Google Invests $3.2 Billion in TeraWulf, Becomes Largest Shareholder

Google has become the largest shareholder in Bitcoin mining firm TeraWulf with a $3.2 billion backstop, raising its stake to 14%. The backstop ensures TeraWulf's project remains on track, especially when funding falls short. TeraWulf's capacity load has increased to 360 MW, with potential for $6.7 billion in revenue over the long term.

Google has significantly increased its financial commitment to Bitcoin mining firm TeraWulf, becoming its largest shareholder with a $3.2 billion backstop. This move elevates Google's pro forma stake in TeraWulf to 14%, according to recent announcements [1].

The expansion is part of a strategic partnership between TeraWulf and Google, which has been instrumental in TeraWulf's growth. Google's backstop ensures that TeraWulf's projects remain on track, particularly when funding is tight. The latest development involves Fluidstack, an AI cloud compute provider, exercising its option to lease an additional 160 megawatts at TeraWulf's Lake Mariner campus in New York [2].

This expansion brings the total contracted critical IT load at Lake Mariner to approximately 360 MW, with the potential to generate $6.7 billion in revenue over the long term. The additional capacity is expected to commence operations in the second half of 2026, further cementing Lake Mariner's position as one of the largest high-performance computing (HPC) campuses in the U.S.

TeraWulf, in return, has secured $400 million from privately placed convertible senior notes to fund capped-call transactions and its continued expansion into data-center services beyond mining. The notes, which include a $60 million purchase option for initial buyers, will mature in 2031 and pay interest semiannually beginning March 2026 [1].

The move underscores TeraWulf's commitment to high-performance computing and its strategic alignment with Google as a critical financial partner. Despite facing a widening net loss in the first six months of 2025, TeraWulf's revenue has been increasing, reaching $47.6 million in the second quarter of 2025 compared to $34.4 million in the first quarter [1].

The stock price of TeraWulf (WULF) has seen an increase of over 11% since the announcement, trading at $10.03 as of the latest update [1]. This reflects the market's positive reception of the expanded partnership and financial backing.

References:
[1] https://www.theblock.co/post/367257/googles-pro-forma-stake-in-fifth-largest-bitcoin-miner-terawulf-grows-to-14-as-the-miner-plans-400-million-fundraising-plan
[2] https://investors.terawulf.com/news-events/press-releases/detail/114/terawulf-announces-fluidstack-expansion-with-160-mw-cb-5