Big moves are happening at the intersection of crypto and AI. Bitcoin miner TeraWulf is aiming to raise roughly $3 billion through Morgan Stanley, with Google providing major financial backing, according to CFO Patrick Fleury.
This funding isn’t just for mining, it’s set to expand data centers as crypto firms pivot into AI infrastructure services.
The deal could kick off as early as October, using high-yield bonds or leveraged loans, with Google’s backstop commitment adding $1.4 billion, bringing total support to $3.2 billion. This kind of structure may also help TeraWulf secure better credit ratings, though the final terms are still under negotiation.
Here’s why this matters: the AI boom has created a severe shortage of data center space, GPUs, and reliable power. Crypto miners already have existing infrastructure and secured electricity, making them perfect partners for tech giants racing to expand computing resources.
TeraWulf isn’t new to this game. It previously signed a 10-year, $3.7 billion colocation deal with Fluidstack, where Google took a 14% stake, a clear sign of long-term commitment to transforming crypto mining into AI-ready infrastructure. With the new arrangement, Google’s total commitment across both deals hits $3.2 billion.
The market is noticing. TeraWulf shares spiked 12% Thursday, hitting intraday highs of $11.72 before settling at $10.97. The stock has surged 94% year-to-date, fueled by the initial Google partnership announcement in August.
TeraWulf isn’t alone.
Cipher Mining announced a similar deal Thursday, also partnering with Fluidstack and receiving Google backing. Google took a 5.4% stake and is backstopping $1.4 billion in obligations, signaling a broader strategy of teaming up with crypto miners to fuel AI infrastructure growth.
The takeaway? Crypto mining is evolving fast, and with Google on board, TeraWulf, and potentially other miners, are positioning themselves at the forefront of the AI infrastructure boom.
