Cipher Mining (CIFR) is planning to raise billions of dollars through junk bonds that will be backed by Alphabet's (GOOG, GOOGL) Google, Bloomberg reported Friday, citing people familiar with the matter.

The news comes after TeraWulf's (WULF) $3.2 billion debt deal last week to fund part of its data center expansion at the Lake Mariner campus in Barker, New York.

The crypto miners are banking on these deals as the artificial intelligence boom creates a shortage of data-center space, graphics-processing unit chips, and fast access to the electricity to power it all, according to the report.

Neither Cipher Mining nor Google immediately responded to MT Newswires' request for comment.

Shares of Cipher Mining climbed nearly 17%, while Alphabet Class A and C shares were both up 3.1% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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