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TeraWulf Plans $3.2 Billion Private Notes to Fund New York AI Data‑Center Expansion

Investor enthusiasm stems from reports of Google‑backed credit support tied to Fluidstack.

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Terawulf plans record $3.2b notes offering to fund ai data center expansion

Overview

  • TeraWulf said it intends to offer $3.2 billion of secured senior notes due 2030 in a private placement to institutional buyers.
  • The company plans to use the proceeds to finance its ongoing Lake Mariner data‑center buildout in New York, and it reported about $90 million in cash, equivalents and Bitcoin as of June 30.
  • Shares rose roughly 10% to near a 52‑week high following the announcement, extending large year‑to‑date gains.
  • The financing push aligns with TeraWulf’s pivot from bitcoin mining to AI and high‑performance computing hosting, with Q2 revenue up 34% to $47.6 million and EBITDA of $14.5 million.
  • Recent coverage cites a reported Fluidstack–Google arrangement that includes a $3.2 billion backstop and a 14% Google stake, which analysts say could bolster the credit profile.