Cryptocurrency mining company TeraWulf plans to raise approximately $3 billion through Morgan Stanley for the construction of data centers. Tech giant Google will provide support.
According to Bloomberg, the company's CFO Patrick Fleury stated on Thursday that this round of financing will be used to expand data centers. Google will participate as a guarantor.
The transaction is expected to launch as early as October in the high-yield bond market or leveraged loan market. Google's commitment to debt financing guarantees amounts to $1.4 billion, bringing the total to $3.2 billion.
Google's support is expected to help the Morgan Stanley-related transaction achieve a higher credit rating. However, Bloomberg noted that the terms of the deal are still under negotiation, and there is no guarantee that the transaction will ultimately be finalized.
The AI boom has led to a severe shortage of data center space, GPU chips, and stable power resources. Large cryptocurrency mining companies have a significant advantage due to their existing data center infrastructure and locked-in power capacity, both of which are scarce resources.
In August, TeraWulf announced a ten-year hosting agreement with AI infrastructure provider Fluidstack.
The total revenue from the agreement is $3.7 billion, also backed by Google, which holds a 14% stake in TeraWulf.
Google's total commitment across the two transactions has now reached $3.2 billion, indicating its intention for long-term investment in the transition of cryptocurrency to AI infrastructure.
Cointelegraph inquired with TeraWulf for more details but had not received a response by the time of publication.
According to Google Finance data, TeraWulf (WULF) shares rose 12% on Thursday, peaking at $11.72 during the day, before falling back to $10.97 at close, resulting in an overall decline of 3.7%.
The company's stock price surged significantly after the news was first released in August, with a cumulative increase of 80% over the following days. Since the beginning of 2025, TeraWulf's stock price has risen by 94%.
Cipher Mining announced on Thursday that it has reached a similar agreement to collaborate with the same AI cloud company, Fluidstack. Google will provide support and hold a 5.4% stake in Cipher Mining.
Cipher will provide data center capacity to Fluidstack under the hosting agreement. Google will acquire a portion of Cipher Mining's equity and guarantee $1.4 billion in debt.
Related: New advanced X account takeover attacks target the cryptocurrency community
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