TeraWulf Seeks $3B for Google-Backed Data Centers

Bitcoin miner TeraWulf plans to raise $3 billion via Morgan Stanley to build data centers, with Google committing an extra $1.4 billion in support.

Google support and new funding plans

TeraWulf, a U.S.-based crypto mining company, is reportedly preparing to raise about $3 billion through Morgan Stanley to expand its data center infrastructure. According to Bloomberg, Google will provide a $1.4 billion backstop to secure the financing package.

The deal could launch in October through the high-yield bond or leveraged loan markets. With Google’s involvement, the transaction may secure a stronger credit rating. However, terms are still under discussion, and a final agreement has yet to be confirmed.

AI boom drives demand for infrastructure

The rapid growth of artificial intelligence has created shortages of data center space, GPUs, and reliable energy. Mining firms like TeraWulf are well-positioned, as they already control critical resources: infrastructure and secured power capacity.

In August, TeraWulf signed a 10-year colocation lease worth $3.7 billion with AI provider Fluidstack. The deal, also backed by Google, gave the tech giant a 14% equity stake in the miner. With both agreements combined, Google’s commitment to TeraWulf now totals $3.2 billion, signaling strong confidence in crypto-to-AI infrastructure.

Market reaction and similar partnerships

TeraWulf stock (WULF) spiked 12% to $11.72 on Thursday before closing at $10.97. Since January 2025, shares have gained 94%.

Meanwhile, Cipher Mining announced a similar partnership with Fluidstack. Google acquired a 5.4% stake in Cipher and agreed to backstop $1.4 billion of its obligations, underlining the broader shift from bitcoin-only mining to AI-focused hosting.