[8-K] TERAWULF INC. Reports Material Event

Rhea-AI Filing Summary

TeraWulf Inc. completed a private offering of 0.00% Convertible Senior Notes due 2032, issuing an aggregate principal amount of $1.025 billion, including $125.0 million from the Initial Purchasers’ option exercised in full. The notes were sold at 100% of principal under Rule 144A, generating net proceeds of approximately $999.7 million.

The company plans to use the proceeds to fund part of a data center campus in Abernathy, Texas and for general corporate purposes. The notes are senior unsecured, bear no regular interest, and mature on May 1, 2032. They are initially convertible at 50.1567 shares per $1,000 (an initial conversion price of about $19.94 per share). Prior to May 6, 2029, the notes are not redeemable; on or after that date, TeraWulf may redeem them at par if the stock trades at least 130% of the conversion price for the specified period. Upon conversion, the company will settle principal in cash and any excess in cash, stock, or a combination, at its election.

Insights

Capital markets & convertible securities analyst

$1.025B zero-coupon converts add long-dated, flexible capital.

TeraWulf raised $1.025 billion via 0.00% senior unsecured convertible notes, issued at par with net proceeds of about $999.7 million. The notes mature on May 1, 2032 and carry an initial conversion price of roughly $19.94 per share (50.1567 shares per $1,000). The structure avoids cash interest while embedding equity optionality for holders.

Redemption is prohibited until May 6, 2029, after which redemption at par is permitted if the stock price reaches at least 130% of the then-applicable conversion price for the stated window. Conversion settlement requires cash up to principal, with the remainder in cash, shares, or a mix at the company’s election, which can help manage dilution and liquidity.

Proceeds are earmarked in part for the Abernathy, Texas data center campus and for general corporate purposes. Actual dilution and cash outcomes depend on future stock performance and holder conversions under the indenture’s terms.

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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 31, 2025

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.

Convertible Notes Offering

On October 31, 2025, TeraWulf Inc. (the “Company”) completed its previously announced private offering of 0.00% Convertible Senior Notes due 2032 (the “notes”). The notes were sold under a purchase agreement, dated as of October 29, 2025, entered into by and between the Company, Morgan Stanley & Co. LLC and Cantor Fitzgerald & Co., as representatives of the several initial purchasers named therein (the “Initial Purchasers”), for resale to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $1.025 billion, which includes $125.0 million aggregate principal amount of notes issued pursuant to an option to purchase additional notes granted to the Initial Purchasers under the purchase agreement, which the Initial Purchasers exercised in full on October 30, 2025 and which additional purchase was completed on October 31, 2025.

The notes were issued at a price equal to 100% of their principal amount. The net proceeds from the sale of the notes were approximately $999.7 million after deducting the Initial Purchasers’ discounts and commissions and estimated offering expenses payable by the Company.

The Company intends to use the net proceeds to fund a portion of the cost of construction of a data center campus in Abernathy, Texas and for general corporate purposes.

Indenture and the Notes

On October 31, 2025, the Company entered into an indenture (the “Indenture”) with respect to the notes with Wilmington Trust, National Association, as trustee (the “Trustee”). The notes are senior unsecured obligations of the Company; they will not bear regular interest and the principal amount will not accrete. The Company will pay special interest, if any, at its election as the sole remedy relating to the Company’s failure to comply with its reporting obligations. The notes will mature on May 1, 2032, unless earlier converted, redeemed or repurchased in accordance with their terms.

The notes are convertible into shares of the Company’s common stock at an initial conversion rate of 50.1567 shares per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $19.94 per share of common stock). The conversion rate is subject to adjustment in certain circumstances. In addition, following certain events that occur prior to the maturity date or if the Company delivers a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its notes in connection with such corporate event or notice of redemption, as the case may be, in certain circumstances as provided in the Indenture.

Prior to February 1, 2032, the notes are convertible only upon the occurrence of certain events. On or after February 1, 2032 until the close of business on the second scheduled trading day immediately preceding the maturity date of the notes, holders may convert the notes at any time. Upon conversion of the notes, the Company will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the notes being converted.

Prior to May 6, 2029, the Company may not redeem the notes. The Company may redeem for cash all or any portion of the notes, at its option, on or after May 6, 2029 if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides a notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date.

If the Company undergoes a “fundamental change,” as defined in the Indenture, prior to maturity, subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus any accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date.

The Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or the holders of at least 25% in principal amount of the outstanding notes may declare 100% of the principal of and accrued and unpaid special interest, if any, on, all the outstanding notes to be due and payable.

The foregoing description of the Indenture and the notes does not purport to be complete and is qualified in its entirety by reference to the full text of the Indenture (and the form of note included therein), a copy of which is filed with this Current Report on Form 8-K as Exhibit 4.1 and 4.2 hereto and is hereby incorporated herein by reference.

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 in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 3.02. Unregistered Sales of Equity Securities.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

The Company offered and sold the notes to the Initial Purchasers in reliance on the exemption from the registration requirements provided by Section 4(a)(2) of the Securities Act, and the notes were resold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Company will settle conversions of the notes by paying cash up to the aggregate principal amount of the notes to be converted and paying or delivering, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the notes being converted. Neither the notes nor the underlying shares of common stock have been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Company does not intend to file a shelf registration statement for the resale of the notes or any common stock issuable upon conversion of the notes.

Item 8.01. Other Events.

On October 31, 2025, the Company issued a press release announcing the closing of the notes offering. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Cautionary Note Regarding Forward-Looking Statements.

Statements in this Current Report on Form 8-K about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the anticipated use of the proceeds from the offering. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to market conditions and the completion of the offering on the anticipated terms or at all, the other factors discussed in the “Risk Factors” section of TeraWulf’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2025 and the risks described in other filings that TeraWulf may make from time to time with the SEC. Any forward-looking statements contained in this Current Report on Form 8-K speak only as of the date hereof, and TeraWulf specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
4.1		Indenture, dated as of October 31, 2025, between TeraWulf Inc. and Wilmington Trust, National Association, as trustee, relating to the 0.00% Convertible Senior Notes due 2032.
4.2		Form of note representing the 0.00% Convertible Senior Notes due 2032 (included as Exhibit A to Exhibit 4.1).
99.1		Press release, dated October 31, 2025, announcing the closing of the offering.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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 31, 2025	TERAWULF, INC.
	By:	/s/ Patrick A. Fleury
	Name:	Patrick A. Fleury
	Title:	Chief Financial Officer

FAQ

What did TeraWulf (WULF) announce in its 8-K?

It closed a private offering of 0.00% Convertible Senior Notes due 2032 with an aggregate principal amount of $1.025 billion.

How much cash did TeraWulf (WULF) receive from the offering?

Net proceeds were approximately $999.7 million after discounts, commissions, and estimated expenses.

What is the initial conversion price for TeraWulf’s notes (WULF)?

The initial conversion rate is 50.1567 shares per $1,000, equivalent to about $19.94 per share.

When do TeraWulf’s convertible notes (WULF) mature and can they be redeemed?

They mature on May 1, 2032. They are not redeemable before May 6, 2029; after that, redemption at par is allowed subject to a 130% stock-price condition.

How will TeraWulf (WULF) settle conversions of the notes?

It will pay cash up to principal and settle any excess in cash, shares, or a combination, at its election.

What will TeraWulf (WULF) use the proceeds for?

To fund part of the Abernathy, Texas data center campus and for general corporate purposes.

Were the notes registered with the SEC?

No. They were sold under Section 4(a)(2) and resold to QIBs under Rule 144A; the company does not intend to file a resale shelf.