Crypto mining company TeraWulf is reportedly raising approximately $3 billion through Morgan Stanley to build data centers, with tech giant Google providing support.

The TeraWulf funding round will support the build-out of its data centers with a structure supported by Google, according to company finance chief Patrick Fleury, who spoke to Bloomberg on Thursday.

Deal could launch as soon as October in high-yield bond or leveraged loan markets. Google’s backstop commitment to support the debt financing is an additional $1.4 billion, bringing its total to $3.2 billion.

The Google support could give the Morgan Stanley transaction a higher rating from credit rating firms. However, the terms of the transaction are still under negotiation, and there is no guarantee a deal will launch, Bloomberg said. 

The AI boom has created severe shortages of data center space, GPU chips, and reliable electricity access, and large crypto mining companies are well-positioned because they already possess the two scarcest resources, existing data center infrastructure and secured power capacity. 

Fluidstack agreement backed by Google

In August, TeraWulf announced a ten-year colocation lease agreement with Fluidstack, an AI infrastructure provider.

The deal, worth $3.7 billion in contract revenue, was also backstopped by Google, which took a 14% stake in TeraWulf. 

Google has now committed $3.2 billion across both deals, showing serious long-term investment in crypto-to-AI infrastructure conversion.

Cointelegraph reached out to Terawulf for further details, but did not receive an immediate response. 

TeraWulf stock spikes

TeraWulf stock (WULF) spiked 12% on Thursday, hitting an intraday high of $11.72 before it retreated to end up down 3.7% on the day at $10.97 in after-hours trading, according to Google Finance. 

Company shares surged after the initial announcement in August, jumping 80% in the days that followed. TeraWulf has had a solid year with share prices up 94% since the beginning of 2025. 

Cipher Mining signs similar deal

Cipher Mining announced a very similar agreement on Thursday, partnering with the same AI cloud firm Fluidstack and being backed by Google, which took a 5.4% stake in the company.

Cipher will provide data-center capacity for Fluidstack under a colocation agreement, while Google will obtain an equity stake in Cipher and backstop $1.4 billion of the obligations.