TeraWulf (WULF) unveiled plans for a private offering of $400 million in convertible senior notes due 2031. The announcedment came alongside news that AI cloud platform Fluidstack has exercised its option to add a 160 MW CB-5 lease at the company’s Lake Mariner data center campus in Western New York and Google increased its stake in TeraWulf to 14%.
TeraWulf expects to grant initial purchasers of the convertible senior notes a 13-day option to acquire an additional $60 million of notes. The net proceeds are earmarked first to cover the cost of capped call transactions designed to reduce potential dilution upon conversion, with remaining funds to finance data center expansion and for general corporate purposes.
Separately, Fluidstack’s CB-5 lease adds an incremental 160 MW of critical IT load to TeraWulf’s Lake Mariner campus, with operations slated to begin in the H2 2026. In support of project-related debt financing, Google will provide an additional $1.4 billion backstop and receive warrants for 32.5 million common shares, raising its total backstop commitment to approximately $3.2 billion and boosting its pro forma equity stake in TeraWulf to roughly 14%.
Combined with the previous CB-3 and CB-4 agreements, Fluidstask’s CB-5 expansion brings its total contracted critical IT load at Lake Mariner to over 360 MW, up from more than 200 MW previously, positioning the campus as one of the largest HPC hubs in the U.S.. TeraWulf and Fluidstack are also in discussions regarding further capacity growth.
TeraWulf first announced its 10-year agreement with Fluidstack and Google last week.
Read More: TeraWulf Q2 2025 revenue rises to $47.6 million as HPC takes shape
At time of publication, WULF is up 4.8% during pre-market hours.
