TeraWulf raises credit facility to about $400M

The amendment also eliminates the former $150 million letters-of-credit sublimit and provides for collateral release upon certain conditions.

Rhea-AI Filing Summary

TeraWulf Inc. amended its revolving credit agreement on October 23, 2026, increasing total commitments under its senior secured revolving credit facility from $250 million to approximately $400 million effective that day. TeraWulf is the borrower; certain subsidiaries are guarantors, and the lenders are parties to the agreement. Morgan Stanley Senior Funding, Inc. serves as administrative agent and collateral agent. The underlying Revolving Credit Agreement is dated May 7, 2026.

The amendment provides an uncommitted “accordion” feature under which aggregate commitments may increase by approximately $150 million, subject to the availability of additional lender commitments and satisfaction of certain other conditions. It eliminates the $150 million sublimit previously applicable to letters of credit. It also provides for release of collateral from the agent’s security interest upon the occurrence of certain conditions set forth in the amendment. The full Amended Credit Agreement will be filed with TeraWulf’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2026.

8-K Event Classification

2 items: 1.01, 2.03

2 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Key Figures

Prior facility commitments: $250 million Amended total commitments: approximately $400 million Accordion feature: approximately $150 million +1 more

4 metrics

Prior facility commitments $250 million Before the amendment effective October 23, 2026

Amended total commitments approximately $400 million Effective October 23, 2026

Accordion feature approximately $150 million Uncommitted; subject to lender availability and other conditions

Prior letter-of-credit sublimit $150 million Eliminated by the amendment

Key Terms

senior secured revolving credit facility, accordion feature, security interest, administrative agent

4 terms

senior secured revolving credit facility financial

"senior secured revolving credit facility"

A senior secured revolving credit facility is a multi‑use bank lending line that a company can draw, repay and redraw as needed, backed by specific assets and ranked first in repayment order if the company defaults. Think of it like a collateralized credit card that gives flexible short‑term cash while lenders hold priority to recover their money; investors watch it because it affects a company’s liquidity, borrowing cost, and who gets paid first in financial distress.

accordion feature financial

"uncommitted “accordion” feature"

An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.

security interest financial

"release of collateral from the security interest of the Agent"

A security interest is a legal claim a lender or creditor holds on a borrower's asset as collateral to secure repayment; if the borrower fails to pay, the creditor can seize or sell that asset to recover money owed. Think of it like a pawnshop tag on an item that gives the pawnbroker the right to sell it if the loan isn't repaid. For investors, security interests matter because they change how safely lenders and bondholders can recover funds and affect the hierarchy of claims if a company faces financial trouble.

administrative agent financial

"as administrative agent and collateral agent"

An administrative agent is a bank or financial firm appointed to handle the day-to-day paperwork and communication for a group of lenders on a loan or credit agreement, acting as the central point for collecting payments, distributing funds, monitoring covenants, and sharing information. For investors, the administrative agent matters because it influences how quickly lenders receive updates, how smoothly repayments and waivers are handled, and how effectively the lending group enforces terms — think of it as a property manager coordinating tasks for multiple owners.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How large is WULF’s amended revolving credit facility?

WULF’s senior secured revolving credit facility has approximately $400 million in total commitments effective October 23, 2026, compared with $250 million before the amendment.

What conditions apply to WULF’s accordion feature?

The accordion is uncommitted and may add approximately $150 million to aggregate commitments, subject to availability of additional lender commitments and satisfaction of certain other conditions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/23/2026 - 05:14 PM EDT Accepted by SEC EDGAR 10/23/2026 - 05:13 PM EDT Learn about SEC filing dates

0001083301FALSENasdaq00010833012026-10-012026-10-01

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 23, 2026

TERAWULF INC.

(Exact name of registrant as specified in its charter)

Delaware			001-41163			87-1909475
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

9 Federal Street

Easton, Maryland 21601

(Address of principal executive offices) (Zip Code)

(410) 770-9500

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, $0.001 par value per share			WULF			The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01    Entry into a Material Definitive Agreement.

On October 23, 2026 (the “Effective Date”), TeraWulf Inc. (“TeraWulf” or the “Company”) entered into Amendment No. 1 (the “Amendment”) to the Existing Credit Agreement (as defined below), by and among the Company, as borrower, certain of the Company’s subsidiaries, as guarantors, the lenders from time to time party thereto, and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent (the “Agent”). The Amendment amends that certain Revolving Credit Agreement, dated as of May 7, 2026 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the effectiveness of the Amendment, the “Existing Credit Agreement”), by and among the Company, as borrower, the lenders from time to time party thereto, and the Agent. 

The Amendment amends the Existing Credit Agreement (as so amended, the “Amended Credit Agreement”) to, among other things, (i) increase the total commitments under the senior secured revolving credit facility from $250 million to approximately $400 million on the Effective Date, (ii) provide for an uncommitted “accordion” feature, pursuant to which the aggregate commitments under the senior secured revolving credit facility may be increased by an additional amount of approximately $150 million, subject to the availability of additional lender commitments and satisfaction of certain other conditions, and (iii) eliminate the $150 million sublimit previously applicable to the issuance of letters of credit. The Amendment also provides for the release of collateral from the security interest of the Agent upon the occurrence of certain conditions as set forth in the Amendment.

The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended Credit Agreement, a copy of which will be filed with the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2026.

Item 2.03    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. 

The information set forth above under Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Date: October 23, 2026			TERAWULF INC.
By:			/s/ Patrick A. Fleury
Name:			Patrick A. Fleury
Title:			Chief Financial Officer

Filing Exhibits & Attachments

3 documents

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.1 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB