TeraWulf–Fluidstack Abernathy HPC Campus
Overview
TYPE3’s map data labels Abernathy retail/network colocation in Hale County with construction status, 168 MW, announced 2025, and operational 2026. First-party materials describe an HPC hosting campus, not a multi-tenant carrier hotel. TeraWulf’s 28 October 2025 release described 168 MW of critical IT load for a hyperscale AI platform, about $9.5 billion in contracted revenue over a 25-year term, a 51% TeraWulf target stake, and Google backing about $1.3 billion of Fluidstack’s long-term lease obligations. Gross power was 240 MW, with delivery expected in the second half of 2026. Investor materials place the 120-acre site in Abernathy on SPP, with Xcel Energy / Southwestern Public Service as the utility context, not ERCOT.
Construction and contracted capacity do not establish energized IT. TeraWulf’s Q2 2026 materials and 10-Q notes state that on 6 July 2026 the company sold its 50.1% membership interest in the Abernathy joint venture to a purchaser group led by Fluidstack for about $530 million, payable in three installments. Fluidstack continues to lead the project. The 2026 operational year is a target, not proof of a live campus. The disclosed product is HPC hosting, not bitcoin mining. Abernathy remains separate from Google’s self-built Haskell/Thelma pages, and Google’s role is lease backstop rather than campus operator.
Questions
Is the Abernathy campus operating?
No first-party source reviewed here shows energized customer IT. The original delivery target was the second half of 2026. The evidence supports construction/contracted status, not live load.
Does 168 MW mean current power use?
No. 168 MW is contracted critical IT under the Fluidstack lease. 240 MW is gross facility power. Neither figure is a measured operating load.
Does TeraWulf still own Abernathy?
TeraWulf sold its 50.1% JV interest on 6 July 2026 to a Fluidstack-led group. Fluidstack continues to lead. TeraWulf is not the current majority owner.
Sources
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