Akela & La Lupa capex ~$3.7B
Company: TeraWulf
The claim, verbatim
Planned 4Q25-2026 uses include ~$3.7B capex for Akela & La Lupa, funded by $3.2B senior secured notes plus ~$1.1B equity.
Source (primary)
Investor Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗Archive.org ↗
Quote: “~$3.7B Capex for Akela & La Lupa”
How we checked this
Checked on October 14, 2026. The cited source supports every part of this claim.
The 4Q25–2026 capital allocation slide shows ~$4.3B in sources ($3.2B notes plus ~$1.1B equity) funding ~$3.7B of Akela & La Lupa capex plus $675M of DSRA, interest during construction and fees.
Confirmed in the source:
- Planned 4Q25-2026 uses include ~$3.7B of capex for Akela & La Lupa
- Sources for La Lupa & Akela include $3.2B of senior secured notes
- Sources for La Lupa & Akela include ~$1.1B of equity
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: “~$3.7B Capex for Akela & La Lupa”
confirms Investor Presentation
Quote: “~$3.7B Capex for Akela & La Lupa $1.3B - $1.7B”