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TeraWulf’s Bold Fundraising Move
Bitcoin mining firm TeraWulf wants to raise $3 billion. The money will go toward building new data centers. Morgan Stanley is leading the effort, with Google stepping in to backstop the deal. That means if investors hesitate, Google covers part of the risk.
Google Steps In With Billions
Google’s support adds another $1.4 billion to the financing. That brings the total package to $3.2 billion. Credit rating firms could give the deal a friendlier score thanks to Google’s presence. The structure is still being worked out, but the plan could kick off as soon as October.
Why AI Loves Bitcoin Miners
The AI boom has created shortages of data centers, power, and GPU chips. Crypto miners like TeraWulf already have two of these: infrastructure and power. That makes them natural players in the AI infrastructure game. Data centers once used for mining Bitcoin are now perfect for AI workloads.
Fluidstack Deal and Google’s Stake
Back in August, TeraWulf signed a $3.7 billion colocation agreement with Fluidstack, an AI cloud provider. Google backed that deal too, even buying a 14% stake in TeraWulf. Together, Google’s commitments across both deals now total $3.2 billion. That’s a strong sign they’re betting big on crypto-to-AI conversions.
Stock Market Reactions
The market loved the news—at least at first. TeraWulf’s stock (WULF) spiked 12% to $11.72 before sliding to close down 3.7% at $10.97 in after-hours trading. Shares have surged 94% since January. Earlier in August, the first deal with Fluidstack sent the stock up 80% in just days. Investors seem to enjoy this new AI-fueled mining story.
Cipher Mining Joins the Party
TeraWulf isn’t alone. Cipher Mining has struck a near-identical deal with Fluidstack, also backed by Google. The tech giant took a 5.4% stake in Cipher and agreed to backstop $1.4 billion of its obligations. Looks like Google is quietly building an empire of AI-ready data centers—powered by Bitcoin miners.
