Google backs TeraWulf’s Lake Mariner AI data center with $3.2 B guarantee and warrants
TeraWulf announced that Google will provide a backstop guarantee of roughly $3.2 billion for Fluidstack’s lease obligations at the Lake Mariner campus in New York. Google also acquired warrants for about 14% of TeraWulf’s equity, equivalent to roughly 73.5 million shares. The company reached 102 MW of revenue‑generating capacity, triggering $600 million of the credit support, and reported $31.9 million of HPC lease revenue in Q2 2026.
Why it matters
The credit guarantee reduces lease‑payment risk for TeraWulf’s AI infrastructure expansion, potentially improving its balance sheet and financing costs. Google’s warrant position aligns a major tech partner’s interests with TeraWulf’s growth, which could influence investor perception of the company’s AI‑focused strategy.
Key facts
- 1Google’s backstop guarantee for Fluidstack’s lease obligations totals approximately $3.2 billion. cryptobriefing.com
- 2Google acquired warrants that would give it about 14% equity ownership, roughly 73.5 million shares. cryptobriefing.com
- 3TeraWulf reached 102 MW of revenue‑generating critical IT capacity at Lake Mariner in early July 2026. tokenpost.com
- 4The 102 MW delivery activated $600 million of Google credit support. tokenpost.com
- 5HPC leases contributed $31.9 million to TeraWulf’s $44.8 million Q2 2026 revenue. tokenpost.com
- 6Lake Mariner has 360 MW of contracted HPC capacity and an additional 336 MW under construction. tokenpost.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.