-
Bitcoin miner TeraWulf will raise $500 million through convertible senior notes due 2032.
-
The funds will support a major data center expansion in Texas.
-
The company continues its pivot toward AI and HPC infrastructure.
New Capital to Fund Expansion Projects
TeraWulf Inc. has announced a $500 million private offering of convertible senior notes due 2032, with an option for an additional $75 million. Proceeds will fund construction of a large data center in Abernathy, Texas, and general corporate expenses.
Part of Broader Financing Strategy
The offering follows TeraWulf’s recent $9.5 billion AI joint venture with Google-backed Fluidstack and a $3 billion debt-financing plan unveiled in September. These initiatives highlight the company’s aggressive expansion beyond bitcoin mining into high-performance computing (HPC).
Google Partnership Strengthens Position
Filings show Google now holds a 14% stake in TeraWulf as part of a 10-year, $3.7 billion collaboration focused on AI infrastructure. Despite share price volatility, the company reported 102% year-over-year revenue growth in May.
Balancing Growth and Leverage Risks
While convertible notes help raise capital without immediate dilution, they add leverage risk in a volatile market. Still, analysts view TeraWulf’s diversified pivot into AI compute as a long-term strength for the miner’s evolving business model.
