---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-081886"
form_type: "8-K"
ticker: "WULF"
cik: "0001083301"
company_name: "TERAWULF INC."
filed_at: "2025-08-22T23:59:59+00:00"
generated_at: "2026-05-17T10:29:42.200723+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# TeraWulf exercises greenshoe, ups convertible notes offering to $1.0B; net proceeds $975.2M

## Summary
- Initial purchasers fully exercised option for $150M additional notes; total principal now $1.0B.
- Capped call transactions with $18.76 cap price added; cost $15.1M; total capped call cost $100.6M.
- Net proceeds of $975.2M after discounts and expenses; used for data center expansion and general corporate purposes.
- Notes carry 1.00% conversion rate, due 2031; initial conversion price ~$12.43 per share.
- Capped call transactions expected to reduce dilution upon conversion; $18.76 cap premium 100% over August 18 close.

## SEC filing metadata
- accession: 0001104659-25-081886
- form_type: 8-K
- ticker: WULF
- cik: 0001083301
- company_name: TERAWULF INC.
- filed_at: 2025-08-22T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.03, 3.02, 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1083301/000110465925081886/0001104659-25-081886-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1083301/000110465925081886/tm2523651d6_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-081886
- JSON: https://secwatch.observer/filing/0001104659-25-081886.json
- Plain text: https://secwatch.observer/filing/0001104659-25-081886.txt

## Key facts
- Debt Financings
  TERAWULF INC. incurred convertible notes of $150 million aggregate principal amount with initial purchasers at 1.00% maturing 2031.
  - Instrument: convertible notes
  - Principal: $150 million aggregate principal amount
  - Counterparty: initial purchasers
  - Rate: 1.00%
  - Maturity: 2031
  - Event: incurrence
  source text: the initial purchasers of 1.00% Convertible Senior Notes due 2031 (the “Convertible Notes”) have fully exercised their option to purchase an additional $150 million aggregate principal amount of notes. The option was exercised on August 21, 2025, and the purchase was completed on August 22, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1083301/000110465925081886/0001104659-25-081886-index.htm

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