Terawulf Inc. (Nasdaq: WULF) has announced plans to raise $3.2 billion through a private offering of senior secured notes due 2030, the largest single debt financing ever attempted by a publicly traded Bitcoin mining company. The proceeds will fund the next phase of development at its Lake Mariner facility in New York, which is being repositioned as a hybrid Bitcoin mining and AI colocation campus.
Note Structure and Collateral
The notes, offered to qualified institutional buyers under Rule 144A of the Securities Act, will be guaranteed by WULF Compute's subsidiaries and secured by first-priority liens on substantially all of their assets, including equity interests and a designated lockbox account of Fluidstack USA I Inc. Before completion of the expansion, Google LLC will pledge warrants to purchase Terawulf common stock as part of the collateral package.
Transforming a Mining Site into AI Infrastructure
Terawulf has partnered with Fluidstack, a high-performance computing operator partly backed by Google, to host AI workloads at its New York facility. This marks one of the first large-scale integrations of cloud GPU infrastructure within a traditional Bitcoin mining site. The Lake Mariner expansion is a key step in Terawulf's transformation from a pure-play miner into a broader digital infrastructure provider.
Terawulf will provide completion guarantees to ensure timely delivery of the expansion. The scale of the $3.2 billion issuance—several times larger than prior offerings by other public miners such as IREN or MARA—underscores both growing institutional appetite for AI-linked infrastructure and the capital-intensive shift underway among Bitcoin miners diversifying into high-performance computing.
This financing reflects a broader trend: as demand for AI compute surges, mining companies with access to cheap power and operational expertise are emerging as competitive data center operators. Terawulf's bold move may accelerate industry consolidation and attract more technology giants to partner with or invest in mining infrastructure.