Google backs Bitcoin miner TeraWulf’s $1.8B AI project
TeraWulf, a prominent Bitcoin miner, has secured a strategic partnership with Google as part of its high-performance computing (HPC) co-location agreements with Fluidstack.
According to an Aug. 14 statement, the search engine giant will backstop $1.8 billion of Fluidstack’s lease obligations, providing critical support for project-related debt financing.
The arrangement grants Google a warrant to acquire roughly 41 million shares of TeraWulf common stock. If exercised, this would represent an approximate 8% pro forma equity stake.
This strategic support enables TeraWulf, a leading digital infrastructure operator, to advance two 10-year HPC colocation agreements with Fluidstack.
The contracts allow TeraWulf to deliver over 200 MW of critical IT load from its Lake Mariner data center campus. The initial 10-year term is valued at approximately $3.7 billion, with two five-year extension options that could raise total potential revenue to $8.7 billion.
Notably, deployment is already underway, with about 40 MW of capacity expected to go live in the first half of 2026.
TeraWulf plans to bring the full 200+ MW online by the end of 2026, providing substantial near-term infrastructure support to Fluidstack and reinforcing its position as a top-tier digital infrastructure provider.
Google’s crypto wallet policy
This development comes as Google Play updated its policies for crypto wallet providers in over 15 jurisdictions, including the US and the European Union.
According to the firm, crypto custodial wallet providers must be licensed and comply with local industry standards starting Oct. 29. US developers must register as money services businesses or money transmitters, while EU developers must register as crypto-asset service providers (CASPs).
The announcement had sparked significant confusion within the community, with industry stakeholders criticizing the firm’s unilateral action.
However, the firm has clarified that non-custodial crypto wallets remain outside the policy’s scope.
Speaking on this, Google Cloud’s Rich Widmann, head of Strategy for Web3, said:
“The policy was not intended to cover non-custodial wallets but imprecisely used the term “software wallets” without nuance which led to confusion. It is not 2015 anymore – we are working alongside dozens of crypto devshops and protocols to enable this ecosystem.”
The post Google backs Bitcoin miner TeraWulf’s $1.8B AI project appeared first on CryptoSlate.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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