TeraWulf Targets $3B Raise With Google’s Backing to Fuel Data Center Expansion

According to CFO Patrick Fleury, the company is working with Morgan Stanley on a deal that could launch as early as October, potentially tapping high-yield bond or leveraged loan markets. The raise would total around $3 billion, with Google already committed to backstopping $1.4 billion of the package. Combined with earlier agreements, the tech giant’s support has now reached $3.2 billion.

Why Miners Hold the Advantage

The surge in AI development has created a global shortage of GPU chips, power access, and suitable data centers. Unlike new entrants scrambling to secure these resources, crypto mining firms already own much of the necessary infrastructure. TeraWulf is leveraging that position, converting its mining capacity into AI-focused colocation space.

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A Pattern of Google-Backed Deals

This isn’t Google’s first show of confidence. Just weeks ago, the company backed a $3.7 billion, 10-year lease agreement between TeraWulf and Fluidstack, an AI cloud operator. That deal included Google taking a 14% equity stake in TeraWulf, signaling long-term alignment.

While terms are still being finalized, Google’s involvement could help Morgan Stanley secure favorable ratings from credit agencies, giving the raise stronger appeal in debt markets. If completed, the deal would further cement the role of crypto miners as unexpected winners of the AI infrastructure boom, turning their once-controversial energy footprint into a strategic asset.

Source: Bloomberg

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