TeraWulf (WULF) is down about 6–7% as investors react to a large equity raise that increases the company’s share count. The company priced an upsized public offering of 47,400,000 common shares at $19.00 per share, implying roughly $900 million of gross proceeds, a level that typically triggers dilution-related selling pressure in the near term.

The offering was upsized from the previously announced size, and the underwriters have a 30-day option to purchase up to an additional 7,110,000 shares. The company said the transaction is expected to close on April 16, 2026, subject to customary closing conditions.

TeraWulf said it intends to use net proceeds to fund a portion of construction costs for its planned data center campus in Hawesville, Kentucky, including repaying amounts outstanding under its bridge credit facility, plus future site acquisitions and general corporate purposes. While the funding supports growth plans, the immediate market focus is the larger-than-expected issuance and the discount to recent trading levels, which can weigh on shares until the new supply is absorbed.