Overview
- TeraWulf expects about $877.6 million in net proceeds from the initial sale of its 0.00% Convertible Senior Notes due 2032, with an option that could lift gross proceeds to nearly $1 billion.
- The private Rule 144A offering carries an initial conversion rate of 50.1567 shares per $1,000 note and is slated to close October 31 pending customary conditions.
- TeraWulf’s joint venture with Fluidstack covers a 168 MW campus in Abernathy, Texas under a 25-year hosting commitment valued at roughly $9.5 billion, with TeraWulf holding a 51% stake and repeat-project rights.
- Google is reported to back about $1.3 billion of Fluidstack’s long-term lease obligations, a credit enhancement cited to support project financing.
- Construction at the Abernathy site is described as underway with operations targeted for the second half of 2026, lifting TeraWulf’s contracted HPC footprint above 510 MW as it targets adding 250–500 MW annually.