- Google raises its backstop to $3.2B, becoming TeraWulf’s largest shareholder with a 14% stake.
- Fluidstack expands deal to 360 MW at Lake Mariner, securing contracts worth up to $16 billion.
TeraWulf shares gained more than 4% on Monday after Google increased its stake in the bitcoin miner and data center operator. The move followed Google’s decision to raise its financial backstop in the company’s lease agreement with AI cloud provider Fluidstack.
According to TeraWulf, Google’s total backstop now stands at $3.2 billion, up from $1.8 billion, giving the technology firm the right to purchase about 73 million shares. This raises Google’s ownership to 14%, making it the company’s largest shareholder.
TeraWulf chief strategy officer Kerri Langlais said the deal represents “powerful validation from one of the world’s leading technology companies.”
Support for Fluidstack Agreement
The financial backstop is tied to Fluidstack’s lease commitments at TeraWulf’s Lake Mariner campus in New York. If Fluidstack cannot meet its obligations, Google will step in with the guarantee. Langlais explained,
“This is not a guarantee of TeraWulf’s corporate debt, nor do we have access to those funds.”
Fluidstack exercised an option to add another 160 megawatts to the site, increasing total contracted capacity to more than 360 megawatts. Operations at the new facility are expected to start in the second half of 2026. TeraWulf estimated the agreements will generate $6.7 billion in revenue, with the potential to reach $16 billion through extensions.
Key Highlights
✔️ Total contracted capacity increases to >360 MW of Critical IT Load with the addition of CB-5
✔️ The CB-5 lease is on the same economic terms as the initial @fluidstackio leases for CB-3 and CB-4
✔️ Represents $6.7 billion in contracted revenue (with potential…— TeraWulf (@TeraWulfInc) August 18, 2025
TeraWulf, like other bitcoin miners, has been adjusting its business model after last year’s halving event reduced mining rewards. The company said it will maintain its mining platform but focus on allocating more energy to AI and high-performance computing services.
Langlais noted that mining still provides cash flow and can support the electrical grid as a flexible load. Over time, however, she said the company sees “greater value in transitioning those megawatts” toward long-term contracted AI workloads.
Stock Market Reaction
TeraWulf’s shares traded as high as $10.57 during Monday’s session, before closing at $9.38, still 4% higher for the day. The stock dropped slightly in after-hours trading.
Meanwhile, the rally extends a sharp rise in recent sessions. Since the company first announced its agreement with Fluidstack last week, the share price has climbed more than 70%.
Chief executive Paul Prager said the partnership secures “strategic alignment with Google” as the company builds out infrastructure for advanced computing.
TeraWulf also said it plans to offer $400 million in convertible senior notes due in 2031 to support further growth.
