Google Takes 14% Stake in Bitcoin Miner TeraWulf, Becoming Top Shareholder

     

TeraWulf’s CSO says Google’s backing offers “powerful validation” as the miner expands into AI infrastructure

Google has become the largest shareholder of Bitcoin mining company TeraWulf after securing a 14% stake through a backstop arrangement tied to the firm’s colocation lease deal with AI infrastructure provider Fluidstack.

TeraWulf disclosed on Thursday’s shareholder call that it signed a 10-year colocation lease agreement with Fluidstack. As part of the deal, Google increased its backstop commitment to $3.2 billion in support of Fluidstack’s lease obligations, receiving warrants to purchase over 73 million TeraWulf shares in return.

Chief strategy officer Kerri Langlais confirmed that Google’s position makes it TeraWulf’s largest shareholder, calling the investment “a powerful validation from one of the world’s leading technology companies” and a testament to the miner’s zero-carbon infrastructure and future growth opportunities.

Google’s backstop safeguards Fluidstack deal

Fluidstack has exercised its option to expand operations at TeraWulf’s Lake Mariner data center in New York with a new purpose-built facility expected to go live in the second half of 2026.

Langlais clarified that Google’s $3.2 billion backstop supports Fluidstack’s long-term lease obligations but is not tied to TeraWulf’s corporate debt or directly accessible by the company.

“The backstop is tied exclusively to contracted AI and high-powered computing lease revenues and is unrelated to our Bitcoin mining operations,”

she explained.

TeraWulf balances Bitcoin mining with AI hosting

Following the April 2024 Bitcoin halving, which reduced mining rewards to 3.125 BTC, many miners have pivoted toward AI and high-performance computing (HPC) services to diversify revenues.

Langlais said TeraWulf will maintain but not expand its Bitcoin mining platform, while increasingly focusing on AI and HPC hosting. “In the near term, mining generates cash flow and provides a valuable resource to the electrical grid, as its flexible load can be rapidly adjusted to support stability. Over the long term, we see greater value in transitioning those megawatts to AI and HPC workloads with partners like Fluidstack and Google.”

Asset manager VanEck has estimated that if public miners shifted 20% of energy capacity to AI and HPC by 2027, additional yearly profits could rise by $13.9 billion over 13 years. TeraWulf projects its deal with Fluidstack could generate $6.7 billion in revenue, potentially reaching $16 billion with lease extensions.

TeraWulf stock rallies on Google backing

TeraWulf’s stock (WULF) surged to $10.57 in Monday’s trading session, up 17% from its previous close, before settling at $9.38 and slipping a further 1.28% after hours.

Since announcing the Fluidstack agreement last Thursday, TeraWulf shares have gained more than 72% over the past five trading days, fueled by investor optimism around its growing role in AI-powered infrastructure.