Google has quietly emerged as the biggest shareholder in TeraWulf, after expanding its financial backing in a landmark deal that links Bitcoin mining with artificial intelligence infrastructure.
The tech giant now holds about 14% of TeraWulf’s shares, a stake it secured by receiving warrants tied to its $3.2 billion backstop guarantee for a 10-year colocation lease agreement between TeraWulf and AI provider Fluidstack.
A $3.2 Billion Backstop
Under the agreement, Fluidstack will expand operations at TeraWulf’s Lake Mariner campus in New York with a new data center scheduled to open in 2026. Google’s financial commitment ensures those lease obligations are met; if Fluidstack falls short, Google covers the $3.2 billion, earning it the right to purchase more than 73 million shares of TeraWulf.
Executives at TeraWulf called the partnership a powerful endorsement. Chief strategy officer Kerri Langlais said the deal underscores the strength of the company’s zero-carbon infrastructure and its ability to capitalize on high-performance computing demand.
From Bitcoin Mining to AI Hosting
The move highlights a broader industry shift. After the 2024 Bitcoin halving reduced block rewards to 3.125 BTC, mining companies have sought new revenue streams. TeraWulf is no exception, planning to keep its existing Bitcoin operations running while increasingly directing energy toward AI and high-powered computing (HPC) workloads.
According to Langlais, Bitcoin mining remains useful for generating cash flow and balancing the grid, but the long-term growth story lies in contracted AI and HPC services with blue-chip partners.
Billions in Projected Revenues
TeraWulf expects the Fluidstack agreement to generate $6.7 billion in revenue, with the potential to reach $16 billion if extended. VanEck has estimated that if major mining companies redirect just 20% of their power to AI and HPC by 2027, the sector could add nearly $14 billion in annual profit over the following decade.
For TeraWulf, the partnership marks a decisive step away from the boom-and-bust volatility of Bitcoin mining and toward long-term, stable cash flows backed by some of the world’s biggest technology players.
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Source: https://coindoo.com/google-becomes-largest-shareholder-in-bitcoin-miner-terawulf/