Bitcoin miner TeraWulf is seeking to raise about $3 billion through Morgan Stanley to fund the construction of large-scale data centers, with Google providing a significant backstop commitment.
CFO Patrick Fleury told Bloomberg the financing could launch as soon as October in high-yield bond or leveraged loan markets. Google’s $1.4 billion commitment brings the total package to $3.2 billion, potentially boosting credit ratings for the deal.
The push comes amid an AI-driven scramble for data center capacity, GPU chips, and power infrastructure. Crypto mining firms like TeraWulf are uniquely positioned due to their secured electricity access and existing facilities.
In August, TeraWulf signed a $3.7 billion, ten-year colocation deal with AI firm Fluidstack, also backed by Google, which holds a 14% stake in TeraWulf.
While terms of the new financing remain under discussion, the initiative underscores how crypto mining companies are pivoting into AI infrastructure as demand for compute and energy surges.
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