The latest push follows TeraWulf’s earlier $3 billion financing effort with Morgan Stanley and Google’s $1.4 billion backstop, plus a $3.7 billion hosting deal with Fluidstack.
Crypto mining company TeraWulf plans to raise $500 million through a convertible note offering to help finance the construction of a new data center campus in Abernathy, Texas.
The private offering is aimed at qualified institutional buyers, the company announced on Wednesday. It granted underwriters the option to purchase an additional $75 million in notes within 13 days of issuance, depending on market conditions.
The convertible senior notes, due on May 1, 2032, will carry no regular interest, with conversion available only under specific conditions before February 2032. Investors will have the option to convert the notes into cash, TeraWulf shares, or a combination of both, with pricing and conversion terms to be determined through final negotiation.
