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TeraWulf (WULF), a company specializing in high-performance computing (HPC) hosting and Bitcoin mining, announced a major expansion at its Lake Mariner data center campus in Western New York, supported by a new funding round from Google.

The stock rose even as a $400 million convertible note offering was also announced simultaneously. Operations are expected to begin in the second half of 2026.

The expansion includes CB-5, a new purpose-built data center that will add 160 MW of critical IT load. Google’s support for project debt financing was increased by $1.4 billion to bolster the expansion, bringing its total commitment to approximately $3.2 billion. Google’s pro forma equity stake will grow to 14 percent through warrants to purchase 32.5 million shares of WULF. The lease for CB-5 maintains the same economic terms as Fluidstack’s previous contracts for CB-3 and CB-4, ensuring consistent terms across the campus.

Paul Prager, CEO of TeraWulf, stated, “This expansion highlights the unparalleled size and capabilities of the Lake Mariner campus.”

 “The addition of CB-5 strengthens our strategic partnership with Google, increasing our contracted capacity with Fluidstack, a crucial financial partner in developing next-generation AI infrastructure. This partnership extends the one announced last Thursday, when TeraWulf secured two 10-year agreements with Fluidstack.”

Google initially planned to back $1.8 billion in lease obligations to support the buildout and project-related debt financing in exchange for an 8 percent ownership stake. WULF shares surged by 59% in a single day.

TeraWulf also announced the expansion, along with a private offering of convertible senior notes totaling $400 million, due in 2031, with an option for initial buyers to purchase up to an additional $60 million within 13 days.