HPC project financing mid-2025
Company: TeraWulf
What the later record shows
Outcome not yet confirmed
The 10-K still lists a CB-1/CB-2 project financing closing as an earnout milestone but no passage says whether it was executed. Later financing shown is convertible notes and a bridge facility, not the described ~70% LTC project loan.
“Upon the execution by the Company of definitive documentation for a project financing of the CB-1 Project and the CB-2 Project”
2026-02-26 · TeraWulf 10-K filed 2026-02-27 View cached copy (2026-08-31)Live source ↗
Checked October 15, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
TeraWulf plans to execute HPC project financing in mid-2025 at ~70% loan-to-cost at SOFR + ~400 bps, estimated at ~$300 million.
Source (primary)
terawulf 8-K exhibit (wulfq12025investorpresvf.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-10-15)Live source ↗
Quote: “project financing to be executed mid-2025 ~70% LTC at SOFR + ~400 bps”
How we checked this
Checked on October 16, 2026. The cited source supports every part of this claim.
The deal terms table gives the mid-2025 timing, ~70% LTC and SOFR + ~400 bps pricing. The 2025 capital allocation chart shows $300 million of estimated project financing.
Confirmed in the source:
- TeraWulf plans to execute HPC project financing in mid-2025
- The financing is planned at about 70% loan-to-cost
- The financing is priced at about SOFR + 400 bps
- Estimated project financing is about $300 million
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1083301/000108330125000033/wulfq12025investorpresvf.htm) in full (23,509 characters, retrieved October 15, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms terawulf 8-K exhibit (wulfq12025investorpresvf.htm)
Quote: “project financing to be executed mid-2025 ~70% LTC at SOFR + ~400 bps”