Fluor Corporation announced a Limited Notice to Proceed with TeraWulf for a large‑scale data‑center project in Kentucky, authorizing Fluor to begin planning and pre‑construction services for the facility. The data center will have access to up to 480 megawatts of grid‑connected power and is part of TeraWulf’s planned investment of $3 billion to $4 billion in a 750‑acre former aluminum processing site in Hawesville, Kentucky. Fluor will recognize its portion of the undisclosed contract value in the first quarter, adding to its already substantial backlog of $25.5 billion, 81 % of which is reimbursable.
The contract underscores Fluor’s continued focus on its Urban Solutions segment, where data‑center construction is a key growth engine amid rising demand for AI‑driven computing infrastructure. Jim Breuer, Fluor’s CEO, said, "Our growing confidence in capturing significant EPC awards in 2026 and into 2027 is supported by an improving capital spending environment and increasing client commitments." He added, "Furthermore, I am pleased that the monetization of our NuScale investment is progressing well and that we are returning significant value to our shareholders. We are confident that our diversified portfolio and strong capital position will support the delivery of our growth strategy."
John Palmer, Fluor’s Senior Vice President for Advanced Technologies, commented on the project: "TeraWulf is seeking a long‑term partner to deliver full integration capabilities on a large scale. TeraWulf values Fluor's ability to deliver quality and safety without sacrificing speed. Our world class data center team is ready to support this strategic project through disciplined, end‑to‑end project delivery."
The data‑center market is experiencing significant growth driven by AI and high‑performance computing demands. Fluor’s strategic win aligns with its broader effort to capture a larger share of the high‑growth infrastructure market, complementing its recent guidance for 2026 of adjusted EBITDA between $525 million and $585 million and adjusted EPS between $2.60 and $3.00. While the contract value remains undisclosed, the project’s scale and power capacity position Fluor to benefit from the expanding data‑center economy and reinforce its backlog strength.
The announcement follows Fluor’s Q4 2025 results, which included a GAAP net loss of $1.6 billion and an adjusted EPS of $0.33 versus an estimate of $0.34. The company’s revenue of $4.18 billion also missed estimates of $4.27 billion. Despite these misses, management highlighted confidence in its capital position and execution capabilities, reinforcing the strategic importance of new large‑scale contracts such as the TeraWulf project.
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