Google LLC, XXVI Holdings and Alphabet filed a Schedule 13G on September 25 reporting beneficial ownership of 41,011,803 TeraWulf shares issuable through warrants held directly by Google LLC, representing 7.6% of the filing’s calculated share base.

The filing is a new regulatory ownership disclosure tied to TeraWulf’s expanding relationship with Google-backed AI infrastructure at Lake Mariner. Importantly, the 41 million shares are warrant-linked. The filing says the warrants are currently exercisable or exercisable within 60 days, so the disclosure should not be read as Google buying 41 million common shares on September 25.

What Google’s 7.6% disclosure means

The Schedule 13G lists Google LLC, XXVI Holdings Inc. and Alphabet Inc. as reporting persons with shared voting and dispositive power over 41,011,803 shares. The ownership calculation is based on 498,968,677 TeraWulf common shares outstanding as of July 31 plus the 41,011,803 shares issuable through the warrants.

The filing identifies September 11 as the event date requiring the disclosure and was filed September 25. Google LLC holds the warrants directly, while Alphabet and XXVI Holdings may be deemed to share beneficial ownership through their control relationships.

Lake Mariner connects Bitcoin mining infrastructure to AI

The warrants originate from the broader Google-supported Fluidstack relationship at TeraWulf’s Lake Mariner campus in New York. TeraWulf previously disclosed more than 200 MW of AI-optimized capacity for Fluidstack, backed by $1.8 billion of Google credit support. A later 160 MW CB-5 expansion increased Fluidstack’s contracted critical IT load at Lake Mariner to roughly 360 MW and Google’s total backstop to approximately $3.2 billion.

Lake Mariner is especially relevant to Bitcoin mining infrastructure because the campus was developed around utility-scale power and mining operations before becoming a major high-density AI/HPC site. TeraWulf has highlighted dual 345 kV transmission lines, water cooling and low-latency connectivity as infrastructure supporting the AI buildout.

BitcoinVersus.tech previously covered the original TeraWulf, Fluidstack and Google-backed hosting agreement. The September 25 Schedule 13G is a distinct new development because it formally reports the warrant-linked beneficial ownership position.

TeraWulf’s infrastructure mix keeps changing

By the second quarter of 2026, TeraWulf reported $31.9 million of HPC lease revenue out of $44.8 million in total quarterly revenue, or about 71%. It also reported 102 MW of revenue-generating critical IT capacity online at Lake Mariner after CB-3 delivery, with another 336 MW under construction.

The new ownership filing therefore adds another data point to a larger mining-industry transition. Power access, transmission infrastructure, cooling systems and data-center campuses developed by Bitcoin miners are increasingly being financed and contracted as long-duration AI infrastructure.

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