Overview
- TeraWulf entered a 364-day, $500 million delayed-draw senior secured bridge credit agreement administered by Morgan Stanley Senior Funding through subsidiaries Raylan Finance LLC and Raylan Data LLC.
- Proceeds will fund construction and development of the Hawesville facility, a former industrial site with roughly 250 buildable acres, an energized on-site substation, direct grid connection, and 480 MW of current capacity with phased expansion planned.
- The loan offers two interest options, either a SOFR-based rate with a 2.75% margin or a base-rate alternative tied to the highest of specified reference rates plus a 1.75% margin.
- WULF closed up 11.86% at $16.41 following the financing news, with Benzinga also citing a lift from Bitcoin’s brief push above $74,000 and a recent dip in short interest to 93.59 million shares, or about 27.4% of float.
- The funding underscores a strategic shift from bitcoin mining toward AI/HPC leasing after a Q4 2025 revenue decline to $35.8 million, as institutional ownership stands near 62% and analyst coverage trends positive with multiple Buy ratings.