TeraWulf Raises $900 Million With $19 Stock Offering to Fund Hawesville Campus
TeraWulf priced 47.4 million shares at $19 each in an upsized common stock offering, raising approximately $900 million, up from an $800 million target. Net proceeds will fund construction of its Hawesville, Kentucky data center campus, repay its bridge credit facility and support future site acquisitions and general corporate purposes.
1. Offering Details
TeraWulf priced 47.4 million shares at $19 per share in an upsized public offering, generating approximately $900 million in gross proceeds, an increase from the initial $800 million target. The company also granted underwriters a 30-day option to purchase up to 7.11 million additional shares at the offering price, less discounts and commissions.
2. Use of Proceeds
Net proceeds will be used to fund a portion of construction costs for TeraWulf’s planned data center campus in Hawesville, Kentucky, fully repay amounts outstanding under its bridge credit facility, and finance future site acquisitions alongside general corporate purposes.
3. Closing and Overallotment
The offering is expected to close on April 16, subject to customary closing conditions. Underwriters may exercise their overallotment option within 30 days to buy up to an additional 7.11 million shares at $19 per share, less underwriting discounts and commissions.