HPC project financing mid-2025

Company: TeraWulf - Project: Lake Mariner Anthropic AI Factory

Subject kind: financing
Statement date: 2025-05-08
Promised by: 2025-07-31
Promised amount: 70.0 percent
Current status: outcome unconfirmed

What the later record shows

Outcome not yet confirmed

The 10-K describes a project-financing earnout milestone for CB-1/CB-2. No passage says that financing was executed, or on what terms.

“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 13, 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 is to be executed in mid-2025 at ~70% loan-to-cost and SOFR + ~400 bps, with amortization after a ~2-year stabilization period.

Source (primary)

Investor Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-13)Live source ↗Archive.org ↗

Quote: “project financing to be executed mid-2025 ~70% LTC at SOFR + ~400 bps”

How we checked this

Checked on October 15, 2026. The cited source supports every part of this claim.

The Core42 deal table lists financing as equity initially, with project financing to be executed mid-2025 at ~70% LTC, SOFR + ~400 bps, and amortization after a ~2-year stabilization period.

Confirmed in the source:

Project financing for the Core42 HPC build is to be executed in mid-2025
The financing is expected at ~70% loan-to-cost
The pricing is 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/_513c80c486e62e4bdb70115ded3782f5/terawulf/db/2396/23301/pdf/WULF_Q1_2025_Investor_Pres_vF.pdf) in full (23,307 characters, retrieved October 13, 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”

View cached copy (2026-10-13)Live source ↗Archive.org ↗

Record of changes

October 13, 2026 — stated

Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.

October 13, 2026 — outcome unconfirmed

Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.