Estimated $300M project financing 2Q25–4Q25
Company: TeraWulf - Project: La Lupa
What the later record shows
Delivered on time · happened October 16, 2025
Project financing covering La Lupa (WULF Den, CB-1, CB-2) was obtained within 2Q25–4Q25. The $3.2B notes priced 2025-10-16 fund 522.5 MW, which includes La Lupa's capacity. The amount and structure differ 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
TeraWulf estimates ~$300M of project financing in 2Q25–4Q25, assuming ~70% of total project costs for WULF Den, CB-1 and CB-2 are financed.
Source (primary)
Investor Presentation (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 Wulf Den, 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, which runs from cash at 3/31/25, shows $300 million of project financing, and its footnote states the ~70% assumption.
Confirmed in the source:
- The 2025 capital allocation chart shows ~$300 million of estimated project financing for the period after March 31, 2025
- The estimate assumes ~70% of total project costs for WULF Den, CB-1 and CB-2 are financed
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: “Estimated Project Financing assumes that ~70% of total project costs for Wulf Den, 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”