Core42, the AI infrastructure arm of Abu Dhabi's G42, has signed long-term data center lease agreements with Maryland-based TeraWulf for over 70 MW of digital capacity. The agreement includes provisions to scale capacity by an additional 135 MW. Located at Lake Mariner in Upstate New York, the facility is equipped for AI compute and Bitcoin mining and is anticipated to come online in 2025.

Why This Matters

Core42's expansion into Upstate New York deepens the UAE's investment in the physical infrastructure backing American AI innovation. At the Lake Mariner facility, Core42 will deliver secure, US-based AI and cloud capabilities for American firms. The long-term lease signals a durable commitment to the US market and strengthens the foundation for UAE-US collaboration in the digital economy.

“Our strategic relationship with G42, and most specifically with Core42, positions TeraWulf at the intersection of two of today’s most transformative computational networks: AI compute and Bitcoin mining.” – Paul Prager, CEO, TeraWulf.

Full Press Release: TeraWulf to Deliver over 70 MW of Data Center Infrastructure for G42’s US Operations

TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced the signing of long-term data center lease agreements with Core42, a G42 company specializing in sovereign cloud, AI infrastructure, and digital services.

Under the data center lease agreements, TeraWulf will deliver over 70 megawatts (MW)1 of turn-key data center infrastructure to host Core42’s deployment at the Lake Mariner facility in Upstate New York. The infrastructure will be released for production in phases between Q1 and Q3 2025.

TeraWulf will customize the data halls to support Core42’s GPU clusters, which will feature state-of-the-art Dell Integrated Rack Scalable Solutions, the Dell IR5000. These integrated racks include direct liquid cooled Dell PowerEdge XE9680L GPU servers and will come online in phases.

The data center leases reflect TeraWulf’s strategic extension into AI-driven computing, complementing its profitable Bitcoin mining operations and aligning with the Company’s mission to leverage scalable, sustainable energy to power the digital economy.

Leadership Commentary

“Our strategic relationship with G42, and most specifically with Core42, positions TeraWulf at the intersection of two of today’s most transformative computational networks: AI compute and Bitcoin mining,” said Paul Prager, Chief Executive Officer of TeraWulf. “The surging demand for scalable, energy-efficient infrastructure presents a tremendous opportunity. Our ability to rapidly deliver customized, predominantly zero-carbon-powered solutions solidifies our position as a leader in the digital infrastructure space. This agreement not only diversifies our revenue streams but also significantly enhances our long-term earnings potential.”

Nazar Khan, Chief Technology Officer of TeraWulf, emphasized the strength of the collaboration by remarking, “Core42’s entrepreneurial vision and impressive growth trajectory make them an exceptional partner. Together, we are uniquely equipped to meet the growing demand for AI-driven computing solutions.”

“TeraWulf’s Lake Mariner facility represents an ideal match for Core42’s expanding next-generation digital infrastructure in North America,” said Edmondo Orlotti, Chief Growth Officer of Core42. “The facility’s access to predominantly zero-carbon power, combined with TeraWulf’s demonstrated ability to rapidly deploy customized data center solutions, aligns perfectly with our commitment to sustainable, high-performance AI compute infrastructure.”

Arthur Lewis, President of the Infrastructure Solutions Group at Dell Technologies commented: “Dell Technologies is committed to empowering organizations of all types with tools like the Dell AI Factory to thrive in a data-driven world. With TeraWulf and Core42, we’re delivering industry-leading, liquid-cooled server solutions that enable scalable, sustainable data center infrastructure, accelerating AI innovation across industries.”

Financial Highlights

The data center leases include two five-year renewal options, providing a long-term, stable, high-margin revenue stream for TeraWulf. Additionally, the data center lease agreements include provisions for expanding near-term hosting capacity for Core42 by an additional 135 MW gross, which is equivalent to 108 MW of critical IT load, underscoring the potential for future scalability and revenue growth.