TeraWulf Shares Jump With Additional $1.4 Billion Backstop From Google
By Robb M. StewartTeraWulf's shares rallied to a fresh 52-week high Monday after the bitcoin miner and artificial intelligence-computing company secured a further investment from Google to help fund the expansion of its Lake Mariner data center campus in New York.In morning trading, the shares were 18% higher at $10.59. The stock earlier in the session hit $10.71.TeraWulf said that Alphabet's Google will provide an incremental $1.4 billion backstop to support project-related debt financing, and in exchange will receive warrants to buy 32.5 million shares of TeraWulf. The commitment will lift Google's investment to about $3.2 billion, and its total pro forma equity stake in TeraWulf to roughly 14% from the about 8% previously agreed.The additional funding backs TeraWulf after AI cloud platform Fluidstack exercised an option to expand at the Lake Mariner data center campus, which will see the addition of a new purpose-built data center building providing an incremental 160 megawatts, with operations expected to commence in the second half of 2026.TeraWulf said its agreements with Fluidstack represent $6.7 billion in contracted revenue, with the potential to reach $16 billion with lease extensions.Write to Robb M. Stewart at [email protected]