TeraWulf (WULF), once focused on Bitcoin mining, is now expanding into AI infrastructure, and Alphabet’s (GOOGL) Google is supporting this move. The tech giant is providing additional financial support for TeraWulf’s Lake Mariner data center in New York. Following the news, TeraWulf stock rallied and hit a new 52-week high of $10.71.
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The new agreement provides TeraWulf with up to $1.4 billion in additional funding from Google, bringing the total investment to about $3.2 billion. This deal increases Google’s stake in the company to 14% from 8% and includes an option to purchase an additional 32.5 million shares.
Google Looks to Support Fluidstack Deal
This announcement comes after WULF stock skyrocketed last week on securing two 10-year computing deals with AI cloud provider Fluidstack. The plan includes a new data center that will add 160 megawatts (MW) of IT capacity at the Lake Mariner campus.
TeraWulf also stated that the deal is expected to generate $6.7 billion in contracted revenue, with potential to reach $16 billion through lease extensions. Operations at the expanded facility are anticipated to begin in the second half of 2026.
Separately, WULF also launched a $400 million convertible notes offering to fund expansion, signaling confidence in its long-term growth strategy.
Backed by Google, the deal helps reduce financial risk and reflects that TeraWulf’s shift from crypto to AI is gaining support. As demand for powerful AI hosting grows, this move could be a big step forward for TeraWulf.
Is WULF a Good Stock to Buy?
Turning to Wall Street, WULF stock has a Strong Buy consensus rating based on 10 Buys and two Holds assigned in the last three months. At $11.08, the average TeraWulf stock price target implies a 17.25% upside potential.
