Alphabet’s Google has deepened its investment in bitcoin miner and data-centre operator TeraWulf, increasing its pro-forma equity stake to about 14% from 8%. The higher ownership comes via warrants linked to an expanded financing package that lifts Google’s backstop commitment by $1.4 billion to roughly $3.2 billion. The funding supports the build-out of TeraWulf’s Lake Mariner campus in western New York, where AI cloud platform Fluidstack has just exercised an option for an additional 160-megawatt lease known as CB-5. Fluidstack now has 360 MW of contracted capacity at the site, a stream valued at about $6.7 billion and potentially $16 billion if lease extensions are taken. The new capacity is slated to enter service in the second half of 2026. Separately, TeraWulf has upsized and priced an $850 million offering of 1.00% convertible senior notes due 2031, replacing an earlier $400 million plan. Proceeds will fund a portion of the Lake Mariner expansion and for general corporate purposes. Investors welcomed the expanded partnership and financing package; TeraWulf shares climbed more than 10% on 18 August and are up roughly 90% over the past week.