Tech conglomerate Google has become the largest shareholder in publicly traded Bitcoin miner TeraWulf by increasing its stake to 14%.
The equity position stems from a 10-year colocation lease agreement between TeraWulf and AI infrastructure provider Fluidstack, in which Google provides a $3.2 billion financial backstop.
Under the terms, Google has received warrants to acquire over 73 million shares in TeraWulf, reflecting 14% ownership post-transaction.
Chief Strategy Officer Kerri Langlais described the move as a “powerful validation” of TeraWulf’s zero-carbon infrastructure and long-term growth prospects.
The backstop guarantees Fluidstack’s lease obligations for a new data center at TeraWulf’s Lake Mariner campus, scheduled to commence operations in H2 2026.
Google’s commitment secures high-powered computing capacity and ensures revenue stability linked to AI workloads.
TeraWulf plans to sustain its existing Bitcoin mining operations while focusing on hosting and delivering AI and HPC services for enterprise clients.
The diversification reflects broader industry trends where miners leverage electricity load flexibility to support data center services.
Analysts estimate that reallocation of energy capacity toward AI hosting can unlock billions in additional annual profits by 2027.
Following the announcement, TeraWulf shares rallied 17% intra-day before settling slightly lower at market close, signaling investor optimism about the strategic partnership.
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