Overview
- TeraWulf announced a private offering of $500 million in convertible senior notes due 2032, with an option for an additional $75 million available to initial purchasers.
- The notes will be sold to qualified institutional buyers, pay no regular interest, and may be settled in cash, stock, or a combination at the company’s election.
- The financing supports a joint venture with Fluidstack that carries about $9.5 billion in contracted revenue over 25 years and gives TeraWulf a 51% stake and rights to co-develop the next ~168 MW project.
- Google is backing roughly $1.3 billion of Fluidstack’s long-term lease obligations tied to the project, which is already under construction and targeting commercial operations in the second half of 2026.
- The deal expands TeraWulf’s contracted HPC capacity to over 510 MW and follows a sharp stock jump on the JV news and a modest pullback after the notes offering, as investors weigh costs, dilution, and execution timelines.