Bitcoin miner TeraWulf is making a bold move, seeking $3 billion in debt financing to scale out its data center infrastructure, with support from Google, which now owns about 14% of the firm. The funding, expected to be arranged by Morgan Stanley, will primarily support expansion at TeraWulf’s Lake Mariner campus in New York.


This comes on the heels of a $3.7B, 10-year AI compute deal with FluidStack, a contract that could expand to $8.7B if fully exercised. That agreement also strengthened Google’s position, providing a $3.2B backstop and boosting its stake in TeraWulf.


The strategy reflects a wider trend: AI + Bitcoin mining convergence. Mining firms like TeraWulf and Cipher (which just announced a similar $3B FluidStack deal backed by Google) are positioning themselves not just as miners, but as AI compute providers in a market hungry for data center capacity.


For Bitcoin miners, this diversification could be critical, offering new revenue streams that aren’t tied directly to BTC price cycles. While TeraWulf stock (WULF) hasn’t surged on the news, down ~1.3% this week, the scale of these AI partnerships hints at a longer-term re-rating of the sector.


Bottom line: Bitcoin miners are no longer just about blocks and hashes, they’re becoming infrastructure players at the heart of AI and digital finance. Are BTC miners thinking of alternatives already since there are only about 1.26 million BTC to be mined?