Crypto mining firm TeraWulf plans to raise $3 billion in debt with Google’s support to expand data center operations. Morgan Stanley is arranging the funding through high-yield bonds or leveraged loans. Google’s backing could secure a stronger credit rating for TeraWulf.

The AI industry’s demand for data center space has attracted unlikely partners like crypto miners. Google, now holding a 14% stake in TeraWulf, supports Fluidstack’s use of a TeraWulf-run data center in New York. Other firms like Cipher Mining are also partnering with Google for AI hosting.

TeraWulf shares dropped 1.3% in Friday’s trading session but remained unchanged in after-hours trading.

Read more at Yahoo Finance: Crypto Miner TeraWulf to Raise $3B in Google-Backed Debt Deal to Expand Data Centers