TeraWulf stock rallied more than 10% after Google hiked its stake in the bitcoin miner and datacenter operator as it funds an expansion of its Lake Mariner, New York, facility.

As part of the deal, Google will offer up to $1.4 billion in additional backstop, bringing its total to about $3.2 billion. It hikes Google’s stake in TeraWulf to 14% from 8% and enables the company to buy about 32.5 million shares of the company’s stock.

CEO Paul Prager said in a release that the agreement solidifies the company’s “strategic alignment with Google” to help build advanced artificial intelligence infrastructure.

Last week, shares skyrocketed after the company inked two 10-year computing deals with AI cloud provider Fluidstack to offer more than 200 megawatts of capacity at its Lake Mariner datacenter space in Western New York.

Shares are up about 90% over the last week.

“This is a game changer in the industry,” Prager told CNBC’s “Power Lunch” last week. “If you have quality energy infrastructure and a management team and folks on the ground that understand how to extract value for it, this is the time, Lake Mariner is the place.”

Monday’s announcement hikes critical IT load to more than 360 MW, with Fluidstack exercising an option for another 160 MW at Lake Mariner. TeraWulf also said the deal equals $6.7 billion in contracted revenue and could reach as much as $16 billion through lease extensions.

Operations are expected to start in the second half of 2026.

“Fluidstack’s decision to expand so soon after our initial agreement speaks volumes about the quality, readiness, and scalability of our infrastructure,” TeraWulf CTO Nazar Khan said in a release.

Separately, TeraWulf also said it will offer $400 million in convertible senior notes due in 2031.

Watch: TeraWulf CEO on Google investment: Building one of the largest data center campuses in the U.S.