TeraWulf Plans $3B Debt Raise as Google Doubles Down on Crypto Miner’s AI Pivot
Bitcoin mining company TeraWulf is preparing to raise approximately $3 billion in debt for data center expansion, with Google providing financial backing that could elevate the crypto miner’s credit rating, according to company executives.
Morgan Stanley is arranging the potential transaction, which could launch as soon as October in either the high-yield bond or leveraged loan markets, TeraWulf CFO Patrick Fleury told Bloomberg News. Credit rating agencies are evaluating where to rank the deal within the BB to CCC spectrum typical for junk-rated debt, with Google’s backstop expected to support a higher rating.
The debt raise follows TeraWulf’s announcement in August that AI cloud platform Fluidstack expanded its use of the…
