TeraWulf’s CFO Patrick Fleury walks through a new Google-backed FluidStack JV, why SPP beats ERCOT for timelines, and how a rated, callable debt structure unlocks scale. We compare co-location to GPUaaS, unpack NOI math, and outline a repeatable playbook for AI-ready, water-cooled data centers.

• Google-supported FluidStack JV structure and equity split
• Rationale for SPP over ERCOT and interconnect realities
• Standardized high-density, water-cooled design and PUE nuance
• Co-location economics, NOI targets, and pass-through power
• Debt strategy, ratings, and path to bullet refinancing
• Pipeline discipline vs speculative megawatt claims
• Bitcoin mining as flexible grid service, not core model
• Exclusivity for site expansion and future projects with FluidStack

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