Google has become the largest shareholder in TeraWulf Inc., owning a 14% equity stake after increasing its financial backstop to $3.2 billion.
This move coincides with a significant expansion of TeraWulf’s Lake Mariner data center in Western New York, transforming it into a major AI infrastructure hub through a partnership with Fluidstack, a leading AI cloud provider.
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 disclosed the new shareholdings during a recent shareholder call, revealing the $3.2 billion backstop supports lease obligations in a 10-year colocation agreement with Fluidstack. Fluidstack has exercised its option to expand the Lake Mariner campus with a new 160 MW purpose-built data center, bringing total contracted capacity to over 360 MW, which positions the facility as one of North America’s largest and most advanced AI data centers. Operations for the new data center are expected to commence in the second half of 2026.
Google’s increased financial commitment not only provides a robust guarantee for project-related debt financing but also grants it warrants to acquire additional shares. This strategic investment underscores Google’s endorsement of TeraWulf’s predominantly zero-carbon, liquid-cooled infrastructure designed specifically for high-density AI workloads.
The collaboration signifies accelerating demand for specialized AI computing capacity, with TeraWulf securing approximately $6.7 billion in contracted revenues from Fluidstack leases, potentially rising to $16 billion with extension options. With Google as a top investor and Fluidstack as a key client, TeraWulf is poised to capitalize on rapid growth in hyperscale AI infrastructure, setting new standards for sustainable and scalable data center operations.
TeraWulf CEO Paul Prager stated the deal showcases the company’s commitment to delivering next-generation AI infrastructure powered by clean energy, further legitimizing Lake Mariner’s status as a premier hyperscale-ready campus.
This development highlights rising corporate investment in green digital infrastructure to support burgeoning AI workloads, reflecting a broader industry trend toward sustainable technology investments.
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