Crypto Miner TeraWulf Plans $3B Google-Backed Debt for Data Centers Expansion

TeraWulf, a crypto mining firm, plans to raise $3 billion in debt to expand its data center operations. The initiative is supported by Google as part of the growing AI infrastructure arms race.
The company is collaborating with Morgan Stanley to secure funding through high-yield bonds or leveraged loans, potentially launching next month.
Google's backing may help TeraWulf achieve a stronger credit rating for this deal.
The demand for data center space and resources in the AI industry has led crypto miners to partner with firms like Google.
Google increased its support for TeraWulf to $3.2 billion, holding a 14% stake, which facilitated Fluidstack's expansion at a TeraWulf data center in New York.
Cipher Mining also reached an agreement with Google and Fluidstack, with Google backstopping $1.4 billion in obligations and acquiring an equity stake in Cipher.
TeraWulf shares experienced a slight drop of about 1.3% in Friday's trading session, remaining unchanged after hours.