Google has increased its investment in TeraWulf, becoming its largest shareholder with a ~14 percent equity stake, the company said in a press release. The move followed additional backstop support for a long-term lease agreement between TeraWulf and AI infrastructure provider Fluidstack. This exchange is in return for warrants to purchase over 73 million shares in TeraWulf, taking its total support to ~$3.2 billion. The move pivots Google into a dominant position in the Bitcoin miner-turned-data-center operators business.
Google becomes TeraWulf’s largest shareholder
TeraWulf disclosed the expanded support through an X post and also informed shareholders via a conference call. They revealed that Fluidstack had exercised an option to expand its operations at TeraWulf’s Lake Mariner campus in New York. The new purpose-built data center is slated to begin operations in the latter half of 2026. Google’s backstop will act as a financial guarantee supporting Fluidstack’s lease commitments; however, it will not take on the guarantee of Terawulf’s existing debt.
“Fluidstack’s decision to expand so soon after our initial agreement speaks volumes about the quality, readiness, and scalability of our infrastructure,” said Nazar Khan, Chief Technology Officer of TeraWulf. “With the scale, resources, and infrastructure we have in place, there is significant potential for even further expansion with Fluidstack as their compute requirements continue to grow,” he added.
TeraWulf stock rallies
TeraWulf stock rallied post the new announcement, rising more than 15 percent in early trade, extending a prior two-day surge. The stock finally shut shop at $9.38, up 4 percent on Monday. The stock has been on a tear ever since TeraWulf announced the $3.7 billion, 10-year AI hosting deal with Fluidstack on August 16, as CoinHeadlines had reported earlier. Google had initially supported with $1.8 billion in financing for lease obligations, earning about 41 million warrants or ~8 percent stake.
Founded in 2021, TeraWulf began as a Bitcoin mining company with a distinctive zero-carbon, energy-efficient approach. Its operating mining sites are powered predominantly by hydro, nuclear, and solar energy. It has since expanded into high-performance computing (HPC) and AI hosting infrastructure, especially through its “WULF Compute” platform at Lake Mariner.