Flash Compute senior secured notes
Company: TeraWulf - Project: Abernathy HPC Campus
The claim, verbatim
Flash Compute (Abernathy JV, TX/SPP) has $1.3 billion of Senior Secured Notes.
Source (primary)
Q1 2026 Earnings Update Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗Archive.org ↗
Quote: “Capex Spend Remaining (3) Senior Secured Notes $1.4 (0.1) (0.2) $1.0 $0.4 $0.9 $1.3”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
The capital structure slide lists Flash Compute (TX / SPP) with $1.3 billion of Senior Secured Notes. The document does not name Flash Compute as the Abernathy JV outright, but Abernathy is the only SPP site listed and both carry the 50.1% ownership label.
Confirmed in the source:
- Flash Compute is listed in TeraWulf's capital structure as a TX / SPP platform
- Flash Compute has $1.3 billion of Senior Secured Notes as of March 31, 2026
- Flash Compute corresponds to the Abernathy JV: it is the only SPP platform in the portfolio and is labeled with the 50.1% ownership that the document attributes to the Abernathy JV
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_26c9692236622f11a71632d61560402c/terawulf/db/2396/23490/pdf/TeraWulf+Q1+2026+Investor+Presentation+%28May+2026%29.pdf) in full (27,753 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Q1 2026 Earnings Update Presentation
Quote: “Capex Spend Remaining (3) Senior Secured Notes $1.4 (0.1) (0.2) $1.0 $0.4 $0.9 $1.3”