TeraWulf became a crypto stock to watch in recent days after the company was linked with Google for AI-hosting deals. The shares jumped on the speculation and held gains following reports of business expansion and new financing.
The Nasdaq-listed Bitcoin miner operates the Lake Mariner campus in New York and is known for promoting its green credentials, using mainly "zero-carbon" power, according to the company.
On 14 August, TeraWulf said it signed two 10-year agreements to host AI workloads for Fluidstack at its Lake Mariner site in New York, covering more than 200 megawatts (MW). Google agreed to provide up to $1.8 billion of credit support for Fluidstack’s lease payments, and received warrants that, if exercised, would give it about an 8 per cent stake in TeraWulf. The shares rose in pre-market trading and finished up about 60 per cent at $8.71 as investors priced a shift from pure Bitcoin mining toward steadier, contracted revenue.
On 18 August, the company said Fluidstack, an AI cloud platform, committed to 160 MW at CB-5, a new data-centre building at Lake Mariner, lifting total contracted load to over 360 MW. Operations at CB-5 are expected to begin in the second half of 2026. Google increased its credit support to about $3.2 billion and received more warrants, taking its potential stake to about 14 per cent if exercised. Shares spiked intraday and closed at $9.38, up about 4.5 per cent from Friday. The CB-5 agreements represent $6.7 billion in contracted revenue, with extension options that could take the total higher. Separately on 14 August, TeraWulf signed an 80-year ground lease at its Cayuga site in New York, unlocking up to 400 MW of potential capacity.
That evening, TeraWulf priced $850 million of 1.00 per cent convertible notes due 2031. Proceeds will fund the build-out. Because the notes can convert into shares, investors are also factoring in possible dilution, which can cap near-term upside. TeraWulf will continue to mine Bitcoin, largely with zero-carbon power, while hosting AI compute adds more predictable, contract-based cash flows that are less tied to crypto prices.
