---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-080911"
form_type: "8-K"
ticker: "WULF"
cik: "0001083301"
company_name: "TERAWULF INC."
filed_at: "2025-08-20T23:59:59+00:00"
generated_at: "2026-05-17T11:03:49.152573+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# TeraWulf closes $850M 1.00% convertible notes due 2031; funds data center buildout

## Summary
- Issued $850M principal of 1.00% Convertible Senior Notes due 2031; underwriters have option for $150M more.
- Net proceeds ~$828.7M; $85.5M used for capped call transactions, remainder for data center expansion and general corporate.
- Initial conversion price ~$12.43 per share (80.4602 shares per $1,000 principal).
- Capped call transactions bought for $85.5M with cap price $18.76 to offset dilution on conversion.
- Notes not redeemable by TeraWulf until Sept 6, 2028; thereafter if stock >=130% of conversion price for 20 of 30 trading days.

## SEC filing metadata
- accession: 0001104659-25-080911
- form_type: 8-K
- ticker: WULF
- cik: 0001083301
- company_name: TERAWULF INC.
- filed_at: 2025-08-20T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1083301/000110465925080911/0001104659-25-080911-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1083301/000110465925080911/tm2523651d5_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-080911
- JSON: https://secwatch.observer/filing/0001104659-25-080911.json
- Plain text: https://secwatch.observer/filing/0001104659-25-080911.txt

## Key facts
- Debt Financings
  TERAWULF INC. incurred convertible notes of $850 million with Morgan Stanley & Co. LLC at 1.00% maturing September 1, 2031.
  - Instrument: convertible notes
  - Principal: $850 million
  - Counterparty: Morgan Stanley & Co. LLC
  - Rate: 1.00%
  - Maturity: September 1, 2031
  - Event: incurrence
  source text: institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $850 million. The Company also granted to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes were first
  evidence_url: https://www.sec.gov/Archives/edgar/data/1083301/000110465925080911/0001104659-25-080911-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.