Tech giant Google has become the largest shareholder of TeraWulf, holding 14% of shares, after increasing its backstop in a lease deal between the Bitcoin miner and AI infrastructure provider Fluidstack. TeraWulf disclosed it signed a 10-year colocation lease agreement with Fluidstack, with Google supporting the lease obligations through a financial backstop of $3.2 billion in return for warrants to purchase over 73 million shares. TeraWulf's chief strategy officer emphasized that Google's backstop validates their zero-carbon infrastructure. The AI company plans to maintain its Bitcoin mining platform while transitioning towards AI and high-power computing workloads. TeraWulf's financial agreement with Fluidstack could generate significant revenue, projected at $6.7 billion initially, potentially reaching $16 billion through lease extensions. TeraWulf's stock saw notable increases following the announcement, showcasing investor optimism about the company's future prospects.

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