TeraWulf, a Nasdaq-listed Bitcoin mining company, has secured significant backing from Google for its Lake Mariner data center campus in Somerset, New York. Google has provided a backstop guarantee of approximately $3.2 billion covering Fluidstack's long-term lease obligations at the facility, while also acquiring warrants that give it roughly 14% equity ownership, or approximately 73.5 million shares.
Google's commitment has grown since its initial 2025 involvement of $1.8 billion to the current $3.2 billion figure. However, Google is not the direct tenant; Fluidstack is leasing the space under 10-year contracts for approximately 360 MW of critical IT load across three buildings designated CB-3, CB-4, and CB-5.
Expansion Timeline and Capacity
Lake Mariner currently operates at 102 MW of capacity. TeraWulf plans to expand the site to 500 MW, with potential to reach 750 MW as demand increases. The phased energization of the contracted capacity is scheduled across the second half of 2026 and into 2027, with an additional 336 MW under construction to come online during that window.
The campus benefits from its location on a former coal plant site, which provides existing dual 345 kV electrical lines. This infrastructure advantage allows TeraWulf to accelerate its AI and high-performance computing rollout without waiting for new grid connections. Initial construction costs are projected at $8 million to $10 million per critical IT megawatt.
Ownership Structure and Related Operations
TeraWulf CEO Paul Prager's Somerset Operating Company owns the land beneath the Lake Mariner campus. The company also maintains a separate 20-year lease agreement with Anthropic at its Justified Data campus in Kentucky.
The $3.2 billion Google guarantee mitigates a key risk inherent in long-term leases: tenant payment default. Google's warrant position gives it direct financial interest in TeraWulf's performance, with the potential for roughly 73.5 million new shares if exercised.
