Terawulf stock jumps as Google invests $3.2bn, expands data center capacity

Terawulf (WULF) surged 5.69% to $9.28 on Wednesday, fueled by long-term optimism after securing a multi-billion-dollar backing from Google for its expansion plans. The company plans to use the funds to expand its critical IT load to support Fluidstack's data center expansion in Western New York. WULF's CEO said the expansion underscores the unmatched scale and capabilities of the Lake Mariner campus.

TeraWulf (WULF) saw its stock rise by 5.69% to $9.28 on Wednesday, driven by long-term optimism following the announcement of a multi-billion dollar backing from Google for its expansion plans. The company plans to use the funds to expand its critical IT load to support Fluidstack's data center expansion in Western New York. TeraWulf's CEO, Paul Prager, stated that the expansion underscores the unmatched scale and capabilities of the Lake Mariner campus.

The expansion, which includes the addition of a new data center known as CB-5, will add 160 MW of critical IT load and is expected to commence operations in the second half of 2026. Google's support for the project debt financing has been increased to $3.2 billion, bringing its total commitment to approximately $3.2 billion. This funding will allow TeraWulf to maintain its strategic partnership with Google and Fluidstack, a crucial financial partner in developing next-generation AI infrastructure.

The expansion also includes two 10-year agreements with Fluidstack for AI infrastructure development, further solidifying TeraWulf's position in the AI and high-performance computing (HPC) infrastructure ecosystem. Despite the simultaneous announcement of a $400 million convertible note offering, WULF shares surged by 59% following the expansion announcement.

The total contracted critical IT load for Fluidstack at the Lake Mariner campus is now approximately 360 MW, representing $6.7 billion in contracted revenue, with potential to reach $16 billion with lease extensions. This expansion not only scales the contracted platform but reinforces TeraWulf's leadership in the AI and HPC infrastructure ecosystem, delivering globally competitive, sustainable, and scalable compute solutions.

The CB-5 lease is on the same economic terms as the initial Fluidstack leases for CB-3 and CB-4, ensuring consistency in structure and economics across the buildout. The expansion is expected to further enhance TeraWulf's operational capabilities and financial stability, positioning the company as a leader in large-scale digital infrastructure.

References:
[1] https://www.fxleaders.com/news/2025/08/18/terawulf-googles-stake-in-wulf-fuels-bitcoin-mining-stock-rally/
[2] https://investors.terawulf.com/news-events/press-releases/detail/114/terawulf-announces-fluidstack-expansion-with-160-mw-cb-5