Crypto mining firm TeraWulf is reportedly aiming to raise around $3 billion through Morgan Stanley to expand its data center operations, with tech giant Google providing support.
According to TeraWulf CFO Patrick Fleury, who spoke to Bloomberg, the funding round will enable the company to build out its data centers with a structure backed by Google. The deal could launch as soon as October in the high-yield bond or leveraged loan markets. Google’s backstop commitment of $1.4 billion brings total support across the deal to $3.2 billion, potentially boosting its rating with credit agencies. However, terms are still under negotiation, and a launch is not guaranteed.
The ongoing AI boom has created shortages in data center space, GPU chips, and reliable electricity. Large crypto miners like TeraWulf are well-positioned to benefit due to their existing data center infrastructure and secured power capacity.
Google-Backed AI Infrastructure Partnership
In August, TeraWulf signed a ten-year colocation lease with AI infrastructure provider Fluidstack, valued at $3.7 billion in contract revenue. Google also backed this deal and holds a 14% stake in TeraWulf, demonstrating its long-term commitment to converting crypto mining infrastructure for AI applications.
TeraWulf Stock Movement
Following the announcement, TeraWulf shares (WULF) surged 12% on Thursday, hitting an intraday high of $11.72 before closing at $10.97 after hours—a 3.7% drop from the day’s peak. The stock has climbed 80% since the initial August announcement and is up 94% year-to-date in 2025.
Cipher Mining Strikes Google-Backed AI Data Center Deal
Cipher Mining on Thursday announced a deal mirroring TeraWulf’s arrangement, partnering with AI cloud provider Fluidstack and receiving support from Google, which acquired a 5.4% stake in the company.
Under the agreement, Cipher will supply data center capacity to Fluidstack through a colocation arrangement, while Google will backstop $1.4 billion of the obligations and take an equity position in Cipher.
