TeraWulf slips after unveiling $500 mln convertible bonds offering for Texas data center

Terawulf

29/10/2025 12:20

** Data center operator TeraWulf's shares WULF.O down 3.1% at $15.44 premarket as it looks to raise capital

** Easton, Maryland-based WULF announces private offering of $500 mln 0% convertible bonds due May 1, 2032

    ** It intends to use net proceeds to partially fund construction cost of data center campus in Abernathy, Texas and for other purposes

    ** WULF shares on Tues jumped ~17% and closed at $15.94 after co earlier in the day expanded partnership with AI cloud platform Fluidstack through a new 168 MW joint venture at the Abernathy site

** The joint venture will be project-financed, with Alphabet's GOOGL.O Google providing a $1.3 bln backstop

    ** TeraWulf early Tues also released preliminary Q3 results and Oppenheimer initiated coverage with 'outperform' rating

    ** Through Tues, WULF shares have tripled over the past three months, giving co $6.5 bln market cap

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

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