TeraWulf eases after upsized $850 mln convertible debt sale following Google deal

Terawulf

19/08/2025 12:13

** Data center operator TeraWulf's shares WULF.O down 1.2% premarket to $9.27 after securing above-target capital raise

** Easton, Maryland-based WULF late Mon announced pricing offering of $850 mln 1% 6-yr convertible bonds to partially finance its data center expansion and for general purposes

    ** Deal more than doubled in size from $400 mln; initial conversion price of $12.43 represents 32.5% premium to stock's close on Mon

    ** Co
    expects to use ~$85.5 mln of net proceeds for capped calls transactions; cap price set at $18.76, 100% above stock's last sale

    ** WULF shares on Mon soared to over three-year high before finishing up 4.6% after co said AI cloud platform Fluidstack exercised its option to expand at its upstate New York site, and that Alphabet's GOOGL.O Google will boost its backstop and its stake in WULF from 8% to 14%

    ** WULF has seen its shares rally 72% over the past three sessions, giving co ~$3.7 bln market cap through Mon, per LSEG

    **

      11 of 12
      analysts rate the stock "strong buy" or "buy", 1 has "hold" and median PT is $12

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))