Google is deepening its financial commitment to TeraWulf Inc., agreeing to provide an additional $1.4 billion backstop for the crypto-miner and data-center developer and taking warrants for about 32.5 million shares. Exercising the warrants would lift Google’s ownership in TeraWulf to roughly 14%, up from 8% disclosed last week, according to a company filing. Alongside the equity support, TeraWulf expanded its long-term partnership with infrastructure operator Fluidstack by securing a 160-megawatt CB-5 lease at the company’s Lake Mariner site in New York. The new contract raises TeraWulf’s total leased capacity with Fluidstack to 360 MW and carries $6.7 billion in contracted revenue, rising to $16 billion if all extension options are taken. Operations at the CB-5 facility are expected to begin in the second half of 2026. To help finance construction and related capital needs, TeraWulf said it intends to sell $400 million of convertible notes in a private offering maturing in 2031. In a separate development in the data-center sector, Applied Digital Corp. announced plans to break ground in September 2025 on its $3 billion Polaris Forge 2 campus near Harwood, North Dakota. The artificial-intelligence–focused complex is designed for 280 MW of initial capacity with room for further expansion and is targeting first operations in 2026.