Google Doubles Down: $3.2B Bet Boosts TeraWulf Stake to 14%

Big Tech just placed another high-stakes wager on crypto infrastructure—and Wall Street didn’t see it coming.

The move: Google parent Alphabet quietly upped its position in bitcoin miner TeraWulf to 14%, backed by a staggering $3.2 billion commitment. Because nothing says 'long-term conviction' like throwing monopoly money at energy-intensive proof-of-work.

Why it matters: When a trillion-dollar tech giant starts playing venture capitalist in the mining space, the industry takes notice. Even if the 'strategic investment' smells suspiciously like a hedge against their own cloud division’s slowing growth.

The punchline: In a world where institutional crypto plays range from genius to disastrous, this one’s got it all—mega-cap FOMO, nine-figure bets, and the obligatory greenwashing about 'sustainable blockchain infrastructure.' Place your bets on whether this moons or becomes another corporate blockchain graveyard.

Fluidstack expands deal with TeraWulf for more megawatts

Just days before the Google deal was announced, TeraWulf said it signed two 10-year computing contracts with Fluidstack, an AI cloud provider.

The agreement gives Fluidstack more than 200 megawatts of data center space at Lake Mariner in Western New York. Prager, speaking to CNBC’s Power Lunch last week, called the deal “a game changer in the industry,” pointing to the team’s ability to manage energy infrastructure and deliver value at the site.

That wasn’t the end of it. On Monday, TeraWulf added that the critical IT load at the Lake Mariner facility WOULD now exceed 360 megawatts after Fluidstack moved to exercise an option for another 160 megawatts.

With both contracts combined, the company says it has secured $6.7 billion in contracted revenue. If lease extensions are triggered, the figure could reach as high as $16 billion.

TeraWulf Chief Technology Officer Nazar Khan said in a release that Fluidstack’s quick decision to expand “speaks volumes” about the quality and scalability of the infrastructure.

The operations tied to the new expansion are expected to begin in the second half of 2026. Separately, TeraWulf also announced a new plan to raise $400 million through convertible senior notes, due in 2031.

Perplexity’s Chrome bid fuels tension as DOJ weighs Google breakup

While Google is ramping up investment in crypto-adjacent infrastructure, it’s also facing pressure from regulators. On Tuesday, Perplexity AI made an unexpected $34.5 billion bid to acquire the Chrome browser.

The timing came just a week before the 20th anniversary of Google’s IPO and in the middle of a legal storm over the company’s market dominance.

Though analysts aren’t treating the offer seriously, it highlights the growing pressure on Google. The U.S. Department of Justice won a key case against the company in 2024, arguing that Google has operated a monopoly in the search market.

The ruling was considered the biggest antitrust decision in tech since Microsoft’s case over two decades ago.

Following the court victory, the DOJ began pushing for Google to sell off Chrome, arguing that the company’s bundling of services like search and Gmail into the browser gives it an unfair advantage.

Chrome also comes pre-installed on Chromebooks, raising concerns about how much reach Google has over the market.

Google’s legal chief Kent Walker pushed back in a statement, saying the DOJ’s proposal would amount to “unprecedented government overreach” and could hurt the United States’ leadership in tech and innovation.

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