TeraWulf slides as $900 million upsized stock offering heads to April 16 close
TeraWulf shares fell as investors digested dilution from an upsized public equity offering priced at $19.00 per share. The 47.4 million-share deal is expected to close April 16, 2026, keeping near-term pressure on the stock despite funding for its Kentucky data center buildout.
1. What’s moving the stock
TeraWulf (WULF) is trading lower as the market prices in dilution from the company’s upsized public common stock offering. The deal priced 47,400,000 shares at $19.00 per share for gross proceeds of about $900 million and is expected to close on April 16, 2026, which can weigh on shares as new supply approaches settlement. (stocktitan.net)
2. Deal terms and where the money goes
TeraWulf said it granted underwriters a 30-day option to purchase up to an additional 7,110,000 shares, which could expand dilution if exercised. The company plans to use net proceeds primarily to fund construction of its planned Hawesville, Kentucky data center campus, repay its bridge credit facility in full, and support future site acquisitions and general corporate purposes. (stocktitan.net)
3. Broader context: preliminary Q1 snapshot
Earlier this week, TeraWulf also released preliminary first-quarter 2026 expectations, forecasting revenue of $30 million to $35 million and adjusted EBITDA of $0 million to $3 million, while noting that results are preliminary and subject to completion. The company said it expects to release full first-quarter results in May 2026. (investors.terawulf.com)
4. What to watch next
Key near-term catalysts include confirmation of the offering close and whether the overallotment is exercised, along with any additional financing updates tied to the Kentucky buildout. Investors will also focus on the May 2026 full Q1 report for finalized margins, cash-flow detail, and updates on contracted HPC hosting revenues. (investors.terawulf.com)