This article first appeared on GuruFocus.
TeraWulf is aiming for one of the biggest fundraising rounds the crypto mining world has seen. The Bitcoin miner plans to raise roughly $3 billion to expand its data centersand it’s got Google (NASDAQ:GOOG) in its corner.
CFO Patrick Fleury told Bloomberg the company is weighing whether to tap the high-yield bond market or use leveraged loans, with Morgan Stanley arranging the deal. If all goes smoothly, the transaction could launch as early as October.
Google has sweetened the plan with a $1.4 billion backstop, lifting its total support to $3.2 billion. For TeraWulf, that stamp of approval gives the deal serious weight, showing how major tech players are willing to back the infrastructure needed for both crypto mining and the AI boom.
If the raise goes through, TeraWulf would have fresh firepower to scale its operations at a time when miners are squeezed by rising energy costs and tougher competition. It’s also another sign that the lines between crypto and Big Tech keep getting thinner.
