Terawulf
WULF-🇺🇸 USA
- Price
- $11.20
- as of Nov 6, 2026
- Market cap
- $5.6B
- as of Nov 6, 2026
Estimated total debt principal$7.67Bfacilities drawn: $0 of $250.0M
Trailing 12-month dilution+19.8%Nov 7, 2025 → Nov 2, 2026
Cash & equivalents$2.36Bas of Nov 6, 2026
Estimated cost of debt5.21%
Encumbered capacity102 MW
Basic shares outstanding - Evolution
Funding the build to end-2030
Capex from the Sites & Capacity estimates at $12M per MW, paid over the twelve months before each delivery, net of the project debt already raised.
Capex to fund$20.15bn2,198 MW to deliver · $3.37bn already funded
Equity raised$1.55bn5% dilution a year
Debt to raise$12.11bn640.1m shares at end-2030
Capex by site and year
| Site | Contracted | Funded | 2026 | 2027 | 2028 | 2029 | 2030 | To fund | MW added |
|---|---|---|---|---|---|---|---|---|---|
| Justifiedbuilding | 100% | $250m | — | $2.16bn | $2.41bn | — | — | $4.56bn | 401 MW |
| Lake Marinerbuilding | 67% | $3.12bn | — | — | — | — | — | — | 498 MW |
| Muskie | 0% | — | — | — | $1.2bn | $3.68bn | $3.68bn | $8.57bn | 714 MW |
| Chesapeake | 0% | — | — | — | — | $2.14bn | $2.14bn | $4.28bn | 357 MW |
| Lake Hawkeye | 0% | — | — | — | — | $1.37bn | $1.37bn | $2.74bn | 228 MW |
| Total | 23% | $3.37bn | — | $2.16bn | $3.61bn | $7.19bn | $7.19bn | $20.15bn | 2,198 MW |
Sources and uses
| Year | Capex | Operating cash | Cash used | Equity raised | Debt to raise | Shares out | Closing cash |
|---|---|---|---|---|---|---|---|
| 2026 | — | $173m | — | $281m · +25.1m | — | 526.6m | $454m |
| 2027 | $2.16bn | $505m | $454m | $295m · +26.3m | $902m | 552.9m | $0m |
| 2028 | $3.61bn | $819m | — | $310m · +27.6m | $2.48bn | 580.6m | $0m |
| 2029 | $7.19bn | $1.76bn | — | $325m · +29m | $5.11bn | 609.6m | $0m |
| 2030 | $7.19bn | $3.24bn | — | $341m · +30.5m | $3.61bn | 640.1m | $0m |
Equity at 5% of the share count a year at the latest close; the fair values at date on the Valuation tab grow the share count at the same rate.
Debt stack
Secured notes
Total: $4.50B| Instrument | Principal | Rate | Maturity | Stage | Source |
|---|---|---|---|---|---|
7.250% Senior Secured Notes due 2030 — Abernathy JV (Flash Compute LLC)SPV · Flash Compute LLC | $1.30B | 7.25% | 2030 | Closed | Dec 29, 2025 |
7.750% Senior Secured Notes due 2030 (WULF Compute LLC)SPV · WULF Compute LLC | $3.20B | 7.75% | 2030 | Closed | Oct 23, 2025 |
Convertible notes
Total: $2.52B · net: $1.49B| Instrument | Principal | Rate | Reference price | Conversion price | Capped call | Prepaid forward repurchase | Maturity | Stage | Source |
|---|---|---|---|---|---|---|---|---|---|
$1.02Bnet $999.7M | Zero coupon | $19.9375 | 2032 | Closed | Oct 31, 2025 | ||||
$1.00B | 1% | $12.43 | 2031 | Closed | Aug 14, 2025 | ||||
$500.0Mnet $487.1M | 2.75% | $8.48 | 2030 | Closed | Oct 25, 2024 |
Revolver
Total: $650.0M| Instrument | Principal | Rate | Maturity | Secured | Ratings | Stage | Source |
|---|---|---|---|---|---|---|---|
$400.0M | Secured | Closed | Oct 23, 2026 | ||||
$250.0M | Secured | Closed | May 8, 2026 |
Equity & warrants
| Instrument | Description | Status | Source |
|---|---|---|---|
| Terawulf issued shares. | Apr 16, 2026 |