Terawulf (WULF) Climbs as Google Multi-Billion-Dollar Backing Sparks Optimism

We recently published 10 Big Names With Surprising Gains. TeraWulf Inc. (NASDAQ:WULF) is one of Wednesday’s best performers.

Terawulf rebounded by 5.69 percent on Wednesday to finish at $9.28 apiece as investor sentiment continued to be bolstered by long-term optimism after securing a multi-billion-dollar financial backing from Google for its expansion plans.

The company, however, tumbled the previous day following company plans to raise $850 million through a convertible notes offering, which, if converted by noteholders, could result in the dilution of existing shares.

Long-term optimism, however, was fueled by Google’s $3.2-billion financial support to TeraWulf Inc. (NASDAQ:WULF) in exchange for warrants to acquire 32.5 million WULF common shares, or a 14-percent pro-forma equity.

Proceeds will be used for the expansion of its critical IT load to support Fluidstack’s data center expansion in Western New York. From the 200 MW initially signed, the two companies moved to ramp up the deal by another 160 MW, bringing the total IT load capacity to 360 MW.

“This expansion underscores the unmatched scale and capabilities of the Lake Mariner campus,” said Terawulf CEO Paul Prager.

“We are not only increasing our contracted capacity with Fluidstack, but also further deepening our strategic alignment with Google as a critical financial partner in delivering the next generation of AI infrastructure,” he added.

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