TeraWulf secures Google backing for its Lake Mariner data center campus

TeraWulf, the Nasdaq-listed company (WULF) better known for mining Bitcoin, now has Google standing behind its biggest AI bet. Google has put up a backstop guarantee totaling approximately $3.2 billion for Fluidstack’s long-term lease obligations at TeraWulf’s Lake Mariner campus in Somerset, New York. Google is also taking a piece of the company. It has acquired warrants that give it about 14% equity ownership in TeraWulf, roughly 73.5 million shares. How the Google deal is structured Google is not the tenant here. Fluidstack is the one leasing the space, and Google is guaranteeing that Fluidstack will meet those lease obligations. Google’s initial commitment in 2025 was $1.8 billion, and the current figure sits at approximately $3.2 billion. Fluidstack is contracting for approximately 360 MW of critical IT load at Lake Mariner under 10-year contracts. That capacity comes mainly from three buildings on the campus, designated CB-3, CB-4, and CB-5. Energization is scheduled in phases across the second half of 2026 and into 2027. An additional 336 MW is currently under construction to come online in that window, running from H2 2026 to early 2027. Inside Lake Mariner Lake Mariner cur...