Catenaa, Saturday, October 04, 2025- Bitcoin mining firm TeraWulf is pursuing $3 billion in debt financing to expand its data center capacity at the Lake Mariner campus, with Google backing the deal.
The financing, arranged by Morgan Stanley, aims to support the company’s AI and high-performance computing infrastructure.
Google, holding a 14% stake in TeraWulf, could enhance the credit rating of the proposed debt, part of a broader trend of AI-infrastructure funding in the sector.
The deal follows last month’s $3.7 billion, 10-year agreement with FluidStack, which will lease TeraWulf’s AI compute capacity, and a subsequent 160 MW expansion option valued at $1.4 billion. Combined, Google’s backstop totals approximately $3.2 billion.
TeraWulf’s move mirrors recent activity in the industry, including Bitcoin miner Cipher securing a $3 billion FluidStack-backed financing, with Google taking a 5.4% stake.
While TeraWulf’s recent announcement has not yet materially impacted shares, the firm continues to position itself at the intersection of cryptocurrency mining and AI-driven high-performance computing.
The financing is still under negotiation and could launch as early as October. TeraWulf’s expansion highlights the growing integration of digital asset mining with AI infrastructure, as companies leverage strategic partnerships to scale operations and meet increasing demand for computational power.
