TeraWulf Secures Major Financing for Abernathy HPC Campus

TeraWulf Inc ( (WULF) ) just unveiled an announcement.

On December 29, 2025, TeraWulf Inc. announced that its joint venture vehicle Flash Compute LLC completed a $1.3 billion private offering of 7.250% senior secured notes due 2030, issued at par and sold primarily to institutional investors under Rule 144A and Regulation S. The proceeds are earmarked to fund a substantial portion of the construction costs for the Abernathy HPC Campus in Texas, establish debt reserves, provide $75 million in cash collateral for a related letter of credit, and cover associated fees, effectively securing long-term, project-linked financing for TeraWulf’s major new data center development. The notes, which are senior secured obligations of Flash Compute, carry semi-annual interest payments beginning June 30, 2026, include scheduled principal amortization after project completion, and are governed by an indenture imposing restrictive covenants on additional indebtedness, liens, asset sales, affiliate transactions, and non-core operations. The financing package also features a capped completion guarantee from JV Partners Holdco of up to $100 million, secured by a first-priority lien on its reserve account, providing additional assurance that the Abernathy HPC Campus can be completed even if note proceeds and existing equity contributions fall short, thereby strengthening the project’s credit profile and risk mitigation for stakeholders.

The most recent analyst rating on (WULF) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on TeraWulf Inc stock, see the WULF Stock Forecast page.

Spark’s Take on WULF Stock

According to Spark, TipRanks’ AI Analyst, WULF is a Neutral.

TeraWulf Inc.’s overall stock score reflects a challenging financial performance with significant profitability issues and high leverage. Despite these challenges, positive developments in strategic partnerships and financing activities provide some optimism. Technical indicators suggest bearish momentum, and valuation metrics are unattractive due to negative profitability. The earnings call and corporate events highlight future growth potential, but the company must address its financial instability to improve its stock attractiveness.

To see Spark’s full report on WULF stock, click here.

More about TeraWulf Inc

TeraWulf Inc. operates in the digital infrastructure and high-performance computing (HPC) sector through subsidiaries and joint ventures, including Big Country Wulf LLC and Flash Compute LLC. Its activities include the development and operation of large-scale data center campuses, with a current focus on building the Abernathy HPC Campus in Abernathy, Texas, in partnership with Fluidstack affiliates via JV Partners Holdco.

Average Trading Volume: 39,834,792

Technical Sentiment Signal: Buy

Current Market Cap: $4.92B

Learn more about WULF stock on TipRanks’ Stock Analysis page.