TeraWulf, a U.S.-based cryptocurrency mining firm focused on building large-scale digital infrastructure, is gearing up to raise about $3 billion through Morgan Stanley to expand its data centers, a plan backed by Google, according to its finance chief Patrick Fleury.
TeraWulf’s data center expansion plan includes a $1.4 billion backstop from Google, which would bring the total potential funding to about $3.2 billion, Fleury told Bloomberg. The company is considering launching the fundraising as early as October through high-yield bonds or leveraged loans, and Google’s involvement could help improve the deal’s credit rating.
According to Bloomberg, the deal is still being negotiated and hasn’t been finalized. The initiative is fueled by the rising demand for data centers, advanced chips, and stable power sources to power AI development.
Google backs Fluidstack deals for TeraWulf
This follows TeraWulf’s August announcement of a 10-year colocation lease with AI infrastructure provider Fluidstack, valued at $3.7 billion in contract revenue and also backed by Google. Under that deal, Google acquired a 14% stake in TeraWulf, contributing to the tech giant’s cumulative $3.2 billion commitment across both arrangements.
Cipher Mining announced a similar deal on Thursday with Fluidstack, an AI infrastructure provider, supported by Google. Google took a 5.4% stake in Cipher Mining and will back $1.4 billion of the deal’s obligations. Under the agreement, Cipher will provide data center space for Fluidstack.
According to Google Finance, TeraWulf’s shares are currently trading at $10.97, with an increase of 93.82%.
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