Overview

• Morgan Stanley is arranging the potential financing, which may be issued as high-yield bonds or leveraged loans with a launch targeted as early as October.
• Rating agencies are assessing the package in the BB to CCC range, and Google’s support is expected to improve the outcome.
• Proceeds would expand the Lake Mariner campus in New York as TeraWulf pivots from pure bitcoin mining to hosting AI compute and colocation.
• Google increased its backstop by $1.4 billion to roughly $3.2 billion in total support and holds about a 14% stake tied to related arrangements.
• TeraWulf’s shift follows Fluidstack’s expanded use of its New York site and parallels a similar Google‑backed deal with Cipher Mining.