# Who are TeraWulf's customers? Who does TeraWulf earn revenue from?
Canonical: https://valuechain.wiki/terawulf · Facet: customers · Updated: 2026-07-11T10:04:26.856+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: TeraWulf's confirmed revenue counterparties include 알파벳 (구글) plus 1 undisclosed/aggregate relationship. Per the valuechain.wiki graph: 2 revenue edges, backed by 6 dated sources, 2 of them primary filings (as of 2026-07-11).

### 플루이드스택·HPC (25년 임대) (high)
- metric: contract $9.5B · 25년 리스 누적 · incl. Lake Mariner expansions and 168MW JV
- note: 25-year $9.5B HPC lease with Fluidstack (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: "25-year $9.5B HPC lease with Fluidstack (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: "25-year $9.5B HPC lease with Fluidstack (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: "25-year Fluidstack leases represent ~$9.5bn contracted revenue; Google backstops $1.3bn for the new JV."

### 알파벳 (구글) (high)  → /alphabet.md
- metric: Amount $4.5B · 리스 백스톱 누적 · $3.2B by Aug 2025 plus $1.3B for the Oct JV
- note: Google backstops $1.3B of the Fluidstack lease and takes a stake.
- [confirms] Digital Today (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: "Google backstops $1.3B of the Fluidstack lease and takes a stake."
- [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/: "Google backstops $1.3B of the Fluidstack lease and takes a stake."
- [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 cumulative backstop: ~$3.2bn by Aug 2025 plus $1.3bn for the new JV."

Reverse side: https://valuechain.wiki/terawulf/suppliers.md · Ripple: https://valuechain.wiki/terawulf/ripple.md

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Full node: https://valuechain.wiki/terawulf.md · JSON: https://valuechain.wiki/terawulf.json