TeraWulf Sells Its Stake in 168 MW Abernathy AI Campus for About $530 Million

TeraWulf has sold its entire 50.1% interest in the joint venture developing a 168-megawatt AI computing campus in Abernathy, according to the company's third-quarter results and quarterly filing released Nov. 6. The buyers are its joint venture partner, a subsidiary of AI cloud company Fluidstack, and "certain other purchasers" the filing does not name. Total consideration is about $530 million, of which TeraWulf has already received $250 million.

The remaining payments are scheduled over the next six months. TeraWulf is owed $150 million on or before Dec. 31, 2026, and about $130 million, subject to adjustments, on or before April 30, 2027. The company recorded a gain of about $95 million on the sale and carried a $272.8 million receivable for it on its Sept. 30 balance sheet.