TeraWulf’s (NASDAQ: WULF) joint venture, Flash Compute, has completed a $1.3 billion senior secured notes offering to finance a new AI data center campus in Abernathy, Texas.
The 7.25% notes are 2030 and were issued at par value. Flash Compute is a subsidiary majority-owned by TeraWulf with a 49.9% stake held by Fluidstack.
Flash Compute also retains the option to redeem up to 40% of the aggregate principal using proceeds from certain equity offerings prior to December 31, 2027. This provision allows the issuer to reduce its debt burden if it raises capital through equity markets.This financing follows
TeraWulf’s recent win in securing zoning approval to classify its Lake Cayuga site in New York for general data processing use. That regulatory win will allow TeraWulf to use the site for computing loads beyond cryptocurrency mining.