HPC project financing mid-2025
Company: TeraWulf
What the later record shows
Outcome not yet confirmed
The 2025 10-K describes a 'Project Financing Closing' for CB-1/CB-2 only as an earnout trigger and does not say it occurred. No passage confirms a ~70% LTC SOFR+400 project financing by mid-2025.
“Upon the execution by the Company of definitive documentation for a project financing of the CB-1 Project and the CB-2 Project (the “Project Financing Closing”)”
2026-02-26 · TeraWulf 10-K filed 2026-02-27 View cached copy (2026-08-31)Live source ↗
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
Project financing for the Core42 HPC build to be executed mid-2025 at ~70% loan-to-cost at SOFR + ~400 bps, with amortization after ~2-year stabilization.
Source (primary)
Investor Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗
Quote: “project financing to be executed mid-2025 ~70% LTC at SOFR + ~400 bps”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
The financing row of the Core42 deal slide states all of these terms.
Confirmed in the source:
- Project financing for the Core42 HPC build is to be executed mid-2025
- The financing is ~70% loan-to-cost at SOFR + ~400 bps
- Amortization begins after a ~2-year stabilization period
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_26c9692236622f11a71632d61560402c/terawulf/db/2396/23301/pdf/WULF_Q1_2025_Investor_Pres_vF.pdf) in full (23,307 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Investor Presentation
Quote: “project financing to be executed mid-2025 ~70% LTC at SOFR + ~400 bps”