Google-Backed Crypto Miner TeraWulf Plans $3B Debt-Financed Expansion
TeraWulf, a cryptocurrency mining firm backed by Google, is preparing to raise approximately $3 billion in debt to expand its data center operations. The financing could be structured through high-yield bonds or leveraged loans, with Morgan Stanley overseeing the potential transaction. Credit agencies are reviewing the deal, which may land in the BB to CCC junk-rated range, though Google's involvement could improve terms.
The move coincides with surging demand for AI infrastructure, which has strained data center capacity and power resources. crypto miners like TeraWulf—already operating energy-intensive facilities—are increasingly viewed as strategic partners for AI compute expansion. Negotiations remain ongoing, with no certainty of final execution.
