# 누가 테라울프의 고객인가? 테라울프의 매출은 어디서 오는가?
Canonical: https://valuechain.wiki/terawulf · Facet: customers · Updated: 2026-07-11T10:04:26.856+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**인용용 요약**: 테라울프의 확인된 매출 상대는 알파벳 (구글) 외 익명·묶음 관계 1건이다. 밸류체인 그래프 기준 매출 엣지 2건, 근거 출처 6건 중 1차공시 2건 (valuechain.wiki, 2026-07-11 기준).

### 플루이드스택·HPC (25년 임대) (high)
- metric: contract $9.5B · 25년 리스 누적 · 레이크 마리너 확장+168MW JV 포함
- note: 플루이드스택과 25년 $9.5B HPC 임대(510MW+).
- [confirms] TeraWulf (EN, filing, published 2026-02-01) https://investors.terawulf.com/news-events/press-releases/detail/132/terawulf-reports-fourth-quarter-and-full-year-2025-results: "플루이드스택과 25년 $9.5B HPC 임대(510MW+)."
- [confirms] CoinDesk (EN, research, published 2025-10-28) https://www.coindesk.com/business/2025/10/28/terawulf-stock-surges-22-after-usd9-5b-google-backed-ai-compute-deal-with-fluidstack: "플루이드스택과 25년 $9.5B HPC 임대(510MW+)."
- [confirms] GlobeNewswire (TeraWulf PR) (EN, ir, published 2025-10-28) https://www.globenewswire.com/news-release/2025/10/28/3175363/0/en/TeraWulf-Expands-Strategic-Partnership-with-Fluidstack-Through-New-168-MW-AI-Compute-Joint-Venture.html: "The 25-year lease agreements with Fluidstack represent approximately $9.5 billion in contracted revenue, with Google backstopping $1.3 billion of Fluidstack's lease obligations for the new JV."

### 알파벳 (구글) (high)  → /alphabet.md
- metric: 금액 $4.5B · 리스 백스톱 누적 · 2025.8까지 $3.2B + 10월 JV분 $1.3B
- note: 구글이 플루이드스택 임대 의무 $1.3B 백스톱·지분.
- [confirms] 디지털투데이 (KO, news, published 2025-10-29) https://www.digitaltoday.co.kr/news/articleView.html?idxno=600460: "비트코인 채굴 테라울프, 풀루이드스택과 95억달러 규모 AI 컴퓨팅 계약"
- [confirms] CoinDesk (EN, research, published 2025-10-28) https://www.coindesk.com/business/2025/10/28/terawulf-stock-surges-22-after-usd9-5b-google-backed-ai-compute-deal-with-fluidstack: "구글이 플루이드스택 임대 의무 $1.3B 백스톱·지분."
- [confirms] SEC EDGAR (TeraWulf 8-K) (EN, filing, published 2025-10-28) https://www.sec.gov/Archives/edgar/data/1083301/000110465925102858/tm2529509d1_ex99-1.htm: "TeraWulf Expands Strategic Partnership with Fluidstack Through New 168 MW AI Compute JV"
- [confirms] DCD (EN, news, published 2025-10-28) https://www.datacenterdynamics.com/en/news/cryptominer-terawulf-secures-200mw-lease-with-fluidstack-google-to-take-stake-in-company/: "구글이 플루이드스택 임대 의무 $1.3B 백스톱·지분."
- [confirms] GlobeNewswire (TeraWulf PR) (EN, ir, published 2025-10-28) https://www.globenewswire.com/news-release/2025/10/28/3175363/0/en/TeraWulf-Expands-Strategic-Partnership-with-Fluidstack-Through-New-168-MW-AI-Compute-Joint-Venture.html: "Google's total backstop of Fluidstack's lease obligations reached about $3.2bn by August 2025, plus $1.3bn for the new 168MW JV (with equity stakes in TeraWulf)."

반대 방향: https://valuechain.wiki/terawulf/suppliers.md · 파급: https://valuechain.wiki/terawulf/ripple.md

---
전체 노드: https://valuechain.wiki/terawulf.md · JSON: https://valuechain.wiki/terawulf.json