TeraWulf Inc. (WULF) shares surged 6.2% in premarket trading on Monday, driven by the company's announcement of long-term data center lease agreements with Core42, a unit of G42 focused on cloud and artificial intelligence solutions.
The agreements will see TeraWulf providing more than 70 megawatts of data center infrastructure at its Lake Mariner facility in Upstate New York to host Core42's deployment. The infrastructure will be released for production in stages between the first and third quarters of 2025, with the leases including two five-year renewal options.
This deal with Core42 highlights TeraWulf's strategic positioning in the rapidly growing AI and high-performance computing (HPC) market. Analysts view it as a significant development, with Cantor Fitzgerald stating that the Core42 deal could be the "first of many" for TeraWulf in the AI/HPC space.
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