TeraWulf Debt, Lenders and Contracts
The public financings and compute contracts naming TeraWulf, with lenders, pricing and sources.
TeraWulf has raised $6B in 5 public debt and structured financings since 2025, from 1 named lender. Leads include Morgan Stanley.
It is the seller in 4 contracts in the Offtake Tracker, with Anthropic and Fluidstack; data center leases total $35.2B.
Profile
| Type | Miner turned AI host |
| Headquarters | Easton, Maryland |
| Founded | 2021 |
| AI status | Signed AI/HPC lease |
| Listing | NASDAQ: WULF (SEC EDGAR) |
| Market cap | $2B to $10B at Oct 9, 2026 (CompaniesMarketCap) |
| Website | terawulf.com |
Debt at Jun 30, 2026
$5.2B of debt and $2.6B of cash at Jun 30, 2026, from the 10-Q filed Aug 5, 2026. Leases are not counted as debt.
| Facility | Principal | Rate | Maturity | Security | Rating |
|---|---|---|---|---|---|
| 7.75% Senior Secured Notes due 2030 (Wulf Compute)Senior secured notes | $3.2B | 7.75% | Oct 15, 2030 | Secured | Moody's Ba2, S&P BB, Fitch BB |
| 2.75% Convertible Notes due 2030Convertible notes | $500M | 2.75% | Feb 1, 2030 | Unsecured | - |
| 1.00% Convertible Notes due 2031Convertible notes | $1.0B | 1.00% | Sep 1, 2031 | Unsecured | - |
| 0% Convertible Notes due 2032Convertible notes | $1.0B | 0% | May 1, 2032 | Unsecured | - |
| Revolving Credit Facility ($250M)Revolver | Undrawn | SOFR + 1.75% | May 7, 2030 | Secured, recourse | - |
Financings (5)
Other financings
| Date | Amount | Type | Lender | Detail | Source |
|---|---|---|---|---|---|
| Jun 2026 | n/d | Converts and secured notes | Not named | $3.02B long-term debt and $1.10B short-term convertible notes at Q2 2026 | Blockspace |
Compute contracts (4)
| Date | Buyer | Seller | Type | Value | Term | Source |
|---|---|---|---|---|---|---|
| Jul 6, 2026 | Anthropic | TeraWulf | Data center lease | $19B | 20 yrs | TeraWulf |
| Oct 27, 2025 | Fluidstack | TeraWulf (Abernathy JV) | Data center leaseJoint venture | $9.5B | 25 yrs | DCD |
| Aug 18, 2025 | Fluidstack | TeraWulf | Data center lease | $3B | 10 yrs | The Fly |
| Aug 13, 2025 | Fluidstack | TeraWulf | Data center lease | $3.7B | 10 yrs | DCD |
Sites
| Site | Location | MW | Status |
|---|---|---|---|
| Lake MarinerCB-4 and CB-5 add 336 MW | Barker, NY | 102 MW | AI/HPC |
| Justified Data CampusAnthropic, 20-year | Hawesville, KY | 401 MW | Planned AI/HPC |
| Muskie Data CampusAcquired May 2026 | KY | - | Planned AI/HPC |
| Abernathy JV50.1% stake sold to a Fluidstack-led group for about $530M | Abernathy, TX | - | AI/HPC |
MW as reported: some figures are gross power, some critical IT. Sources: Blockspace, CoinDesk, E&E News.
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