Overview
- The company is offering $500 million of convertible senior notes due 2032 in a private placement to qualified institutional buyers, with an option for an additional $75 million.
- The notes will not pay regular interest and are convertible into cash, stock, or a combination at TeraWulf’s election under specified conditions.
- Proceeds are earmarked for construction of a 168 MW high-performance computing facility in Abernathy, Texas under a long-term hosting contract.
- Google is backing approximately $1.3 billion of Fluidstack’s lease obligations, and TeraWulf will hold a 51% stake in the joint venture plus exclusivity on a similar next-phase project.
- TeraWulf’s contracted HPC capacity now tops 510 MW, construction is underway with operations targeted for the second half of 2026, and shares surged on the JV news before dipping after the financing announcement.