TeraWulf Raises $900 Million to Expand Kentucky AI Data Center Campus

TeraWulf announced a $900 million equity offering priced at $19 per share, upsized from an initial $800 million.

“TeraWulf stock declines on $900 million share sale to fund AI data center expansion The shares had been on a big run higher, rising more than 50% since late March”

@coindesk

Shares fell 5.8% despite a 50% rally since late March.

@coindesk

Preliminary Q1 results showed revenue between $30 million and $35 million.

HPC hosting accounted for over half of total revenue for the first time, overtaking bitcoin mining.

Compass Point analyst Michael Donovan said the capital raise strengthens funding for TeraWulf's shift toward higher-value HPC revenue.

The balance sheet showed $3.1 billion in cash and $5.8 billion in total debt.

The capital raise reflects a broader industry trend as bitcoin miners pivot toward AI and HPC infrastructure.

HPC hosting has exceeded half of total revenue, surpassing bitcoin mining for the first time.

bloomingbit

The company's revenue structure is moving towards more stable long-term cash flow.

Net proceeds will fund construction of the Hawesville data center campus.

“Summary - TeraWulf said it plans a $900 million equity offering by issuing 47”

bloomingbit

The offering is expected to close on April 16, 2026.

Morgan Stanley is acting as lead bookrunning manager.

Cantor Fitzgerald is serving as equity capital markets advisor.

The company has moved from convertible notes toward sizable common equity raises.