TeraWulf, the Bitcoin miner that has been shifting into data center services, is lining up about $3 billion in debt financing to bankroll a large build-out of facilities — and Google is closely tied to the deal, according to reports.
Company officials have named Morgan Stanley as the lead arranger, and the package could be sold as high-yield bonds or leveraged loans. The planned timing is as soon as October, though terms may still change.
Planned $3 Billion Package Backed By Google
According to Bloomberg and other outlets, the financing is structured to include support from Google, which is reported to have committed a $1.4 billion backstop tied to the transaction.
Other reports say Google’s total support across related arrangements could reach about $3.2 billion. TeraWulf has also been linked to Fluidstack, a company with a 10-year colocation deal that is said to be worth roughly $3.7 billion in revenue over the contract term.
$WULF $GOOGL | TeraWulf plans $3 billion data center expansion with Google support – Bloomberg
TeraWulf Inc. is planning to raise approximately $3 billion to fund the expansion of its data centers through a structure backed by Google Inc., according to TeraWulf’s Chief Financial… pic.twitter.com/r7egBVoFX5
— Hardik Shah (@AIStockSavvy) September 26, 2025
TeraWulf’s Strategy Shift And The Market Reaction
TeraWulf wants to move beyond pure Bitcoin mining by using its power and site assets to host third-party compute, including AI workloads. That change matters because it alters the company’s revenue mix and the kinds of customers it courts.
Market watchers point to similar moves by other miners, including Cipher Mining, where big tech ties have helped land large hosting deals. Still, building and operating large data centers takes time, steady power, and careful cost control.
Balance Sheet And Credit Questions
Investors are watching TeraWulf’s current finances. Some sources cite a debt-to-equity ratio near 2.96 and negative interest coverage, which helps explain why the company is turning to the high-yield or loan markets.
TeraWulf Stock Up
Meanwhile, TeraWulf’s stock has been highly volatile, with a sharp 10% spike on Thursday to $11.72 before slipping to close down 3.5% at $10.95 in after-hours trading, according to Google Finance. The intraday swing reflects how quickly traders are reacting to fresh headlines around the company.
The stock had already seen a huge boost in August, when the announcement of Google’s backing and a multibillion-dollar hosting deal sent shares soaring 80% within days. Since the start of 2025, WULF has gained over 90%, making it one of the stronger performers among crypto-linked infrastructure firms.
Analysts see the moves as a mix of optimism and caution. The Google connection and AI data center pivot have fueled bullish sentiment, but debt risks and execution challenges keep investors quick to lock in profits. The result is a stock that reacts strongly to news and remains speculative despite its big year-to-date gains.
Featured image from Citybiz, chart from TradingView
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