Terawulf (WULF) Stock: Google's Billion-Dollar Bet Sends Shares Soaring 60%

TLDR

Table of Contents

Terawulf shares surged 60% Thursday after announcing $8.7 billion revenue opportunity with Google backing
Google provided $1.8 billion fund backing in exchange for warrants covering 8% equity stake
Company signed agreement with Fluidstack for 200 MW critical IT load delivery at Lake Mariner data center
Google later increased stake to 14% with additional $1.4 billion backstop, bringing total support to $3.2 billion
Despite expanded partnership announcement, WULF shares fell 3% in Monday trading

Terawulf stock delivered a roller coaster ride for investors this week. The Bitcoin miner turned data center operator saw dramatic price movements following major partnership news with tech giant Google.

Thursday brought explosive gains for WULF shareholders. The stock rocketed up 60% after the company announced a massive revenue opportunity backed by Google’s financial muscle.

The catalyst came from Terawulf’s agreement with Fluidstack for critical IT load delivery. The deal covers 200 MW of capacity at the company’s Lake Mariner data center campus in Western New York.

This partnership translates into real money for Terawulf. The initial 10-year contract represents $3.7 billion in contracted revenue. Two optional five-year extensions could push total contract revenue to $8.7 billion.

Google stepped up as the financial backer for this ambitious project. The tech company provided $1.8 billion in fund backing to support project-related debt financing.

Google’s Growing Investment

In exchange for its backing, Google received warrants covering 41 million WULF common shares. This gave Google an 8% pro-forma equity stake in the data center operator.

The partnership didn’t stop there. Just days later, Google decided to double down on its Terawulf investment.

The companies announced an expanded partnership on Monday. Google agreed to increase its ownership stake to approximately 14% from the previous 8%.

This expansion came through a new CB-5 lease agreement. Google committed an additional $1.4 billion backstop for more project-related debt financing at Lake Mariner.

The latest deal gives Google warrants to acquire 32.5 million more shares of Terawulf common stock. Google’s total backstop support now reaches $3.2 billion across both agreements.

Deployment Timeline and Market Reaction

Terawulf outlined its deployment schedule for the Fluidstack project. The first phase involves 40 MW of critical IT load coming online in the first half of 2026.

The remaining 160 MW capacity targets completion by year-end 2026. This timeline gives investors a clear roadmap for revenue generation.

Despite the expanded Google partnership, Monday’s market reaction was mixed. WULF shares fell 3% in early New York trading following the latest announcement.

The stock’s volatile week reflects investor uncertainty about valuing these massive long-term contracts. Thursday’s 60% surge showed initial enthusiasm for the Google-backed opportunity.

Monday’s decline suggests some investors took profits after the dramatic gains. Others may be digesting the implications of Google’s increased ownership stake.

Funding Plans

Terawulf mentioned plans to access capital markets beyond Google’s backing. The company didn’t specify whether this would involve debt or equity financing.

This additional funding could support the massive infrastructure buildout required for the Fluidstack agreement. The 200 MW deployment represents a major expansion of Terawulf’s data center operations.

The Google partnership positions Terawulf as a key player in AI infrastructure development. The Fluidstack agreement specifically targets delivery to a premier AI cloud platform.

Google’s $3.2 billion total commitment demonstrates confidence in Terawulf’s execution capabilities. The tech giant’s backing provides financial stability for the multi-year project timeline.

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