Google-backed stock jumps after new AI deal

Google-backed stock jumps after new AI deal TheStreet · Getty Images Pooja Rajkumari Tue, May 26, 2026 at 11:00 PM GMT+2 2 min read WULF GOOG BTC-USD Shares of TeraWulf (Nasdaq: WULF) surged during market hours on May 26 after the Bitcoin miner-turned-AI infrastructure company announced the acquisition of a hyperscale high-performance computing site. TeraWulf is a United States-based digital infrastructure company founded in 2021 by energy entrepreneur Paul Prager. It initially built one of the largest zero-carbon Bitcoin (BTC) mining operations in the country, anchored by its Lake Mariner campus in Western New York.

Related: Mining companies embrace AI to drive growth beyond crypto TeraWulf's pivot to AI TeraWulf has been increasingly pivoting to AI. Alphabet's Google has significantly backed TeraWulf . In August 2025, TeraWulf announced it had secured a $3.

7 billion, 10-year AI hosting deal backed by Google, which took an 8% stake in the company. A few days later, Google increased its equity position in the company by 14% to approximately $3. 2 billion from $1.

8 billion in return for 32. 5 million WULF shares. On May 8, the company reported Q1 2026 revenue of $34 million and a net loss widened sharply to $427 million from $61.

4 million a year earlier, largely on the costs of shifting operations toward HPC. The trade-off, management says, is that artificial intelligence and HPC lease services now generate the majority of company income. More from TheStreet Roundtable Eric Trump has a stark message on selling Bitcoin Ondo Finance founder Nathan Allman passes away Fed reopens controversial payment proposal The Muskie Data Campus deal Amid its AI pivot, TeraWulf announced on Tuesday that it has acquired the Muskie Data Campus, a hyperscale HPC development site located within the 1,000-acre EastPark Industrial Park in Eastern Kentucky.

The site, purchased from Industrial Equity Partners, is expected to support more than 1 gigawatt of data center capacity over time, with the initial 500 MW targeted for delivery in the second half of 2028 and an additional 500 MW in the second half of 2030. Kentucky Power, an AEP Company, is constructing a 345 kV substation connected to the existing 765 kV transmission network. The site is already zoned for data center use, with permitting underway.

This is TeraWulf's second major campus in Kentucky, alongside the 480 MW Justified Data campus in Hancock County. The announcement made WULF stock jump as much as 13%. It also touched a fresh 52-week high of $25.

78 earlier in the session. At press time, however, the stock was up about 8% at $24. 86.

Related: Leading miner walks away from Bitcoin This story was originally published by TheStreet on May 26, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.