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 FluidStackSign Up for Our Free Weekly Newsletter: https://www.powermininganalysis.com/newsletterAnthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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