TeraWulf (WULF) shares rallied more than 10% on Monday after Google increased its investment in the bitcoin miner and datacenter company, supporting expansion plans for TeraWulf’s Lake Mariner, New York, facility. The announcement comes after a week of strong gains for the company, with shares up roughly 90% over the past seven days.
As part of the deal, Google will provide up to $1.4 billion in additional backstop funding, bringing its total support to about $3.2 billion. The investment raises Google’s stake in TeraWulf to 14% from 8%, and allows the tech giant to acquire approximately 32.5 million shares.
TeraWulf CEO Paul Prager emphasized that the agreement strengthens the company’s “strategic alignment with Google,” facilitating the construction of advanced artificial intelligence infrastructure. “This is a game changer in the industry,” Prager told CNBC last week. “If you have quality energy infrastructure, a management team, and folks on the ground that understand how to extract value, this is the time—Lake Mariner is the place.”
The Lake Mariner facility has seen additional commitments from AI cloud provider Fluidstack, which exercised an option for another 160 megawatts of capacity following two 10-year computing agreements signed last week. The latest announcement raises critical IT load to more than 360 MW, with TeraWulf projecting $6.7 billion in contracted revenue, potentially reaching $16 billion through lease extensions. Operations are slated to begin in the second half of 2026.
TeraWulf CTO Nazar Khan highlighted the speed of Fluidstack’s expansion as a testament to the company’s “quality, readiness, and scalability” of its infrastructure.
In addition to the equity backing from Google, TeraWulf revealed plans to issue $400 million in convertible senior notes due in 2031, providing further financial flexibility to support its ambitious growth plans.
The news follows last week’s surge in TeraWulf shares after the company inked two decade-long deals with Fluidstack, which will bring over 200 megawatts of computing capacity to the Lake Mariner site in Western New York. With backing from Google and strategic partnerships like Fluidstack, TeraWulf appears positioned to become a major player in energy-intensive bitcoin mining and AI infrastructure.
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