2025E project financing for CB-1/CB-2
Company: TeraWulf - Project: La Lupa
What the later record shows
Delivered on time · happened October 16, 2025
On 2025-10-16 TeraWulf priced $3.2B of secured notes to finance 522.5 MW at Lake Mariner. That total includes La Lupa (CB-1/CB-2) under the borrower WULF Compute, so CB-1/CB-2 financing was obtained in 2025. The structure differs from the estimate, and pricing is not confirmed closing.
“On October 16th, TeraWulf priced a $3.2 billion offering of 7.750% senior secured notes due 2030 at par to finance the construction of 522.5 MW”
2025-11-09 · terawulf 8-K exhibit (wulfq32025investorupdate.htm) View cached copy (2026-09-27)Live source ↗
“WULF Compute LLC (wholly-owned subsidiary) Borrower La Lupa Data LLC (“La Lupa”) 22.5 MW online with additional 50 MW delivering around year end”
2025-11-10 · Investor Presentation View cached copy (2026-10-06)Live source ↗Archive.org ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Estimated $95M project financing in 2025, assuming 70% of total project costs for CB-1 and CB-2 are financed.
Source (primary)
Nautilus Sale Announcement (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗
Quote: “Estimated Project Financing assumes that 70% of total project costs for CB-1 and CB-2 are financed.”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
The 2025 capital allocation chart shows $95.0M for Project Financing, and those figures reconcile to the stated net cash. The footnote gives the 70% assumption.
Confirmed in the source:
- Estimated 2025 project financing is $95M
- The estimate assumes 70% of total CB-1 and CB-2 project costs are financed
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_26c9692236622f11a71632d61560402c/terawulf/db/2396/23300/pdf/WULF_Nautilus_Sale_Announcement_Deck_%2810-03-24%29vF.pdf) in full (14,394 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Nautilus Sale Announcement
Quote: “Estimated Project Financing assumes that 70% of total project costs for CB-1 and CB-2 are financed.”
confirms terawulf 8-K exhibit (wulfq32025investorupdate.htm)
Quote: “On October 16th, TeraWulf priced a $3.2 billion offering of 7.750% senior secured notes due 2030 at par to finance the construction of 522.5 MW”
confirms Investor Presentation
Quote: “WULF Compute LLC (wholly-owned subsidiary) Borrower La Lupa Data LLC (“La Lupa”) 22.5 MW online with additional 50 MW delivering around year end”