Google deepened its partnership with TeraWulf Inc. by adding a fresh $1.4 billion backstop facility and exercising warrants that will lift its ownership stake in the bitcoin-miner-turned-data-center operator to 14% from 8%. The additional commitment raises Google’s total financial support for the company to roughly $3.2 billion and gives it the right to purchase about 32.5 million TeraWulf shares. Concurrently, TeraWulf said AI-cloud provider Fluidstack has taken a further 160-megawatt lease, dubbed CB-5, at the company’s Lake Mariner campus in western New York. The expansion increases contracted critical IT load at the site to 360 MW and brings total guaranteed revenue to $6.7 billion, potentially rising to $16 billion if lease extensions are exercised. Commercial operations are scheduled to begin in the second half of 2026. To help fund the build-out, the company launched a private offering of $400 million in convertible senior notes maturing in 2031, with an option for an additional $60 million. TeraWulf shares jumped more than 10% following the twin announcements, and several brokerages, including B. Riley, Needham and Cantor, raised their price targets citing the enlarged Google backing and revenue pipeline.