Bitcoin miner TeraWulf continues aggressive financing streak with $500 million private offering

Bitcoin miner TeraWulf Inc. (ticker WULF) has announced plans to raise $500 million through a private offering of convertible senior notes due 2032, with an option for initial purchasers to buy up to an additional $75 million, according to a company release .

Convertible notes — a hybrid between debt and equity — allow firms to secure capital while deferring dilution, though they can increase leverage risk if market conditions tighten.

The miner said net proceeds will fund the construction of a data center campus in Abernathy, Texas, and will be used for general corporate purposes. For the firm, the Abernathy campus would mark one of its largest U.S. expansions to date. Also, it would complement its existing low-carbon mining and high-performance computing operations in New York and Pennsylvania.

TeraWulf shares slipped roughly 5% after the announcement, according to The Block's stock price page .

The miner has been on an aggressive financing streak throughout 2025 as it pivots from pure bitcoin mining to AI-driven HPC infrastructure.

Earlier this month, TeraWulf unveiled a $9.5 billion joint venture with Google-backed Fluidstack to deliver next-generation AI compute capacity. That partnership sent WULF stock up 25% on the day of its announcement.

In September, it disclosed plans to raise $3 billion in debt to expand data center capacity across North America. August filings showed Google’s pro forma stake in TeraWulf had climbed to 14%, as the search giant deepened its exposure to AI-compute infrastructure via a 10-year, $3.7 billion deal first signed in July.

TeraWulf’s financial momentum has attracted attention despite losses. In May, the company reported 102% year-over-year revenue growth, even as net losses widened amid heavy investment in HPC buildouts.