TeraWulf secures Google backing for its Lake Mariner data center campus

TeraWulf, the Nasdaq-listed business (WULF) much better understood for mining Bitcoin, now has Google guaranteeing its greatest AI bet. Google has actually set up a backstop warranty amounting to roughly $3.2 billion for Fluidstack’s long-lasting lease responsibilities at TeraWulf’s Lake Mariner school in Somerset, New York.

Google is likewise taking a piece of the business. It has actually gotten warrants that provide it about 14% equity ownership in TeraWulf, approximately 73.5 million shares.

news How the Google offer is structured

Google is not the occupant here. Fluidstack is the one renting the area, and Google is ensuring that Fluidstack will satisfy those lease responsibilities.

Google’s preliminary dedication in 2025 was $1.8 billion, and the existing figure sits at roughly $3.2 billion.

Fluidstack is contracting for roughly 360 MW of important IT load at Lake Mariner under 10-year agreements. That capability comes primarily from 3 structures on the school, designated CB-3, CB-4, and CB-5.

Energization is arranged in stages throughout the 2nd half of 2026 and into 2027. An extra 336 MW is presently under building and construction to come online because window, ranging from H2 2026 to early 2027.

news Inside Lake Mariner

Lake Mariner presently performs at 102 MW of functional capability. TeraWulf prepares to broaden the website approximately 500 MW, with the prospective to reach 750 MW as need boosts.

The school rests on a previous coal plant, which indicates high-voltage grid connections currently exist on the residential or commercial property. Particularly, the website includes double 345 kV electrical lines, enabling TeraWulf to accelerate its AI and HPC rollout instead of awaiting brand-new facilities.

TeraWulf jobs preliminary building and construction expenses of $8 million to $10 million per crucial IT MW.

There is likewise an ownership wrinkle worth understanding. CEO Paul Prager’s Somerset Operating Company owns the land below the Lake Mariner school.

news From Bitcoin mining to AI proprietor

TeraWulf likewise holds a different 20-year lease contract with Anthropic at its Justified Data school in Kentucky.

A current fire at the Lake Mariner home raised responsibility concerns amongst TeraWulf, Fluidstack, and Google, especially around operations and security at the website.

news What this suggests for TeraWulf and AI facilities

A $3.2 billion backstop from Google decreases a crucial threat in any long-lasting lease: the possibility that the renter can not pay.

With warrants for about 14% of the business, Google has a direct interest in TeraWulf’s success. If worked out, approximately 73.5 million brand-new shares would remain in play.

The bulk of the contracted capability depends upon the phased energization timeline holding through H2 2026 and into 2027, and on the $8 million to $10 million per MW expense price quotes remaining in variety.

Disclosure: This post was modified by Diego Almada Lopez. For more details on how we produce and evaluate material, see our Editorial Policy.