Crypto stock surges 35% after bagging a deal with Google

Crypto stock surges 35% after bagging a deal with Google originally appeared on TheStreet.

Bitcoin mining and high-performance computing (HPC) firm TeraWulf (WULF) surged more than 35% on Aug. 14 after announcing a blockbuster $3.7 billion, 10-year hosting deal — with Google taking an equity stake in the company.

The agreements, signed with AI cloud platform operator Fluidstack, will see TeraWulf deploy more than 200 megawatts (MW) of critical IT load at its Lake Mariner data center in Western New York. The initial contracts, valued at $3.7 billion over 10 years, include two optional five-year extensions that could bring total revenue to $8.7 billion.

As part of the deal, Google (GOOGL) will backstop $1.8 billion of Fluidstack’s lease obligations, providing crucial support for buildout and financing. In return, Google will receive around 41 million shares of TeraWulf, giving it roughly an 8% ownership stake.

TeraWulf plans to deliver 40 MW of IT load in the first half of 2026, with the remainder coming online by the end of next year.

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The announcement comes as TeraWulf pivots deeper into high-performance computing while maintaining its Bitcoin mining operations.

In Q2 2025, the company self-mined 485 BTC, down from 699 BTC in the same quarter last year, but benefited from higher Bitcoin prices. Revenue in the quarter rose to $47.6 million, with adjusted EBITDA at $14.5 million.

CEO Paul Prager said the company is seeing “remarkable progress” in delivering contracted HPC capacity and attracting enterprise clients seeking low-cost, zero-carbon compute infrastructure. The firm continues to develop its hydroelectric and nuclear-powered Lake Mariner facility, which will serve as the backbone of the new HPC expansion.

Shares of TeraWulf rocketed to their highest level since January, trading above $7.40 intraday, as investors cheered both the lucrative long-term contracts and Google’s validation of the business. The stock has now rebounded more than 165% from its April lows and is up over 31% year-to-date.

Crypto stock surges 35% after bagging a deal with Google first appeared on TheStreet on Aug 14, 2025

This story was originally reported by TheStreet on Aug 14, 2025, where it first appeared.

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