Overview
- TeraWulf closed a public sale of 54,510,000 shares at $19 each after underwriters exercised their full option, with proceeds earmarked for a Hawesville, Kentucky data center build, repayment of a bridge loan, and expansion plans.
- After the deal was announced and priced, the stock fell about 6% to 7% as investors weighed dilution against the funding for growth.
- The company’s preliminary first‑quarter results show $30 million to $35 million in revenue and adjusted EBITDA of $0 to $3 million, with more than half of revenue coming from hosting AI and other high‑performance computing work.
- TeraWulf reported credit allocations for a revolving facility of up to $250 million, with Morgan Stanley Senior Funding engaged to arrange the line, which the company says would support working capital and liquidity once finalized.
- As context, TeraWulf listed $3.1 billion in cash and $5.8 billion in total debt as of March 31, 2026, underscoring its shift away from volatile bitcoin mining toward selling contracted compute capacity that large clients reserve for AI workloads.