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What does TERAFLOPS stand for?

TERAFLOPS stands for One Trillion Floating Point Operations Per Second

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One TFLOPS is one trillion floating point operations per second, which is equivalent, in theory, to the processing performance delivered by a total of 512 supercomputers linked with each other, according to NEC.
Nasdaq:CRAY) today reported that the new Cray X1(TM) supercomputer has sustained over one trillion floating point operations per second (teraflops) on an Army High Performance Computing Research Center (AHPCRC) unstructured finite element method based fluid dynamics application.
The larger significance of these rankings is that we have demonstrated that a single university lab can achieve terascale performance," added Matsuoka, referring to systems capable of performing a teraflop, or one trillion floating point operations per second.