Google Backs Bitcoin Miner TeraWulf with $1.8B AI Infrastructure Deal

Google has committed to backstop $1.8 billion in lease obligations for Bitcoin miner TeraWulf under a high-performance computing project with Fluidstack, receiving warrants for a potential 8% stake.
TeraWulf Inc., a prominent Bitcoin mining firm, has secured significant support from Google to advance its high-performance computing (HPC) infrastructure strategy. Under the agreement, Google will underwrite $1.8 billion in lease obligations for Fluidstack, flagging substantial confidence in TeraWulf’s future growth. As part of the deal, Google obtains warrants enabling it to acquire approximately 41 million shares of TeraWulf common stock—representing about an 8% equity stake on a pro forma basis.
This deal empowers TeraWulf to move forward with two long-term 10-year colocation contracts alongside Fluidstack, designed to deliver over 200 megawatts of essential IT load via its Lake Mariner campus. The initial phase of this partnership, totaling nearly $3.7 billion in value, includes two optional five-year extensions that could bring cumulative revenue to $8.7 billion. Implementation is already underway: 40 MW of capacity is expected to go live in the first half of 2026, with the full 200+ MW deployment slated for completion by the end of the year, reinforcing TeraWulf’s role as a premier digital infrastructure provider.
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