Warrant pledge ~14% equity
Company: TeraWulf
The claim, verbatim
Approximately $850M warrant pledge representing ~14% of WULF equity provided as credit enhancement for the notes.
Source (primary)
Investor Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗Archive.org ↗
Quote: “~$850M warrant pledge (~14% WULF equity)”
How we checked this
Checked on October 14, 2026. The cited source supports every part of this claim.
The deck lists the ~$850M warrant pledge (~14% WULF equity) under 'De-Risk Through Credit Enhancement' for the $3.2B notes financing.
Confirmed in the source:
- There is a ~$850M warrant pledge
- The warrant pledge represents ~14% of WULF equity
- The warrant pledge is a credit enhancement for the $3.2B senior secured notes financing
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_26c9692236622f11a71632d61560402c/terawulf/db/2396/23306/pdf/WULF_Q3_2025_Investor_Update_%28Nov_2025%29vF.pdf) in full (31,442 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Investor Presentation
Quote: “~$850M warrant pledge (~14% WULF equity)”
confirms Investor Presentation
Quote: “~$850M warrant pledge (~14% WULF equity)”