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7.250% Senior Secured Notes due 2030 — Abernathy JV (Flash Compute LLC)
Dec 29, 2025 · ClosedTerms of issuance
Instrument
Secured notes
Principal
$1.30B
Net proceeds
Coupon
7.25%
Issue date
Dec 29, 2025
Maturity
2030
Seniority
Conversion ratio
n/a
Settlement
n/a
Economic analysis
Effective annual cost
n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost
Interest savings vs. plain debt
n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate
Implied option value / volatility
n/anot shown — would require an assumed volatility input, which we do not fabricate
Breakeven
n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate
Context
Shares outstanding (as of issue date)
418,681,881
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Abernathy HPC Campus construction, debt reserves, $75M cash collateral for a letter of credit
Other financing outstanding (excl. this instrument)
2.75% Convertible Senior Notes due 2030 ($500.0M), 1.00% Convertible Senior Notes due 2031 ($1.00B), 7.750% Senior Secured Notes due 2030 (WULF Compute LLC) ($3.20B), 0.00% Convertible Senior Notes due 2032 ($1.02B), 364-day $500 million delayed-draw senior secured bridge facility ($500.0M), Public offering of 54,510,000 common shares at $19.00 per share (including 7,110,000 option shares), Revolving Credit Facility ($250.0M), Amended senior secured revolving credit facility ($400.0M)
— of which existing debt
$6.88B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
Related site
Sources
PricedTeraWulf prices $1.3 billion senior secured notes for Abernathy JV
Dec 18, 2025ClosedTeraWulf closes $1.3 billion senior secured notes for Abernathy JV
Dec 29, 2025