Google Doubles Down on Bitcoin Miner TeraWulf — Could It Be the Next CoreWeave?

TradingKey - TeraWulf (Nasdaq: WULF) announced on Thursday morning (U.S. Eastern Time) that Alphabet’s Google will provide an additional $1.4 billion in support, sending the company’s shares up more than 7% in pre-market trading.

This follows a major surge on August 14, when TeraWulf revealed that Google had acquired a stake in the company and announced a 10-year, $3.7 billion AI hosting agreement with Fluidstack — a deal that sent its stock soaring nearly 60% in a single day.

The new $1.4 billion commitment will be used to finance debt for TeraWulf’s data center expansion. In exchange, Google will receive warrants to purchase 32.5 million shares of TeraWulf stock, increasing its total investment to approximately $3.2 billion and raising its ownership stake from 8% to around 14%, further solidifying the strategic partnership.

The expansion is driven by Fluidstack’s decision to scale up its presence at TeraWulf’s Lake Mariner data center campus in upstate New York. The new facility will add 160 megawatts (MW) of incremental power capacity and is expected to come online in the second half of 2026. Upon completion, Fluidstack’s contracted IT load at the site will rise to approximately 360 MW, significantly exceeding its prior commitment of over 200 MW.

TeraWulf disclosed that its two 10-year agreements with Fluidstack now lock in $6.7 billion in contracted revenue, with potential total revenue reaching $16 billion if lease extensions are exercised — a growth profile that draws comparisons to CoreWeave, the high-growth AI cloud provider.

To support financing, TeraWulf also plans to issue $400 million in convertible preferred notes due in 2031.

As AI compute demand surges, TeraWulf — with its dual focus on bitcoin mining and AI-powered data centers — is emerging as a key player at the intersection of energy and next-generation computing infrastructure.

Google’s continued investment not only boosts confidence in TeraWulf’s capital structure but also highlights how tech giants are securing access to scalable, high-density compute capacity. Investors are now watching closely to see whether TeraWulf can replicate CoreWeave’s explosive growth trajectory.