Google backs TeraWulf's Lake Mariner campus with $3.2B Fluidstack lease guarantee, takes 14% stake
- —Google's backstop covers $3.2B of Fluidstack leases, up from an initial $1.8B commitment
- —Fluidstack is contracting about 360 MW under 10-year deals across three buildings
- —Energization is set in phases from H2 2026 into 2027
- —Warrants give Google about 14% of TeraWulf, roughly 73.5 million shares
Why it matters: The guarantee cuts tenant default risk on long-term leases and reinforces TeraWulf's pivot from Bitcoin mining to AI infrastructure.
Source: Crypto Briefing