Google $1.8B backstop and 8% stake
Company: TeraWulf
The claim, verbatim
Google backstops $1.8B of Fluidstack's lease obligations in support of project debt and holds an ~8% stake in WULF pledged to lenders.
Source (primary)
Q2 Earnings Update Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-13)Live source ↗
Quote: “Google backstops $1.8Bn of Fluidstack’s lease obligations”
How we checked this
Checked on October 15, 2026. The cited source supports every part of this claim.
The Lake Mariner slide states both the $1.8 billion Google backstop supporting project debt and Google's 8% WULF stake pledged to lenders.
Confirmed in the source:
- Google backstops $1.8 billion of Fluidstack's lease obligations
- The Google backstop is in support of project debt
- Google holds an 8% stake in WULF that is pledged to lenders
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_513c80c486e62e4bdb70115ded3782f5/terawulf/db/2396/23302/pdf/WULF_Q2_2025_Investor_Update_%28Aug_2025%29vF.pdf) in full (17,599 characters, retrieved October 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Q2 Earnings Update Presentation
Quote: “Google backstops $1.8Bn of Fluidstack’s lease obligations”