- TeraWulf negotiates $3 billion financing with Morgan Stanley and Google to expand U.S. data centers and diversify operations.
- Google’s total backing reaches $3.2 billion, boosting its pro forma stake in TeraWulf to approximately 14 percent.
U.S. Bitcoin miner TeraWulf is finalizing a large-scale financing agreement to expand its data centers. The company is in advanced talks with Morgan Stanley and Google to obtain approximately $3 billion.
According to statements from Patrick Fleury, TeraWulf’s chief financial officer, the arrangement may be completed in October and could involve either high-yield bonds or leveraged loans.
High-yield bonds offer higher interest rates to compensate for increased credit risk, often attracting investors seeking greater returns despite the added uncertainty. Current discussions suggest that credit agencies are assessing the transaction within the BB to CCC range, which is usually classified as “junk bond” status. This label reflects elevated risk but also the potential for higher payouts.
New frontiers, same mission.
TeraWulf's #AI & #HPC operations are scaling fast — powered by sustainable energy and aligned with sector leaders like @Google @fluidstackio & @core42_ai.
See how $WULF is powering the future — new video out now 🐺 https://t.co/LBea9S0aJh pic.twitter.com/u8FYa51h73
— TeraWulf (@TeraWulfInc) September 11, 2025
The backing of Google, however, changes the market. Google’s involvement brings a level of trust that can improve credit perception, lower risk premiums, and make funding more accessible for TeraWulf.
Expansion into Artificial Intelligence
TeraWulf’s strategy is evolving. Earlier, the company signed a deal with AI firm Fluidstack and Google, in which Google agreed to provide an additional $1.4 billion guarantee for a new data center project. In return, Google acquired 32.5 million WULF shares, bringing its total commitment to $3.2 billion and raising its pro forma stake in TeraWulf to around 14%.
Construction is moving quickly on CB-2 — another 50 MW of gross #HPC #AI capacity is just around the corner… $WULF pic.twitter.com/7DVzg2D8ZC
— TeraWulf (@TeraWulfInc) September 23, 2025
Fluidstack will deploy its AI hardware at TeraWulf’s facilities, avoiding the capital expenses of building and maintaining its own data centers. For TeraWulf, this move diversifies revenue away from the volatility of Bitcoin mining, especially as Bitcoin’s price recently dipped to $109,000 and mining profitability weakened.
TeraWulf’s stock responded positively after news of Google’s involvement, climbing from $5 to nearly $9 in a single day. The funding and partnerships signal a push into AI infrastructure alongside its mining business.
