Google Boosts Stake in Bitcoin Miner TeraWulf, Committing $1.4 Billion for US Data Center Expansion

TeraWulf’s stock experienced a significant surge, climbing over 10%, following Google’s increased stake in the bitcoin mining and data center operator. This development comes as part of an expansion plan for TeraWulf’s facility in Lake Mariner, New York.

Google will provide up to $1.4 billion in additional funding, increasing its total investment to approximately $3.2 billion. This enhancement elevates Google’s ownership stake in TeraWulf from 8% to 14%, allowing for the acquisition of around 32.5 million shares of the company’s stock.

In a statement, TeraWulf’s CEO, Paul Prager, emphasized that this agreement strengthens the company’s strategic partnership with Google, aiming to construct advanced artificial intelligence infrastructure.

Last week, shares soared after TeraWulf secured two 10-year computing agreements with AI cloud provider Fluidstack, offering over 200 megawatts of capacity at its Lake Mariner data center site in Western New York. This surge has resulted in a nearly 90% increase in share price over the past week.

Prager was quoted last week stating, “This is a game-changer in the industry…Lake Mariner is the place.”

Monday’s announcement boosted the critical IT load to over 360 MW, with Fluidstack exercising an option for another 160 MW at Lake Mariner. TeraWulf further revealed that this agreement guarantees $6.7 billion in contracted revenue and could potentially reach as high as $16 billion through lease extensions.

Operations at the facility are slated to commence in the second half of 2026. Nazar Khan, TeraWulf’s CTO, expressed his enthusiasm about Fluidstack’s prompt decision to expand, stating, “Fluidstack’s expansion so soon after our initial agreement speaks volumes about the quality, readiness, and scalability of our infrastructure.”

Independently, TeraWulf announced plans to issue $400 million in convertible senior notes due in 2031.