TeraWulf Inc. develops, owns, and operates industrial-scale digital infrastructure in the United States for high-performance computing hosting and bitcoin mining. Company news commonly covers HPC lease revenue, digital asset mining activity, power-backed data center construction, and the transition of capacity at WULF Compute and the Lake Mariner site toward contracted compute customers.
Recurring developments also include capital actions used to fund data center construction and site expansion, such as common stock offerings and credit facilities, along with updates on acquired infrastructure sites such as Hawesville, Kentucky. Financial releases address operating results, liquidity, construction progress, and the balance between HPC hosting and bitcoin mining within TeraWulf's business model.
TeraWulf (NASDAQ:WULF) announced a 51% majority joint venture with Fluidstack to develop 168 MW of critical IT load at the Abernathy, Texas campus, with expected delivery in the second half of 2026.
The JV includes a 25-year hosting commitment representing approximately $9.5 billion in contracted revenue and expands TeraWulf’s contracted HPC platform to more than 510 MW. Google will back roughly $1.3 billion of Fluidstack’s long-term lease obligations to support project debt. Total project cost is estimated at $8–10 million per MW. TeraWulf secured an exclusive right to partner on the next ~168 MW Fluidstack-led project and is targeting 250–500 MW of additional contracted capacity per year.
TeraWulf (Nasdaq: WULF) reported preliminary Q3 2025 results on Oct 28, 2025. The company expects Q3 revenue of $48M–$52M, an approximate 84% YoY increase versus $27M in Q3 2024, and adjusted EBITDA of $15M–$19M versus $6M in Q3 2024.
Management highlighted repositioning Lake Mariner toward high‑performance compute (HPC) workloads and said the company has secured more than 510 MW of contracted critical IT load, including a new joint venture announced the same day, and targets contracting an additional 250–500 MW per year. Full audited Q3 results and reconciliations are expected in November 2025.
TeraWulf (Nasdaq: WULF) announced that its subsidiary WULF Compute priced a $3.2 billion offering of 7.750% senior secured notes due 2030 at par in a private Rule 144A placement to qualified institutional buyers. The Offering is expected to close on October 23, 2025, subject to market and other conditions.
Net proceeds are intended to finance the data center expansion at the Lake Mariner campus in Barker, New York. The Notes will be guaranteed by WULF Compute subsidiaries and secured by first‑priority liens on substantially all assets of WULF Compute and the guarantors, certain equity interests, a designated lockbox account, and, prior to expansion completion, a pledge by Google LLC of warrants to purchase TeraWulf common stock. Morgan Stanley is sole bookrunner.
TeraWulf (Nasdaq: WULF) announced on October 14, 2025 that its subsidiary WULF Compute intends to offer $3.2 billion aggregate principal amount of senior secured notes due 2030 in a private Rule 144A offering to qualified institutional buyers.
Net proceeds are intended to finance a portion of the Lake Mariner data center expansion in Barker, New York. The Notes will be guaranteed by three WULF Compute subsidiaries and secured by first‑priority liens on substantially all WULF Compute and guarantor assets, equity interests of WULF Compute, a designated Fluidstack lockbox account, and a pre‑completion pledge of Google warrants. Morgan Stanley is sole bookrunner; completion is subject to market and other conditions.
TeraWulf (Nasdaq: WULF), a zero-carbon digital infrastructure company, has successfully completed its convertible notes offering with the full exercise of the greenshoe option. Initial purchasers exercised their option to buy an additional $150 million of 1.00% Convertible Senior Notes due 2031, bringing the total offering to $1.0 billion.
The private placement, made to qualified institutional buyers under Rule 144A, generated net proceeds of $975.2 million after expenses. The company implemented additional capped call transactions with a cap price of $18.76, representing a 100% premium over the last reported stock price. TeraWulf allocated $100.6 million to fund the capped call transactions, with remaining proceeds designated for data center expansion and general corporate purposes.
TeraWulf (NASDAQ: WULF), a zero-carbon digital infrastructure company, has announced the pricing of $850 million in Convertible Senior Notes due 2031 with a 1.00% interest rate. The notes will be sold to qualified institutional buyers under Rule 144A.
The notes will have an initial conversion price of $12.43 per share, representing a 32.50% premium over the closing price of $9.38. The company expects net proceeds of approximately $828.7 million, which will be used for data center expansion and corporate purposes. Additionally, TeraWulf entered into capped call transactions with a cap price of $18.76 per share, representing a 100% premium.
The initial purchasers have a 13-day option to buy up to $150 million in additional notes. The offering is expected to close on August 20, 2025.
TeraWulf (NASDAQ:WULF), a zero-carbon digital infrastructure company, has announced plans to offer $400 million in convertible senior notes due 2031 through a private offering to qualified institutional buyers. The company will also grant initial purchasers an option for an additional $60 million in notes.
The convertible notes will be senior unsecured obligations with semi-annual interest payments starting March 1, 2026. The notes will be convertible into cash for the principal amount, and either cash, common stock, or a combination thereof for any excess conversion value. TeraWulf plans to use the proceeds to fund capped call transactions and data center expansion.
The company will enter into capped call transactions to reduce potential stock dilution and offset cash payments above the principal amount upon conversion. These transactions may impact WULF's stock price through related hedging activities by option counterparties.
TeraWulf (Nasdaq: WULF) announced a significant expansion of its partnership with Fluidstack at its Lake Mariner data center campus. The expansion includes a new 160 MW CB-5 data center building, increasing total contracted capacity to over 360 MW of critical IT load.
The agreement represents $6.7 billion in contracted revenue, with potential to reach $16 billion with lease extensions. Google has increased its backstop to $3.2 billion and will receive warrants for 32.5 million shares, increasing its stake in TeraWulf to 14%. Operations at CB-5 are expected to commence in H2 2026.
TeraWulf (Nasdaq: WULF) has secured an 80-year ground lease for 183 acres at the Cayuga site in Lansing, New York, enabling the development of up to 400 MW of digital infrastructure capacity. The strategic expansion includes 138 MW of predominantly zero-carbon power expected to be operational by 2026.
The former coal-fired power plant site features existing electrical infrastructure, water intake systems, and fiber connectivity. Located in Upstate New York, the facility benefits from clean energy with electricity costs below $0.05 per kilowatt-hour. The transaction involves $98 million in total consideration, including $95 million in WULF common stock and $3 million in cash, paid to Cayuga Operating Company.
The site will include a planned 67 MW solar installation and an 800 MWh battery storage system, positioning TeraWulf for AI and high-performance computing growth.
TeraWulf (NASDAQ:WULF) has secured two major 10-year HPC colocation agreements with Fluidstack to deliver over 200 MW of critical IT load at its Lake Mariner data center campus. The agreements represent approximately $3.7 billion in contracted revenue over the initial term, with potential to reach $8.7 billion if extension options are exercised.
Google will backstop $1.8 billion of Fluidstack's lease obligations and receive warrants for approximately 41 million shares (8% equity stake) in TeraWulf. The deployment schedule targets 40 MW online by H1 2026, with full 200+ MW capacity expected by year-end 2026. The Lake Mariner facility features dual 345 kV transmission lines, closed-loop water cooling, and ultra-low-latency fiber connectivity.