AI Capex Tracker

TeraWulf Fluidstack Lake Mariner

commitment · Neocloud

About USD 3.7bn1

Approximately. Ten-year base leases. Contracted Fluidstack revenue for two Lake Mariner leases. Optional extensions and Google backstop excluded; not TeraWulf capex. Original disclosure.

Verified

Disclosure dated 2025-08-14

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What this value measures

Customer lease commitments. Contracted Fluidstack revenue for two Lake Mariner leases. Optional extensions and Google backstop excluded; not TeraWulf capex. Source definition.

Keep commitment separate from other value types. Annual totals, forecast vintages, programme components and customer contracts can describe overlapping infrastructure. Read the overlap rules.

The reading

Amounts in source currency, billions
Company / programme Reporting entity, programme owner or contract seller. Editorial grouping follows the named source.
TeraWulf 1
Sector Editorial sector classification based on the disclosed business or programme.
Neocloud 1
Value type Capex is reported expenditure; commitment is a purchase agreement or announced investment; guidance is a forecast; programme budget is a policy envelope. Types are never summed.
commitment 1
Amount bn Monetary amount in billions of the stated currency. The qualifier identifies ceilings, floors and approximations. Null means no exact monetary value disclosed.
3.7 1
Currency Source currency, retained without FX conversion. Applies only to monetary amounts; compare within a single currency.
USD 1
Qualification Reported, approximate, range, upper/lower bound or plan status, as stated in the source.
Approximately 1
Period / horizon Original fiscal period or announced multi-year horizon. Annual totals overlap quarters; future horizons do not imply actual spend.
Ten-year base leases 1
Disclosure date Date of the cited disclosure or its stated update. Null where a precise date was not verified. Access date is separately recorded.
2025-08-14 1
Measurement basis Accounting or contractual definition. Customer lease revenue is a commitment by the customer, not vendor capex; investment plans are prospective.
Customer lease commitments 1

Sources

  1. TeraWulf — Fluidstack Lake Mariner accessed 2026-11-11

Cite this reading

AI Capex Tracker, “TeraWulf Fluidstack Lake Mariner”, https://aicapextracker.com/terawulf-fluidstack-lake-mariner/ (verified 2026-11-11).

Compilation: CC BY 4.0. CSV or JSON with provenance.

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