TeraWulf completes $1.025 billion convertible notes offering

TeraWulf Inc. (NASDAQ: WULF) completed its offering of 0.00% Convertible Senior Notes due 2032, raising $1.025 billion in aggregate principal amount through a private placement to qualified institutional buyers.

The offering included $125 million in additional notes issued through an option granted to initial purchasers. Net proceeds totaled approximately $999.7 million after deducting underwriter discounts, commissions and estimated offering expenses.

The digital infrastructure company stated it intends to use the proceeds to fund construction costs for a data center campus in Abernathy, Texas, and for general corporate purposes.

The notes were sold under Rule 144A of the Securities Act of 1933 in a private offering structure. TeraWulf operates data center infrastructure for high-performance computing hosting and bitcoin mining operations.

The convertible notes carry a 0.00% interest rate and mature in 2032. The company describes itself as focused on environmentally sustainable, industrial-scale data center infrastructure in the United States.

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