TeraWulf, the Bitcoin miner that has been shifting into knowledge middle providers, is lining up about $3 billion in debt financing to bankroll a big build-out of services — and Google is intently tied to the deal, in line with studies.
Firm officers have named Morgan Stanley because the lead arranger, and the bundle could possibly be offered as high-yield bonds or leveraged loans. The deliberate timing is as quickly as October, although phrases should still change.
Deliberate $3 Billion Bundle Backed By Google
Based on Bloomberg and different shops, the financing is structured to incorporate help from Google, which is reported to have dedicated a $1.4 billion backstop tied to the transaction.
Different studies say Google’s whole help throughout associated preparations might attain about $3.2 billion. TeraWulf has additionally been linked to Fluidstack, an organization with a 10-year colocation deal that’s stated to be value roughly $3.7 billion in income over the contract time period.
$WULF $GOOGL | TeraWulf plans $3 billion knowledge middle enlargement with Google help – Bloomberg
TeraWulf Inc. is planning to lift roughly $3 billion to fund the enlargement of its knowledge facilities by a construction backed by Google Inc., in line with TeraWulf’s Chief Monetary… pic.twitter.com/r7egBVoFX5
— Hardik Shah (@AIStockSavvy) September 26, 2025
TeraWulf’s Technique Shift And The Market Response
TeraWulf needs to maneuver past pure Bitcoin mining by utilizing its energy and website belongings to host third-party compute, together with AI workloads. That change issues as a result of it alters the corporate’s income combine and the varieties of consumers it courts.
Market watchers level to comparable strikes by different miners, together with Cipher Mining, the place large tech ties have helped land massive internet hosting offers. Nonetheless, constructing and working massive knowledge facilities takes time, regular energy, and cautious value management.
Stability Sheet And Credit score Questions
Traders are watching TeraWulf’s present funds. Some sources cite a debt-to-equity ratio close to 2.96 and detrimental curiosity protection, which helps clarify why the corporate is popping to the high-yield or mortgage markets.
TeraWulf Inventory Up
In the meantime, TeraWulf’s inventory has been extremely risky, with a pointy 10% spike on Thursday to $11.72 earlier than slipping to shut down 3.5% at $10.95 in after-hours buying and selling, in line with Google Finance. The intraday swing displays how rapidly merchants are reacting to recent headlines across the firm.
The inventory had already seen an enormous increase in August, when the announcement of Google’s backing and a multibillion-dollar internet hosting deal despatched shares hovering 80% inside days. For the reason that begin of 2025, WULF has gained over 90%, making it one of many stronger performers amongst crypto-linked infrastructure companies.
Analysts see the strikes as a mixture of optimism and warning. The Google connection and AI knowledge middle pivot have fueled bullish sentiment, however debt dangers and execution challenges maintain traders fast to lock in earnings. The result’s a inventory that reacts strongly to information and stays speculative regardless of its large year-to-date good points.
Featured picture from Citybiz, chart from TradingView
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