn Contract Value Over Initial 10-Year Terms ... $1.8Bn Google Backstop of Fluidstack Obligations in Support of Project Debt ... 10-Year Extension Options Could Add Additional ~$5Bn in Revenue

Extension: 10-year extension options could add additional ~$5Bn in revenue

Google will backstop $1.8 billion of Fluidstack's lease obligations to support project-related debt financing and will receive warrants to acquire approximately 41 million shares of TeraWulf common stock

Akela has agreed to lease property at the Company’s Lake Mariner data center campus in upstate New York to Fluidstack... more than 200 megawatts (MW) of critical IT load... 10-year term. ... approximately $3.7 billion in contracted revenue over the initial 10-year terms and include two five-year extension options which, if exercised, would bring the total contract revenue to approximately $8.7 billion.

Extension: Two five-year extension options, potential total revenue ~$8.7 billion

Fluidstack signed a Letter of Intent to reserve 512 H100 GPUs by the end of January or early February.