Overview

• TeraWulf is working with Morgan Stanley on roughly $3 billion of loans or bonds, with an October launch under consideration and final terms dependent on credit ratings and market conditions.
• Google has committed to backstop $1.4 billion of the package, bringing its total support tied to TeraWulf projects to about $3.2 billion.
• The company disclosed a $400 million private offering of convertible senior notes due 2031 to fund capped call transactions and data center growth.
• TeraWulf plans to convert its large-scale Bitcoin mining sites into AI‑ready colocation capacity as demand for power and GPUs accelerates.
• A 10‑year colocation agreement with Fluidstack, reported at approximately $3.7 billion in contract value, underpins the buildout and coincided with Google raising its equity stake to 14%.