Compute · the Ledger · Loan against chips
TeraWulf subsidiary issues $3.2B of 7.750% senior secured notes due 2030 for the Lake Mariner expansion
Completed · announced 16 Oct 2025 · the week to 17 Oct 2025
- Size
- $3.2B
- Rate
- 7.75%
The parties
- TeraWulfcompany pageBorrower
The source
TeraWulf 8-K, 2025-10-23Regulatory filing
Issuer WULF Compute LLC; amortizing; matures 2030-10-15. Secured by the data center project (not GPUs); the leases carry the Google backstop. Initial purchaser Morgan Stanley.
The same parties, other deals
- TeraWulf and Kentucky Power amend the Muskie Data Campus power agreements, raising contracted capacity from 500 MW to 1 GWundisclosed · 5 Oct 2026
- Anthropic signs a 20-year lease for ~401 MW at TeraWulf's Justified Data campus in Hawesville, Kentucky, ~$19B of contracted revenue$19B · 6 Jul 2026
- TeraWulf and Fluidstack form a JV for a 168 MW Abernathy, Texas campus under a 25-year, ~$9.5B lease; Google backstops $1.3B$9.5B · 28 Oct 2025
- Fluidstack leases >200 MW at TeraWulf's Lake Mariner campus for 10 years, ~$3.7B of contracted revenue$3.7B · 14 Aug 2025
- Google backstops $1.8B of Fluidstack's Lake Mariner lease obligations and receives warrants for ~8% of TeraWulf$1.8B · 14 Aug 2025