Tech giant Google is now the largest shareholder of Bitcoin mining and AI infrastructure company TeraWulf by investing in a 14% TeraWulf stake.
A shareholder call announced a strategic financial agreement tied to a 10-year colocation lease between TeraWulf and AI infrastructure provider Fluidstack.
TeraWulf’s Chief Strategy Officer, Kerri Langlais, described Google’s increased investment as “powerful validation from one of the world’s leading technology companies.”
TeraWulf said that Google’s financial backing comes in the form of a $3.2 billion backstop. This would support Fluidstack’s lease obligations at TeraWulf’s Lake Mariner data center in New York.
In exchange, Google received warrants to purchase over 73 million shares, securing its 14% stake.
The features Google’s 14% TeraWulf Stake
The agreement includes plans for Fluidstack to expand at Lake Mariner with a new purpose-built data center. The operations of the center are scheduled to begin in the second half of 2026.
This expansion aligns with TeraWulf’s strategic shift toward AI and HPC hosting. There is a growing trend among Bitcoin miners to diversify revenue streams after the April 2024 Bitcoin halving. This reduced mining rewards to 3.125 BTC, impacting profitability.
However, Langlais emphasized that the backstop is exclusively tied to AI and high-performance computing (HPC) lease revenues. She said this would not include TeraWulf’s Bitcoin mining operations or corporate debt.
Langlais noted that TeraWulf will maintain its Bitcoin mining platform for short-term cash flow and grid stability. The company sees greater long-term value in transitioning energy capacity to AI and HPC workloads.
The Fluidstack deal will generate $6.7 billion in revenue, with potential to reach $16 billion through lease extensions.
TeraWulf’s stock (WULF) surged 17% to $10.57 in Monday’s trading session, reflecting investor optimism.
Accordingly, since the Fluidstack agreement was announced, the stock has gained over 72% in five days.
TeraWulf’s partnership with Google and Fluidstack positions it to capitalize on this transformative opportunity.
