CMC News

#TeraWulf Plans $3B Funding With #Google Backing

$BTC miner TeraWulf is raising approximately $3 billion through Morgan Stanley, with Google providing financial backing, according to company finance chief Patrick Fleury. The funding will support data center expansion as crypto mining firms pivot toward AI infrastructure services.

The deal could launch in October through high-yield bond or leveraged loan markets. Google's backstop commitment adds $1.4 billion, bringing total support to $3.2 billion. This structure may help secure higher credit ratings from agencies, though transaction terms remain under negotiation.

AI demand has created severe shortages of data center space, GPU chips, and reliable electricity access. #Crypto mining companies possess existing infrastructure and secured power capacity, making them attractive partners for tech giants expanding computing resources.

TeraWulf previously signed a 10-year colocation agreement with Fluidstack worth $3.7 billion in contract revenue. #Google took a 14% stake in TeraWulf through that arrangement, demonstrating long-term commitment to crypto-to-AI infrastructure conversion. The search giant has now committed $3.2 billion across both deals.