Terawulf Inc. (WULF) · Oct 23, 2026 · New debt
$400M revolver expanded — Total commitments up to ~$400M from $250M
TeraWulf expands its credit facility to $400 million, giving its AI data-center buildout more financing flexibility without raising cash today.
TeraWulf is in a capital-intensive transition from bitcoin mining toward contracted high-performance-computing and AI data-center infrastructure, expanding power-controlled campuses for large customers.
The financing cushion is materially larger. The amendment lifts committed revolving capacity from $250 million to approximately $400 million and adds an uncommitted accordion of roughly $150 million.
| Facility item | Before | After |
|---|---|---|
| Senior secured revolving commitments | $250M | ~$400M |
| Additional accordion capacity | None stated | ~$150M, uncommitted |
| Letter-of-credit sublimit | $150M | Eliminated |
This improves execution flexibility, not current liquidity. The filing increases borrowing capacity but does not say TeraWulf drew funds, raised equity, or secured new customer commitments. The extra $150 million accordion is conditional on lender availability and other requirements, so it is potential capacity rather than committed funding.
Collateral flexibility also improves, but conditionally. The amendment allows collateral to be released when specified conditions are met, which could make future financing or asset-level structuring easier, though the filing does not identify the assets or conditions in detail. 〔0〕
Bottom line: This is a modestly constructive financing update for a company funding a large AI-infrastructure expansion, but it is capacity—not cash in hand—and does not by itself advance construction or revenue delivery.
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