TeraWulf Draws Spotlight After Google Stake Hike, $400M Convertible Notes Offering

TeraWulf Inc. (WULF) was in the spotlight on Monday after Alphabet Inc.’s (GOOGL) (GOOG) Google is deepening its involvement in the company’s Lake Mariner data center project by providing an additional $1.4 billion in financial backing, bringing its total backstop commitment to $3.2 billion. 

In return, the tech giant will receive warrants to purchase 32.5 million shares of TeraWulf stock, increasing its ownership stake in the company to about 14%.

Meanwhile, TeraWulf also announced plans to raise $400 million through a private offering of convertible senior notes due in 2031. 

TeraWulf said that its convertible notes offering, aimed at institutional investors, includes a provision allowing initial buyers to purchase an additional $60 million in notes within 13 days of issuance, depending on market conditions. On conversion, TeraWulf has the option to settle its obligations in cash, stock, or a combination of both.

The company intends to use the funds to support a planned expansion of its data center infrastructure, with additional proceeds allocated toward capped call transactions and general operations. TeraWulf stock traded over 6% higher in Monday’s premarket. On Stocktwits, retail sentiment around the stock remained ‘extremely bullish’ amid ‘extremely high’ message volume levels. 

Meanwhile, Fluidstack, a cloud-based AI infrastructure company, has exercised its lease expansion rights at TeraWulf’s Lake Mariner campus in western New York. The expansion, which includes a newly planned facility known as CB-5, will add 160 megawatts (MW) of IT load to the existing infrastructure. Once operational in the latter half of 2026, the campus will provide a total of about 360 MW in AI capacity.

With the addition of CB-5, TeraWulf's long-term revenue commitments from its Lake Mariner campus now stand at approximately $6.7 billion. TeraWulf stock has gained over 58% in 2025 and over 106% in the last 12 months. 

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