TeraWulf Shares Climb On $6.7B Revenue Expansion, $400M Convertible Notes Offering

TeraWulf inc. WULF shares are trading higher Monday after the company announced major expansion plans and new financing initiatives tied to its growing role in AI infrastructure.

WULF is testing upper boundaries. Check the full analysis here.

TeraWulf Increases IT Load, Gets Expanded Committments
The stock gained momentum following news that contracted IT load has increased to 360 megawatts, representing $6.7 billion in secured revenue, with the potential to reach $16 billion if lease extensions are exercised.

The company also revealed that Fluidstack, an AI cloud platform, has expanded its commitment at TeraWulf's Lake Mariner data center campus in New York by leasing CB-5, a new 160-megawatt facility expected to be operational in late 2026. This expansion adds to previously contracted capacity at the site, making Lake Mariner one of the largest high-performance computing campuses in the country.

In conjunction with the new lease, Google increased its financial backing for TeraWulf, raising its debt backstop by $1.4 billion to a total of $3.2 billion while boosting its stake in the company to 14%. TeraWulf and Fluidstack are also in discussions about further capacity growth at the site, signaling continued demand for large-scale AI computing infrastructure.

At the same time, TeraWulf announced a $400 million private offering of convertible senior notes due 2031, with an option for initial buyers to purchase an additional $60 million.

Proceeds are expected to fund capped call transactions, support data center expansion, and cover general corporate needs. The notes will be senior unsecured obligations, convertible under certain conditions and structured to limit potential dilution through hedging transactions.

B. Riley Securities responded to these developments by raising its price target on TeraWulf shares from $8 to $14, reflecting stronger revenue visibility and expanded partnerships.

Investors reacted positively to the dual news of long-term contracted revenue growth and strengthened ties with Google, both of which reinforce TeraWulf's positioning as a key player in AI and high-performance computing infrastructure.

WULF Price Action: TeraWulf shares closed Monday up 4.57% at $9.38, according to Benzinga Pro.

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