TeraWulf completes $1.04 billion stock offering

TeraWulf Inc. (NASDAQ: WULF) closed its public offering of 54.5 million shares of common stock at $19.00 per share, the company announced. The offering included the full exercise of underwriters' option to purchase an additional 7.1 million shares.

The data center company plans to use net proceeds to fund construction costs for its planned data center campus in Hawesville, Kentucky. The funds will also cover full repayment of amounts outstanding under its bridge credit facility, future site acquisitions and general corporate purposes.

Morgan Stanley served as lead bookrunning manager for the offering. BofA Securities, Citigroup, TD Cowen and Wells Fargo Securities acted as joint bookrunners, while Citizens Capital Markets and Santander served as co-managers. Cantor Fitzgerald provided equity capital markets advisory services.

The offering was conducted through a prospectus supplement under TeraWulf's effective shelf registration statement on Form S-3ASR filed with the Securities and Exchange Commission.

TeraWulf develops and operates data center infrastructure for high-performance computing hosting and bitcoin mining operations in the United States.

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