Google becomes top shareholder in TeraWulf

Google acquired a 14% stake in Bitcoin miner TeraWulf, becoming its largest shareholder. The deal links Bitcoin mining with AI and HPC expansion.

Google’s $3.2B backstop secures Fluidstack deal

Tech giant Google has become the largest shareholder of Bitcoin miner TeraWulf, holding 14% of shares. The stake came through financial backing of TeraWulf’s 10-year colocation lease with AI infrastructure provider Fluidstack.

As part of the agreement, Google provided a $3.2 billion backstop, guaranteeing Fluidstack’s long-term commitments at TeraWulf’s Lake Mariner campus in New York. In exchange, Google received warrants to purchase more than 73 million shares.

TeraWulf’s chief strategy officer, Kerri Langlais, said the investment is “powerful validation” of its zero-carbon infrastructure and long-term opportunities.

Expansion of AI and data centers

Fluidstack has exercised its option to expand operations at Lake Mariner with a new data center, expected to launch in the second half of 2026.

Langlais noted that Google’s guarantee applies only to contracted AI and HPC revenues and is unrelated to Bitcoin mining operations. Still, this financial structure ensures strong growth through long-term partnerships.

Mining stays, but AI leads future growth

Following the April 2024 Bitcoin halving, many miners have diversified into AI and HPC hosting to offset reduced mining profitability.

TeraWulf will maintain, but not expand, its Bitcoin mining platform. In the near term, mining provides cash flow and supports the energy grid. Over the long term, however, the company sees greater value in shifting capacity toward AI and HPC, with projected revenues of up to $16 billion through contract extensions.

On market reaction, TeraWulf’s stock (WULF) surged over 70% in five days, peaking at $10.57 before settling at $9.38.