TeraWulf - CFO Patrick Fleury Q&A - Fluidstack & Google JV Deal Analysis!

Power Mining Analysis

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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Luvut

1. Welcome And Guest Introduction (00:00:00)

2. Breaking Down The New FluidStack JV (00:01:23)

3. Financing Innovation And Google’s Backstop (00:05:20)

4. Why SPP Beats ERCOT For Growth (00:09:45)

5. National Data Center Design And PUE (00:13:14)

6. Bitcoin Mining’s Role And Load Flexibility (00:18:20)

7. Co-Location vs GPUaaS Business Models (00:22:36)

8. Pipelines, Power Queues, And Reality Checks (00:27:02)

9. Debt Structure, Ratings, And Free Cash Flow (00:33:04)

10. Execution Playbook And Liquidity Strategy (00:38:04)

11. Economics: NOI, Leases, And Pass-Through Power (00:43:05)

12. Closing Thoughts And Earnings Tease (00:48:05)