# SAVRN Index: TeraWulf AI Infrastructure Profile Source: https://savrn.com/ai-index/companies/terawulf Markdown alternate of the page above; the site index is https://savrn.com/llms.txt --- [SAVRN Index.](https://savrn.com/ai-index) Explore the IndexCompanies TeraWulf priced $3.2 billion of 7.750% senior secured notes due 2030 at par on October 16, 2025, closing October 23, 2025, with Morgan Stanley as sole bookrunner, to fund expansion at the Lake Mariner campus in Barker, New York. The notes name Fluidstack USA I Inc. in a designated lockbox securing the notes, and note Google LLC pledging warrants prior to completion of the expansion; the value of the Fluidstack lockbox arrangement is not stated. Updated October 25, 2026Capital record from the Capital Atlas Named sites 1 Site commitments on record for TeraWulf Disclosed site capital $3.2B Named sites with a stated dollar figure. A floor, not a capex total Disclosed capacity 360 MW Named sites with a stated megawatt figure Financing transactions 8 Transactions naming TeraWulf or one of its sites Sources 15 Every cited page, listed below MarketMarket data from TradingView, delayed Loading NASDAQ:WULF from TradingView Spending ## Reported and guided spending Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent, and guidance is what management expects. They sit side by side and are never combined. | Period | Kind | Amount | As stated | Sources | | --- | --- | --- | --- | --- | | Oct 2025 | raise | $3.2B | $3.2 billion of 7.750% senior secured notes due 2030, priced at par October 16, 2025, closing October 23, 2025 | | Named sites ## Where TeraWulf builds | Site | State | Place | Capital | MW | Status | Sources | | --- | --- | --- | --- | --- | --- | --- | | Lake Mariner campuswith Fluidstack, Anthropic, Google | [New York](https://savrn.com/data-center-capital-atlas/new-york) | Barker | $3.2B | 360 | expansion | | Financing ## Financing transactions Transactions that name TeraWulf as a party or attach to one of its named sites. Amounts are as stated, and overlapping commitments are never summed. | Parties | Instrument | Amount | Date | Site | Sources | | --- | --- | --- | --- | --- | --- | | TeraWulf + AnthropicTeraWulf signed a 20-year data center lease with Anthropic for approximately 401 MW of critical IT load at its Justified Data Campus in Hawesville, Kentucky. Initial capacity is expected in the second half of 2027 and full capacity by early 2028. TeraWulf said the lease is expected to be supported by an investment-grade credit | lease | ≥$19.0B | Announced 6 July 2026 | Justified Data Campus (KY) | | | TeraWulf + Morgan Stanley + Fluidstack + GoogleNotes fund expansion at the Lake Mariner campus in Barker, New York. | senior notes | $3.2B | priced October 16, 2025; closing October 23, 2025 | Lake Mariner campus (NY) | | | Flash Compute LLC + TeraWulf Inc. + Fluidstack (JV partner)TeraWulf announced on 29 December 2025 the completion of a Rule 144A and Regulation S offering by Flash Compute LLC of $1.3 billion of 7.250% Senior Secured Notes due 2030, issued at par. Flash Compute sits under a joint venture holding company owned 50.1% by a TeraWulf subsidiary. Proceeds finance a portion of the construction cost of the Abernathy HPC Campus in Abernathy, Texas, and fund debt reserves, with the JV holding company providing a completion guarantee of up to $100 million. TeraWulf later agreed to sell its JV stake (see terawulf-abernathy-jv-stake-sale-fluidstack-2026). | senior notes | $1.3B | Purchase agreement 18 December 2025; completion announced 29 December 2025 | Abernathy site (with TeraWulf) (TX) | | | TeraWulf Inc. + Morgan Stanley + Cantor FitzgeraldTeraWulf completed a Rule 144A offering of $1.025 billion of 0.00% Convertible Senior Notes due 2032 on 31 October 2025, including $125.0 million issued under the initial purchasers' option, at 100% of principal for net proceeds of about $999.7 million. The company said it intends to use the proceeds to fund a portion of the construction cost of a data center campus in Abernathy, Texas, among other purposes. | convertible | ~$1.0B | Purchase agreement 29 October 2025; completed 31 October 2025 | Abernathy site (with TeraWulf) (TX) | | | TeraWulf Inc.TeraWulf issued $850 million of 1.00% Convertible Senior Notes due 2031 in a private offering on 20 August 2025 and a further $150 million on 22 August 2025 after the initial purchasers fully exercised their option, for $1 billion in total. It used $100.6 million for capped call transactions, with the remaining net proceeds allocated to data center expansion and general corporate purposes. | convertible | $1.0B | $850 million issued 20 August 2025; $150 million option notes issued 22 August 2025 | n.a. | | | TeraWulf + FluidstackTeraWulf agreed to sell its 50.1% interest in the Abernathy joint venture to an investor group led by Fluidstack. The Abernathy campus in Abernathy, Texas, has 168 MW of critical IT load | acquisition | ~$530M | Announced 6 July 2026; cash consideration disclosed 5 August 2026; closing date not disclosed | Abernathy site (with TeraWulf) (TX) | | | TeraWulf + Industrial Equity PartnersTeraWulf acquired 100% of Industrial Equity Partners LLC, which owned or controlled about 308 acres in Grayson, Kentucky, for a hyperscale AI and HPC campus planned for up to 1 GW. An initial 164-acre parcel was bought at closing and the optional 144 acres in August 2026. Electric service and transmission agreements with Kentucky Power were signed concurrently. | acquisition | $168M | Closed 22 May 2026; announced 26 May 2026 (Form 8-K); consideration detailed in the Q2 2026 Form 10-Q | Muskie Data Campus (KY) | | | TeraWulf + Kentucky Power (AEP)Amended agreement doubles contracted demand at TeraWulf's Muskie Data Campus in Grayson KY to 1 GW and moves delivery of the second 500 MW phase from 2030 to 2029. TeraWulf covers estimated financing costs for Kentucky Power's proposed 760 MW Big Sandy combined-cycle plant plus service charges, posts collateral, and funds $100 million of winter bill credits for residential customers. | power supply agreement | n.a. | Announced Monday 5 October 2026 (Kentucky Power and TeraWulf); subject to Kentucky PSC approval | Muskie Data Campus (KY) | | The record ## Sourced facts on TeraWulf - The Fluidstack lockbox securing the notes has no stated value in the fetched record. Sources ## Sources for TeraWulf Every source cited on this page, once each. - investors.terawulf.com[TeraWulf](https://investors.terawulf.com/news-events/press-releases/detail/119/terawulf-inc-announces-pricing-of-3-2-billion-of-senior-secured-notes) - datacenterdynamics.com[DCD](https://www.datacenterdynamics.com/en/news/anthropic-plans-50bn-us-data-center-spend-starting-with-fluidstack-sites-in-texas-and-new-york/) - investors.terawulf.com[TeraWulf](https://investors.terawulf.com/news-events/press-releases/detail/142/terawulf-announces-anthropic-lease-at-justified-data-campus-and-sale-of-majority-interest-in-abernathy-joint-venture-to-fluidstack) - investors.terawulf.com[TeraWulf](https://investors.terawulf.com/news-events/press-releases/detail/144/terawulf-reports-second-quarter-2026-results) - sec.gov[TeraWulf Form 8-K, 29 December 2025](https://www.sec.gov/Archives/edgar/data/1083301/000110465925124839/tm2534384d1_8k.htm) - sec.gov[TeraWulf Form 8-K, 31 October 2025](https://www.sec.gov/Archives/edgar/data/1083301/000110465925104928/tm2529894d1_8k.htm) - sec.gov[TeraWulf Form 8-K, 22 August 2025](https://www.sec.gov/Archives/edgar/data/1083301/000110465925081886/tm2523651d6_8k.htm) - sec.gov[SEC EDGAR (TeraWulf 8-K)](https://www.sec.gov/Archives/edgar/data/1083301/000108330126000162/a_wulfearningsreleaseq22026.htm) - sec.gov[SEC EDGAR (TeraWulf 8-K)](https://www.sec.gov/Archives/edgar/data/1083301/000108330126000109/wulf-20260522.htm) - sec.gov[SEC EDGAR (TeraWulf 10-Q, Q2 2026)](https://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm) - markets.financialcontent.com[TeraWulf release (GlobeNewswire via FinancialContent), 26 May 2026](https://markets.financialcontent.com/startribune/article/gnwcq-2026-5-26-terawulf-expands-infrastructure-platform-with-acquisition-of-1-gw-eastern-kentucky-hpc-campus) - lanereport.com[The Lane Report, 5 October 2026](https://www.lanereport.com/189803/2026/10/kentucky-power-terawulf-100-million-customer-bill-credits/) - finance.yahoo.com[Blockspace via Yahoo Finance, 5 October 2026](https://finance.yahoo.com/technology/ai/articles/terawulf-doubles-muskie-contracted-power-214212847.html) - markets.businessinsider.com[TeraWulf release (GlobeNewswire via Markets Insider)](https://markets.businessinsider.com/news/stocks/terawulf-expands-contracted-power-capacity-at-its-muskie-data-campus-to-1-gw-1036596868) - sec.gov[TeraWulf Form 8-K Ex. 99.1](https://www.sec.gov/Archives/edgar/data/1083301/000162828026064757/muskieexpansionpr.htm) NeoCloud ## More in the Index [Applied Digital](https://savrn.com/ai-index/companies/applied-digital)[Bitdeer Technologies Group](https://savrn.com/ai-index/companies/bitdeer)[Cerebras Systems](https://savrn.com/ai-index/companies/cerebras)[Cipher Digital Inc.](https://savrn.com/ai-index/companies/cipher-digital)[Core Scientific](https://savrn.com/ai-index/companies/core-scientific)[CoreWeave](https://savrn.com/ai-index/companies/coreweave)[Corvex, Inc.](https://savrn.com/ai-index/companies/corvex)[Crusoe Energy](https://savrn.com/ai-index/companies/crusoe-energy)[Fluidstack](https://savrn.com/ai-index/companies/fluidstack)[Galaxy Digital Inc.](https://savrn.com/ai-index/companies/galaxy-digital)[Groq](https://savrn.com/ai-index/companies/groq)[Hut 8 Corp.](https://savrn.com/ai-index/companies/hut8)[IREN](https://savrn.com/ai-index/companies/iren)[Lambda (Lambda Labs)](https://savrn.com/ai-index/companies/lambda)[Nebius Group](https://savrn.com/ai-index/companies/nebius-group)[Nscale](https://savrn.com/ai-index/companies/nscale)[Poolside](https://savrn.com/ai-index/companies/poolside)[SambaNova Systems](https://savrn.com/ai-index/companies/sambanova)[Sesterce](https://savrn.com/ai-index/companies/sesterce)[Together AI](https://savrn.com/ai-index/companies/together-ai)[Voltage Park](https://savrn.com/ai-index/companies/voltage-park)[Vultr](https://savrn.com/ai-index/companies/vultr) Capital figures come from the [Capital Atlas](https://savrn.com/data-center-capital-atlas), refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so each figure appears as its source states it and none are added into a single deployment number. Informational, not investment advice. Sources The SAVRN reference set ## Seven references, one system Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it. Capital Atlas Who is funding AI data centers: capital providers, named sites, financing transactions, and the blocked-and-delayed record, state by state and company by company. [Open the atlas →](https://savrn.com/data-center-capital-atlas) Delay Watchlist Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue. Open the watchlist → Moratorium Tracker The policy layer: every state measure and local moratorium mapped and cited, with one page per state. Open the tracker → Water Tracker Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger. Open the water tracker → Grid Operator Watchlist ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize. Open the watchlist → Permits and Power Development Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records. Open the permits tracker → SAVRN Scarcity Tracker Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling. Open the scarcity tracker → Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding. [Check an address →](https://savrn.com/site-intelligence)