TeraWulf is raising $3 billion through Morgan Stanley for data centers, backed by Google. Google provides $1.4 billion in support, potentially improving credit rating. AI boom causes shortages, making crypto mining companies like TeraWulf valuable. In August, TeraWulf signed a $3.7 billion deal with Fluidstack, also backed by Google.

TeraWulf stock spiked 12% after the announcement, reaching $11.72 before settling at $10.97. Shares surged 80% after the August deal, up 94% since 2025. Cipher Mining signed a similar deal with Fluidstack and Google, receiving $1.4 billion in backing. Google takes a 5.4% stake in Cipher.

Read more at Cointelegraph: TeraWulf Plans $3B Debt Raise With Google Backstop Support