TeraWulf (WULF) is planning to raise up to $575 million through a private sale of convertible senior notes, as it continues shifting focus from bitcoin mining to powering artificial intelligence infrastructure.
The company Wednesday announced it plans to sell $500 million in convertible senior notes due 2032, with an option for buyers to tack on an additional $75 million. The offering is limited to qualified institutional investors.
Shares are lower by 5% in premarket trading, following yesterday's 17% surge.
The proceeds will help fund construction of a data center in Abernathy, Texas. The move is likely part of a recently announced $9.5 billion joint venture with cloud compute firm Fluidstack for both firms to build out a 168-megawatt data center at TeraWulf’s Texas campus.
Google (GOOG) is backing $1.3 billion of Fluidstack’s long-term lease obligations, giving the project’s lenders more confidence given the tech giant’s balance sheet.
The convertible notes will not pay regular interest and can be converted into cash, stock, or a combination of both, depending on company election. Maturity is set for May 1, 2032.
The company two months ago similarly raised $850 million tied to its data center expansion.
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