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TeraWulf Rally Cools on $850M Convertible Note Sale After Google Deal
Most of the net proceeds are earmarked for the firm's data center expansion, with $85 million set aside for capped call transactions to mitigate share dilution.
Aug 19, 2025, 3:01 p.m.
What to know:
- TeraWulf increased its convertible note offering to $850 million to fund data center expansion, with notes maturing in 2031 and a 1% annual interest rate.
- Shares dropped 5% following the announcement, paring gains after a massive three-day surge on striking an AI hosting deal with FluidStack backed by Google.
TeraWulf's (WULF) breakneck rally cooled on Tuesday as the firm increased its convertible note sale to $850 million and announced the pricing of the offering, aimed at funding its data center expansion.
The notes will mature in 2031 with 1% annual interest, and will be exchangeable into cash, stock or both at TeraWulf’s election, the company said in a Monday press release. Initial conversion price is set at $12.43 per share, representing a 32.5% premium to last week’s close.
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Net proceeds are estimated at $828.7 million, and are earmarked for data center expansion with $85.5 million earmarked for capped call transactions designed to limit share dilution, the firm said. Buyers have a 13-day option to add another $150 million to the deal, which is expected to close this week.
WULF fell 5% below $9, pulling back from Monday's $10.7 high after an almost 100% rally following a Thursday deal with AI cloud platform Fluidstack, which is backed by tech giant Google.
Under a 10-year hosting agreement, FluidStack will expand operations at TeraWulf’s Lake Mariner campus in New York, backed by Google’s $1.4 billion increase to its debt support for the project. Google now holds warrants representing a 14% equity stake in the company.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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