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TeraWulf stock rallied more than 10% after Google hiked its stake in the bitcoin miner and data center 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 tech giant to buy about 32.5 million shares of the company's stock.

TeraWulf 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 signed two 10

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