TeraWulf, a U.S.-based cryptocurrency mining firm focused on building large-scale digital infrastructure, is gearing up to raise about $3 billion through Morgan Stanley to expand its data centers, a plan backed by Google, according to its finance chief Patrick Fleury. The Terawulf data center expansion plan includes a $1.4 billion backstop from Google, which would bring the total potential funding to about $3.2 billion, Fleury told Bloomberg.
The company is considering launching the fundraising as early as October through high-yield bonds or leveraged loans, and Google’s involvement could help improve the deal’s credit rating. According to Bloomberg, the deal is still being negotiated and hasn’t been finalized. The initiative is fueled by the rising demand for data centers, advanced chips, and stable power sources to power AI development.
