TeraWulf to Raise $3.2B for Bitcoin and AI Data Center Expansion

Bitcoin miner TeraWulf plans a record $3.2 billion secured notes offering to fund its Lake Mariner expansion into hybrid Bitcoin mining and AI infrastructure.

TeraWulf announces record debt raise for AI infrastructure

TeraWulf Inc. (Nasdaq: WULF) has unveiled plans to raise $3.2 billion through senior secured notes due 2030 — the largest single debt issuance ever by a publicly listed Bitcoin miner.

The private offering will target qualified institutional buyers under Rule 144A of the Securities Act, with proceeds funding the next stage of development at Lake Mariner, the company’s flagship site in New York. The campus will be transformed into a hybrid Bitcoin mining and AI colocation hub, combining GPU cloud computing and energy-efficient blockchain operations.

Google to support project through Fluidstack partnership

TeraWulf confirmed that the notes will be guaranteed by WULF Compute subsidiaries and secured by first-priority liens on their assets, including a dedicated lockbox account of Fluidstack USA I Inc.
As part of the financing, Google LLC will pledge warrants to purchase TeraWulf stock, reflecting its indirect involvement in the project.

Through its partnership with Fluidstack, TeraWulf is positioning itself as a next-generation digital infrastructure company. Under this agreement, Fluidstack’s high-performance AI workloads will be hosted at the Lake Mariner facility, marking one of the first large-scale GPU integrations within a Bitcoin mining campus.

Largest financing in the Bitcoin mining industry

TeraWulf stated that it will provide completion guarantees for the expansion to ensure timely delivery.
The $3.2 billion issuance — several times larger than offerings by peers like IREN and MARA — highlights growing institutional appetite for AI-driven data infrastructure and the evolving business models of Bitcoin miners entering HPC markets.

By merging blockchain and AI infrastructure, TeraWulf aims to become one of the key players bridging crypto mining and high-performance computing in the United States.