Google Invests in TeraWulf, Crypto Miner Shares Surge 35%

TeraWulf's shares surged 35% after Google acquired an 8% stake in the company. TeraWulf is pivoting to provide infrastructure for high-performance computing, in addition to its traditional cryptocurrency mining business. The move is seen as a strategic investment by Google in the growing field of high-performance computing.

TeraWulf Inc. (Nasdaq: WULF) has seen its shares surge by 35% following a strategic partnership that positions the company as a leading provider of high-performance computing (HPC) infrastructure. The announcement comes as Google acquired an 8% equity stake in TeraWulf, aligning the two tech giants in the burgeoning field of HPC.

The partnership, detailed in a press release dated August 14, 2025, involves TeraWulf signing two 10-year HPC colocation agreements with Fluidstack, a premier AI cloud platform. Under these agreements, TeraWulf will deliver over 200 MW of critical IT load at its Lake Mariner data center campus in Western New York. This move marks a significant expansion for TeraWulf, which traditionally focused on cryptocurrency mining.

Google's involvement in the deal is substantial, as it has agreed to backstop $1.8 billion of Fluidstack's lease obligations and receive an 8% equity stake in TeraWulf. This support underscores Google's strategic interest in the HPC market and highlights TeraWulf's potential to become a key player in this high-growth sector.

The agreements represent approximately $3.7 billion in contracted revenue over the initial 10-year terms, with potential to reach $8.7 billion through lease extensions. TeraWulf's Chief Executive Officer, Paul Prager, stated that this transaction underscores Lake Mariner's status as a premier hyperscale-ready campus and accelerates the company's strategic expansion into high-performance compute.

The rapid deployment schedule for the project is notable, with the first 40 MW of critical IT load expected online by the first half of 2026, and the full 200+ MW deployed by year-end 2026. This quick turnaround is crucial for Fluidstack, which aims to provide rapid, scalable infrastructure for the AI frontier.

TeraWulf's pivot into HPC is seen as a strategic move that leverages its existing infrastructure and expertise in high-performance computing. The company's Lake Mariner data center campus is purpose-built for liquid-cooled AI workloads, making it well-suited for the demands of modern HPC applications.

The partnership with Fluidstack and Google's backing position TeraWulf at the forefront of the HPC market, which is expected to grow significantly in the coming years. As the demand for AI and high-performance computing continues to rise, TeraWulf's ability to provide scalable, efficient, and low-carbon infrastructure will be crucial.

References:
[1] https://investors.terawulf.com/news-events/press-releases/detail/112/terawulf-signs-200-mw-10-year-ai-hosting-agreements-with