SAVRN Research · Capital Atlas · NeoCloud and GPU cloud
TeraWulf Data Center Capex and Sites
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.
TeraWulf
NeoCloud and GPU cloud
Financing regimehigh-yield senior secured notes with tenant lockbox and Google warrant pledge support
Named sites
1
Site-level commitments the atlas ties to TeraWulf
Disclosed site capital
$3.2B
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
360 MW
Sum of named sites with a stated megawatt figure
Financing transactions
8
Transactions naming TeraWulf or tied to one of its sites
Spending
Reported and guided spending
Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and 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 campus with Fluidstack, Anthropic, Google |
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; overlapping commitments are never summed.
| Parties | Instrument | Amount | Date | Site | Sources |
|---|---|---|---|---|---|
TeraWulf + Anthropic TeraWulf 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 + Google Notes 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 Fitzgerald TeraWulf 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 + Fluidstack TeraWulf 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 Partners TeraWulf 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. The full atlas source register is at Capital Atlas sources.
- investors.terawulf.comTeraWulf
- datacenterdynamics.comDCD
- investors.terawulf.comTeraWulf
- investors.terawulf.comTeraWulf
- sec.govTeraWulf Form 8-K, 29 December 2025
- sec.govTeraWulf Form 8-K, 31 October 2025
- sec.govTeraWulf Form 8-K, 22 August 2025
- sec.govSEC EDGAR (TeraWulf 8-K)
- sec.govSEC EDGAR (TeraWulf 8-K)
- sec.govSEC EDGAR (TeraWulf 10-Q, Q2 2026)
- markets.financialcontent.comTeraWulf release (GlobeNewswire via FinancialContent), 26 May 2026
- lanereport.comThe Lane Report, 5 October 2026
- finance.yahoo.comBlockspace via Yahoo Finance, 5 October 2026
- markets.businessinsider.comTeraWulf release (GlobeNewswire via Markets Insider)
- sec.govTeraWulf Form 8-K Ex. 99.1
NeoCloud and GPU cloud: one page each
Applied Digital 5Bitdeer Technologies Group 2Cerebras Systems 6Cipher Digital Inc. 0Core Scientific 2CoreWeave 4Corvex, Inc. 0Crusoe Energy 5Fluidstack 2Galaxy Digital Inc. 1Groq 1Hut 8 Corp. 1IREN 1Lambda (Lambda Labs) 2Nebius Group 4Nscale 2Poolside 1SambaNova Systems 0Sesterce 3TeraWulf 1Together AI 0Voltage Park 6Vultr 1WhiteFiber, Inc. 2
The figure beside each provider is its count of named sites in the atlas.
Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
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