Google could acquire a stake in TeraWulf's AI project

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Stake in TeraWulf's AI project

Under what conditions could Google acquire a stake?

If Anthropic stops paying rent or becomes insolvent, Google can take its place as the tenant and continue using the data center under the existing lease terms. Alternatively, Google could pay an early termination fee and acquire a stake in Raylan Data, the TeraWulf subsidiary operating the project.

The size of the ownership stake would depend on the amount paid. The calculation is based on the project's total development and construction costs, including land, infrastructure, equipment, and financing expenses. For example, if Google pays an amount equal to 30% of the project's total cost, it would receive a 30% stake in Raylan Data.

During the first six years after Google's guarantees take effect, the company is generally required to assume the lease rather than terminate it. An exception applies if Google's own AI chips, known as Tensor Processing Units (TPUs), installed at the data center can use less than half of the power capacity allocated to the tenant.

Google's guarantee obligations would also terminate if Anthropic, its parent company, or a subsidiary maintains an investment-grade credit rating for at least three consecutive months.

TeraWulf shifts from Bitcoin mining to artificial intelligence

The agreements were signed on November 4. However, Google's guarantees for each of the three leased sections will only take effect once the final data hall in the relevant section has been completed and delivered.

TeraWulf, which originally specialized in Bitcoin mining, is gradually expanding into infrastructure for artificial intelligence. The company is leveraging its experience in developing energy-intensive facilities to provide computing infrastructure for AI companies.

The $19 billion contract with Anthropic is one of the largest agreements under this strategy.

Any potential ownership stake acquired by Google would be limited to Raylan Data, the subsidiary developing and operating the project. It would not involve acquiring shares in publicly traded TeraWulf itself.

Which other Bitcoin miners are working with Google?

Google is already involved in similar projects with other Bitcoin mining companies. In September 2025, Cipher Mining signed a 10-year agreement with cloud provider Fluidstack to develop a data center in Texas. Google provided $1.4 billion in financial guarantees and secured the right to acquire approximately 5.4% of the mining company's shares. The partnership was expanded in November, increasing the total guarantees to $1.73 billion and the combined contract value to $3.8 billion.

Another Google partner is Bitcoin mining company Hut 8. In December 2025, it signed a 15-year agreement with Fluidstack to lease computing capacity in Louisiana. The contract was valued at $7 billion and covered a 245 MW data center. Google agreed to guarantee lease payments throughout the agreement, helping Hut 8 secure financing to develop its AI infrastructure.

As a reminder, TeraWulf signed a $19 billion data center lease agreement with Anthropic.

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