Google’s pro forma stake in fifth-largest bitcoin miner TeraWulf grows to 14% as the miner plans $400 million fundraising plan

The Block

2025-08-18 23:54:59

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TeraWulf Inc. (ticker WULF), the fifth-largest U.S.-listed bitcoin miner by market value, unveiled plans to raise $400 million from privately placed convertible senior notes as its AI cloud customer Fluidstack exercises an option to lease an additional 160 megawatts at the Lake Mariner campus in New York.

The notes, which include a $60 million purchase option for initial buyers, will fund capped-call transactions and TeraWulf's continued expansion into data-center services beyond mining, the company said in a Monday statement. The offered convertibles will be senior unsecured, pay interest semiannually beginning March 1, 2026, and mature Sept. 1, 2031. TeraWulf may also settle conversions in cash, stock, or a mix, subject to shareholder approval to increase authorized shares.

The financing push comes as TeraWulf leans deeper into high-performance computing alongside bitcoin mining. Notably, earlier this month, TeraWulf signed two 10-year colocation agreements with AI high-performance computing provider Fluidstack with Google backstopping $1.8 billion of Fluidstack's lease obligations and taking an 8% stake in the public miner.

Fluidstack’s amendment brings its contracted critical IT load at Lake Mariner to roughly 360 MW, while also increasing Google’s credit backstop to about $3.2 billion and lifting its pro forma equity stake in TeraWulf to about 14% via additional warrants, according to a separate release. Operations at TeraWulf's new purpose-built CB-5 data center building are expected to begin in the second half of 2026.

Earlier this month, The Block reported TeraWulf's widening net loss tied in part to HPC investment. Revenue was up for the miner to $47.6 million in the second quarter of 2025 compared to $34.4 million in the first quarter; however, it still posted a net loss of over $79 million in the first six months of the year as it continues to retrofit the Lake Mariner facility to support HPC.

WULF is up over 11% since the announcement, changing hands at $10.03, according to The Block's price page.

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