TeraWulf Inc.
WULFpublicneocloudData-center hosting
What this company owes, to whom, at what cost and when it comes due. Every figure is the one the company itself states. cohort: neocloud · verified 2026-09-28 How these figures are built →
how it is counted
what the filer owes that is not on its balance sheet at this date: leases not yet commenced plus unrecorded purchase obligations, counted once. A filer that reports the same figure under both (Meta, Alphabet, Equinix, Arm, Applied Digital, Astera Labs) has stated one fact twice, and offBalanceNote says so
- Notes priced since 2024 · 2 →each tranche in the ledger as the company itself states it
how it is counted
principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded)
- $4.5B
- Loans and credit facilities · 0 →as signed; the figure counts new facilities, the count amendments too
how it is counted
the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn; new facilities only: an amendment restates a commitment already counted.
- —
- Debt due in 12 months →its own schedule, as of 2024-06-30
how it is counted
the company's own maturity schedule for all its long-term debt, as its latest report states it: principal due in the next twelve months, years two to five and after; USD billions
- $0M
- Long-term debt on the balance sheet →on its balance sheet at 2026-06-30
how it is counted
long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line
- $5.2B
- Cost of debt · 2026 Q2 →interest cover -2.49× · capex over operating cash flow —
how it is counted
4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it
- 6.85%
- Sold at the market, four quarters to 2026-06-30 →10.9M shares, as the company states its own sales
how it is counted
sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found
- $196.0M
When it comes due
Its own schedule, as of 2024-06-30
Notes and facilities since 2024, by maturity year
What has it committed to?
Obligations as the company states them — leases and purchase obligations as it reports them, long-term debt read off its balance sheet — each at the date it last stated it. The off-balance-sheet total is what it owes that its balance sheet does not carry.
Obligations as stated
| Off the balance sheet | $90M | 2026-06-30 | Unrecorded purchase obligations at 2026-06-30 |
| Unrecorded purchase obligations | $90M | 2026-06-30 | unconditional purchase obligations not recorded on the balance sheet |
| Long-term debt on the balance sheet | $5.2B | 2026-06-30 | long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line |
| Lease liabilities on the balance sheet | $23M | 2026-06-30 | operating plus finance, discounted operating + finance lease liabilities |
| Lease payments due | $35M | 2026-06-30 | operating plus finance, undiscounted operating + finance undiscounted payments due |
Obligations created, as announced
| 2026-04-16 | material definitive agreement | $1.0B | underwriting agreement | TeraWulf Inc., Morgan Stanley & Co. LLC |
| 2026-03-16 | material definitive agreement | $500M | credit agreement | TeraWulf Inc., Raylan Finance LLC, Raylan Data LLC, Justified DataPower LLC, Morgan Stanley Senior Funding, Inc. |
| 2026-03-16 | direct financial obligation | $500M | credit agreement | TeraWulf Inc., Raylan Finance LLC, Raylan Data LLC, Justified DataPower LLC, Morgan Stanley Senior Funding, Inc. |
| 2025-12-29 | material definitive agreement | $1.3B | notes due | TeraWulf Inc., Flash Compute LLC, Big Country Wulf LLC, Fluidstack Ltd., Abernathy Data LLC, Morgan Stanley & Co. LLC |
| 2025-12-29 | direct financial obligation | $1.3B | notes due | TeraWulf Inc., Flash Compute LLC, Big Country Wulf LLC, Fluidstack Ltd., Abernathy Data LLC, Morgan Stanley & Co. LLC |
| 2025-10-31 | material definitive agreement | $1.0B | notes due | TeraWulf Inc., Morgan Stanley & Co. LLC, Company. The Company |
| 2025-10-31 | direct financial obligation | $1.0B | notes due | TeraWulf Inc., Morgan Stanley & Co. LLC, Company. The Company |
| 2025-10-28 | material definitive agreement | $9.5B | joint venture | TeraWulf Inc., Big Country Wulf LLC, Fluidstack Ltd., FS AB LLC, Fluidstack USA III Inc., Google LLC |
| 2025-10-23 | material definitive agreement | $3.2B | notes due | WULF Compute LLC, TeraWulf Inc., Morgan Stanley & Co. LLC |
| 2025-10-23 | direct financial obligation | $3.2B | notes due | WULF Compute LLC, TeraWulf Inc., Morgan Stanley & Co. LLC |
| 2025-08-22 | direct financial obligation | $1.0B | senior notes | TeraWulf Inc., Morgan Stanley & Co. LLC, Company. The Company, Indenture. The Company |
| 2025-08-20 | material definitive agreement | $850M | senior notes | TeraWulf Inc., Morgan Stanley & Co. LLC, Company. The Company |
| 2025-08-20 | direct financial obligation | $850M | senior notes | TeraWulf Inc., Morgan Stanley & Co. LLC, Company. The Company |
| 2025-08-14 | material definitive agreement | $30M | financing | TeraWulf Inc., Akela Data LLC, Google LLC, CBRE, Inc. |
| 2025-08-14 | material definitive agreement | $95M | — | Registration Rights Agreement Lake Hawkeye LLC, TeraWulf Inc., Cayuga Operating Company, LLC, Riesling Power LLC, CBRE Capital Advisors, Inc. |
| 2025-05-27 | material definitive agreement | $52M | purchase agreement | TeraWulf Inc., TeraCub Inc., Holdings Inc., Beowulf Electricity & Data LLC, Heorot Power Holdings LLC, Lake Mariner Data LLC |
| 2024-10-25 | material definitive agreement | $500M | senior notes | TeraWulf Inc., Company. The Company |
| 2024-10-25 | direct financial obligation | $500M | senior notes | TeraWulf Inc., Company. The Company |
| 2024-10-10 | material definitive agreement | $12M | lease agreement | Lake Mariner Data LLC, TeraWulf Inc., Somerset Operating Company, LLC, Riesling Power LLC, Beowulf Electricity & Data Inc. |
| 2024-10-03 | material definitive agreement | $85M | — | TeraWulf Inc., Cumulus Coin LLC, Talen Energy Corporation, Nautilus Cryptomine LLC |
| 2024-05-23 | material definitive agreement | $200M | — | TeraWulf Inc., ATB Capital Markets USA Inc., Compass Point Research & Trading, LLC, Northland Securities, Inc., Roth Capital Partners, LLC, Stifel Nicolaus Canada Inc. |
What has it borrowed, and at what cost?
Each note tranche in the ledger priced since 2024, as the company itself states it, and each credit facility as signed. Nothing is netted, nothing is estimated.
Notes priced since 2024
| 2025-12-29 | $1.30B | 7.25% | 2030 | fixed | — |
| 2025-10-23 | $3.20B | 7.75% | 2030 | fixed | — |
Cost of debt, from its own statements
Latest quarter, 2026 Q2: cost of debt 6.85%, interest cover -2.49×, capex over operating cash flow —.
Cost of debt: 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it Interest cover: operating income ÷ interest expense. Capex over operating cash flow: cash purchases of PP&E ÷ operating cash flow; null when operating cash flow is not positive.
What equity has it sold?
Raises as announced, and shares actually sold under an at-the-market programme when the company states the period.
Equity and hybrid raises
| 2026-04-16 | common “(NASDAQ: WULF) (the “Company” or “TeraWulf”) today announced the closing of
its previously announced public offering of 54,510,000 shares of its common stock (the “Offering”) at a price of $19.00 per
share, including the full exercise by the underwriters of their option to purchase up to an additional 7,110,000 shares of common stock.” | 54.5M shares | — | — |
| 2025-11-10 | convertible “Geom Slide Title – 28 Franklin Gothic Med Header – 14 Franklin Gothic Book Content Text – 14 Franklin Gothic Book Chart Content – 10 RGB 33 – 40 – 64 20 – 135 – 211 129 – 200 – 255 205 – 217 – 225 74 – 88 – 135 Outline: black, ½ pt. 255 – 177 – 0 Q3 2025 Financial Snapshot HPC lease revenue and segment reporting commences 3Q25 Metric Amount Comments EOP Active Leased HPC Load (Net) 18 MW ➢ Wulf De” | $1.00B | 1% | 2031 |
| 2025-10-31 | convertible “persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $1.025 billion, which includes $125.0 million aggregat” | $1.02B | 0% | 2032 |
| 2025-08-20 | convertible “persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $850 million. The Company also granted to the initia” | $850M | 1% | 2031 |
| 2024-10-25 | convertible “persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $500.0 million, which includes $75.0 million aggregate” | $500M | 2.75% | 2030 |
| 2024-05-23 | atm “In accordance with the terms of the Sales Agreement, from time to time we may offer and sell shares of our Common Stock having an aggregate gross sales price of up to $200,000,000 through or to the applicable Agent, acting as sales agent or principal, pursuant to this prospectus supplement and the accompanying prospectus.” | $200M | — | — |
At the market, as the company states its own sales
22 stated period(s) across 8 quarter(s) · last four quarters to 2026-06-30: 10.9M shares for $196.0M.
The last four quarters: sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found.
When does it come due, and who holds it?
The company's own five-year schedule, what we have placed by year from the notes and facilities since 2024, and the price the funds that hold its paper report.
Its own maturity schedule
| 2024-06-30 | $0M | $0M | — | — | — | — | $0M |
What we have placed by maturity year, since 2024
| 2030 | $4.50B | — | 2 | 0 |
No fund-reported price for its paper. Fund holdings are matched only on identifiers the ledger already holds, so a tranche with no CUSIP in the ledger cannot be matched.
How does it compare?
The same twelve measures every company on the AI trade page carries, beside the median across them. Below each measure, the arithmetic behind it.
Twelve measures, beside the median
| Self-funding operating cash flow $-0.3B ÷ capex $2.2B over 4 quarters to 2026Q2 | -0.13× | 1.31× across 40 companies | 2026Q2 |
| Funding mix of $2.2B of capex over 4 quarters to 2026Q2: operations -12.6%, new debt 202.2% ($4.5B notes + $0.0B facilities), equity 99.8% | -12.6% | — | 2026Q2 |
| Off balance sheet $0.1B off the balance sheet ÷ (that + $5.2B long-term debt); each figure as the filer last stated it (longTermDebt 2026-06-30, unrecordedPurchaseObligations 2026-06-30) | 1.7% | 41.9% across 23 companies | 2026-06-30 |
| Committed facilities sum of new facility commitments since 2024 | — no facility announced | — | — |
| Marginal cost of debt principal-weighted coupon of $4.5B priced in the last twelve months; the book carries 4.34%, a gap of +3.27 points | 7.61% | — | — |
| New-issue spread median of 2 USD tranches: coupon less the 10-year Treasury on each pricing date (range 313–374 bp) | 344 bp | — | — |
| Floating-rate share $0.0B floating ($0.0B notes + $0.0B facilities off SOFR) ÷ $4.5B raised | 0% | 0% across 40 companies | — |
| Rate shock (+100 bp) floating balance × 100 bp | — no floating debt found | — | — |
| Secured share of new facilities secured commitments ÷ all new commitments | — no facility announced | 0% across 24 companies | — |
| Refinancing burden $0.0B due within two years; no positive operating cash flow to compare | — operating cash flow is nil or negative | 0.15× across 23 companies | 2024-06-30 |
| Liquidity runway ($2.6B cash and equivalents as tagged — short-term investments are not included — + $0.0B committed) ÷ $0.6B a quarter of capex and interest, as of 2026Q2 | 4.3 | — | 2026Q2 |
Does our ledger explain its balance sheet?
Across 3 of 14 quarter(s) its debt rose $5.2B and the notes we hold for those quarters total $4.5B — 87% explained.
the change in the filer's own borrowings over a fiscal quarter, against the principal of the tranches our ledger says were priced inside that quarter; this is not a reconciliation to the penny and is not meant to be; we do not track repayments, draws under facilities, commercial paper or currency translation.