Google Becomes Largest TeraWulf Shareholder at 14%

• Google becomes TeraWulf’s largest shareholder with a $3.2B stake in AI expansion.
• Fluidstack has exercised its option for CB-5, a 160 MW expansion at TeraWulf’s Lake Mariner site.
• Shares surged to $10.52 intraday before closing at $9.38 with a slight after-hours decline.

Google has become the largest shareholder of bitcoin miner–turned–AI infrastructure firm TeraWulf (Nasdaq: WULF), securing a 14% stake through a landmark financial arrangement that could reshape the future of data centers.

The Alphabet subsidiary increased its investment by raising its financial backstop for TeraWulf’s colocation lease with Fluidstack, an AI cloud platform. Under the deal, Google will guarantee $3.2 billion in lease obligations over the next decade in exchange for warrants to purchase more than 73 million TeraWulf shares.

This marks Google’s second major commitment in just weeks. The company initially backed TeraWulf with a $1.8 billion pledge that secured it an 8% equity position. The latest expansion nearly doubles Google’s stake, firmly establishing it as the company’s largest shareholder.

TeraWulf’s chief strategy officer, Kerri Langlais, called the investment “powerful validation from one of the world’s leading technology companies.” She emphasized that the partnership highlights TeraWulf’s ability to scale zero-carbon infrastructure while pivoting into AI-focused operations.

On the other hand, CEO Paul Prager said the joint efforts strengthen TeraWulf’s alignment with Google, positioning its Lake Mariner facility as a prime site for next-generation AI and crypto operations. He stressed that the company’s combination of strong energy resources and operational expertise places it at the center of two fast-growing industries.

TeraWulf Expands Lake Mariner With New 160 MW Data Center

TeraWulf has announced a major expansion at its Lake Mariner data center in Western New York, with Fluidstack exercising its option to develop a new 160 MW power block, CB-5. The new data center is likely to be operational in the second half of 2026, adding more weight to the site as a center of next-generation digital infrastructure.

The addition of CB-5 brings TeraWulf’s total contracted capacity to more than 360 MW of critical IT load. The lease agreement follows the same economic terms as prior Fluidstack leases for CB-3 and CB-4, ensuring continuity across the expanding partnership.

The company said the deal represents $6.7 billion in contracted revenue, with the potential to reach $16 billion if lease extensions are executed. TeraWulf also confirmed that it is engaged in ongoing discussions with Fluidstack regarding additional capacity expansions beyond CB-5.

TeraWulf’s journey now reflects more than survival in a changing crypto landscape; it signals reinvention. With Google’s deep backing and Fluidstack’s long-term focus, the company has secured the credibility and capital to move beyond Bitcoin mining’s volatility.

Its identity is shifting toward a zero-carbon powerhouse for artificial intelligence, reshaping how it is valued by investors and competitors alike. By anchoring its future in high-performance computing, TeraWulf has placed a bold wager: that the infrastructure born in crypto’s boom can power the next great technological frontier.

Related: Hyperliquid Founder Jeff Yan Explains Why He Rejected VC Funding

Market Response Underscores TeraWulf’s AI Bet

TeraWulf’s Wall Street story took a dramatic turn Monday as shares of the company surged to $10.52, a 17% leap from the prior close of $8.97. The excitement proved short-lived, with the stock closing at $9.38 and slipping another 1.28% after hours. Still, the rally reflects a decisive shift in investor sentiment.

Source: Google Finance

Since unveiling its landmark agreements with Google and Fluidstack, TeraWulf has delivered a staggering 72% gain in five trading sessions. That run has caused the stock to rise to multi-month highs and placed the company firmly in the spotlight as a test case for how legacy crypto miners can reinvent themselves for the artificial intelligence era.

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