TeraWulf stock jumped more than 10 percent after Google raised its stake from 8 to 14 percent. Google has added another $1.4 billion in financing. Thai is bringing its total commitment to $3.2 billion. Google is treating the combination of bitcoin mining and AI hosting as a long-term play. Through the deal structure, Google isn’t guaranteeing TeraWulf’s corporate debt, but instead backing revenues tied specifically to AI and high-performance computing leases. That removes a lot of risk from the buildout at Lake Mariner and signals confidence in the shift from pure mining toward AI infrastructure.
Google’s Shift From Mining to AI Hosting
Since last year’s halving, mining rewards have been cut in half. Margins for bitcoin miners have tightened. TeraWulf still runs mining operations to generate near-term cash flow and provide grid support, but the bigger opportunity lies in AI hosting. Two long-term agreements with Fluidstack have already brought in $3.7 billion in contracted revenue. It will grow to $8.7 billion with extensions. And with Google underwriting those obligations, the financial risk drops dramatically. Such a level of security allows TeraWulf to move quickly on construction and deliver 200 megawatts of new capacity by 2026.
Analyst Takeaways for TeraWulf Stock
TeraWulf stock was separated from the broader indexes. It climbed 11 percent the same day the S&P 500 and Nasdaq barely moved. Analysts pointed out that Google is behaving as both investor and customer. While such a mix is unusual, it can be advantageous. It ties strategic capital to guaranteed demand for services. VanEck even suggested that if miners shift just a fifth of their capacity into AI hosting, the industry could add almost $14 billion in profits annually by 2027.
Bitcoin’s Market Cap Flips Over Google
In 2025, Bitcoin has overtaken Google in market cap twice. On August 14, it briefly surpassed Alphabet’s $2.45 trillion valuation, becoming the fifth-largest global asset. Earlier this year, it passed Google once already when BTC traded above $120,000. For investors, that dual milestone reinforces bitcoin’s status as more than a speculative asset. It is competing directly with the biggest tech companies in value terms.
AI Hosting and Crypto Mining
Bringing these threads together, the impact of Google’s stake in TeraWulf extends well beyond a stock pop. It validates the idea that miners can evolve into zero-carbon AI infrastructure providers. Flexible bitcoin mining facilities, with their access to cheap power and cooling, can be repurposed for dense AI workloads. And it underscores how digital assets and AI are converging in ways that create new revenue streams for companies positioned at the intersection.
TeraWulf stock is now a part traditional bitcoin miner, part green energy operator, and increasingly a player in hyperscale AI hosting. The upside is substantial if execution matches the vision. The risk, of course, is whether timelines hold and whether demand growth in AI hosting sustains at the pace investors are betting on. Still, the fact that Google is willing to commit billions tells you the opportunity is real, and for the broader market, it sets a template for how mining companies can reinvent themselves in the AI era.
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