Google-Backed Crypto Miner TeraWulf Plans $3B Debt-Financed Expansion: Report

TeraWulf plans to raise about $3b to expand its data centers, in a deal supported by Google , according to its finance chief Patrick ￰1￱ debt is expected to be issued either through the high-yield bond market or via leveraged loans, Fleury told Bloomberg in a recent ￰2￱ Stanley is arranging the potential transaction, which could be launched as early as ￰3￱ rating agencies are still reviewing the deal, with expectations that it could fall between BB and CCC, the typical range for junk-rated debt. Google’s backstop could reportedly help secure a higher ￰4￱ are ongoing, and there is no guarantee the deal will move ￰5￱ didn’t return Cryptonews’ request for comment by press ￰6￱ is expected to raise approximately $3 billion to support the build-out of its data centers via a structure supported by Google ￰0￱ — Bloomberg (@business) September 25, 2025 AI Boom Drives Demand For Data Centers, Puts Crypto Miners In Spotlight The push comes as demand for artificial intelligence infrastructure has outstripped ￰7￱ rapid rise of AI has created shortages of data center space, graphics processing chips and access to ￰8￱ mining firms like TeraWulf, already operating large-scale power-hungry facilities, have become attractive partners for companies seeking to expand into AI ￰9￱ has already seen growing interest in its ￰10￱ August, Fluidstack, an AI cloud platform, expanded its use of a TeraWulf-run data center in New ￰11￱ the same time, Google increased its backstop commitment to TeraWulf by $1.4b, taking its total to $3.2b and lifting its equity stake in the miner to 14% from 8%.

TeraWulf, Cipher Raise Capital To Expand Data Center Capacity Meanwhile, another mining firm, Cipher Mining, has signed a colocation deal with Fluidstack and ￰12￱ the agreement, Cipher will supply data center ￰13￱ return, Google will backstop US$1.4 billion in obligations and take an equity ￰14￱ addition, Cipher is expected to seek more debt financing, similar to TeraWulf. Separately, in August TeraWulf said it plans to raise $400m through a private offering of convertible senior notes due ￰15￱ company explained that proceeds will partly fund capped call ￰16￱ rest will go toward expanding its data centers and other corporate ￰17￱ completed, this financing would be one of the largest debt deals by a crypto miner shifting into AI infrastructure.

Furthermore, it shows how Google is expanding its role in building out computing power to meet surging demand from AI developers.