The hyperscaler’s own equipment in the hall

If the hyperscaler owns servers in a neocloud’s space, how are they protected and removed?

Google may own equipment inside Fluidstack’s space. Google is a third party beneficiary of the landlord’s obligations for loss or damage to it. When the lease ends, the term extends for a transition period Google sets, up to 120 days, so Google can remove its equipment. Google pays that rent unless the lease ended on Fluidstack’s default or a colocation agreement is still running. If Google buys equipment covered by Fluidstack’s site access agreement, Google has four months to remove it and it cannot be treated as abandoned. For a lender to the neocloud, that is a route to sell GPUs to the hyperscaler and get them out.

Randeep Bubbra | Lawyer | Making the next generation of infrastructure financeable · Firm profile · Updated 29 October 2026

What the filed contracts say

Contract	What the filed wording says
Google recognition (TeraWulf)	Google is a third party beneficiary of the landlord’s obligations for loss or damage to Google-owned equipment.
Google recognition (TeraWulf)	The lease extends for a transition period Google sets, up to 120 days. Google pays the rent unless the lease ended on Fluidstack’s default or a colocation agreement is in effect.
Google recognition (TeraWulf)	Equipment Google buys under Fluidstack’s site access agreement may be removed within four months and is not abandoned.

The filed wording

Akela and Fluidstack acknowledge and agree that if Tenant's Personal Property under the Fluidstack Lease includes any Google Property (as defined below) and such Google Property is lost or damaged while in the Tenant Space, then Google will be a third party beneficiary of the provisions of the Fluidstack Lease that relate to Akela’s obligations with respect to such loss or damage of such Google Property, subject to the rights and limitations with respect to such obligations as set forth in the Fluidstack Lease. “Google Property” means equipment or property owned by Google (or its affiliate) that is located in the Tenant Space as shown by reasonable documentary evidence provided by Google.

Google recognition agreement, Lake Mariner, section 2(b) · TeraWulf 8-K, Exhibit 10.1

When the hyperscaler takes over the lease GPU lenders in a colocation facility GPU security: perfecting over GPUs in a third party site Put it on an issues list All contract clauses

On the deal pages

Financings by the parties to these contracts

The latest debt raised by the companies that signed them, with the terms and the sources on each deal page.

Financing	Borrower or issuer	Date	Amount
Revolver	TeraWulf	7 May 2026	US$250m
Raylan Data Hawesville delayed draw bridge	TeraWulf	13 March 2026	US$500m
TeraWulf / Fluidstack Abernathy JV HY project bond	TeraWulf	29 December 2025	US$1.3bn
Convertible notes	TeraWulf	31 October 2025	US$1.02bn
Senior notes	TeraWulf	23 October 2025	US$3.2bn

Method

Each extract is quoted from the contract as filed with the SEC, checked against the filed text when it was added; “…” marks words left out. Filers redact commercial terms, so a [***] or [*] is the filer's, not ours. The summaries describe the wording, not how a court would read it, and each contract's defined terms and other clauses can change the effect. General information drawn from public filings. It is not legal advice on any transaction, and using this page does not create a lawyer-client relationship. Views are personal.