TeraWulf Raises Credit Facility Commitments to About $400 Million
Key Facts
TeraWulf raised total commitments under its senior secured revolving credit facility to about $400 million, from $250 million, under an amendment that took effect on October 23, 2026. The company said in a filing with the U.S. Securities and Exchange Commission that Amendment No. 1 was executed on that date to the existing credit agreement. The new figure represents the commitments available under the facility after the amendment, while the filing retained a separate option to increase the amount subject to conditions. The amendment also removed a previous sublimit for letters of credit and provided for the possible release of collateral upon satisfaction of certain conditions. The filing did not say the amendment was directly intended to finance data center expansion.
The amendment permits an increase of about $150 million in additional commitments, but that increase is uncommitted and depends on the availability of commitments from additional lenders and the satisfaction of other conditions. The potential increase therefore is not part of the current commitments of about $400 million. This mechanism comes alongside the increase in the existing limit from $250 million, the figure cited in EL7’s earlier coverage of the facility before the details of the new amendment were highlighted. The company did not say in the filing whether or when it would use the increase option. It also did not announce a specific use of proceeds or identify an additional lender that had committed to participate.
For letters of credit, the amendment removed the previous $150 million sublimit that applied to their issuance. This changes a specific restriction within the facility, while the filing does not state a replacement value for the sublimit after its removal. The amendment also provided for the possible release of collateral from the security interest held by the agent upon the occurrence of certain conditions. The brief filing did not detail what those conditions are or which collateral could be released. These provisions remain part of the amended facility’s terms, alongside the increase in commitments and the addition of the uncommitted increase option.
The facility stems from a revolving credit agreement dated May 7, 2026, making the October amendment a change to existing financing rather than an announcement of a new agreement. According to the company’s previous quarterly report, the original maturity date of the facility was May 7, 2030. That report noted the possibility of an earlier maturity by 91 days if certain conditions related to the company’s convertible notes due in 2030 were met. The current filing did not provide a new maturity date for the facility or mention any change to that condition. This timeline places the latest amendment within an agreement with an existing term, while the full legal details remain the reference for its terms.
The credit amendment comes as the company was expanding its power plans at the Muskie campus in Kentucky. On October 5, it announced an increase in contracted power capacity there from 500 megawatts to 1 gigawatt. It said the first phase, totaling 500 megawatts, is targeted to begin ramping up in 2028. The second phase, also totaling 500 megawatts, advances its planned delivery from 2030 to 2029, subject to approval by the Kentucky Public Service Commission and Kentucky Power’s construction schedule. The company said it is evaluating the potential to support up to 2 gigawatts at the campus over time, subject to additional planning, infrastructure and agreements.
At Lake Mariner, the company said in second-quarter results published on August 5 that it had 102 megawatts of revenue-generating IT capacity, with an additional 336 megawatts under construction. These figures provide context on the infrastructure operations the company is expanding, but do not identify a specific use for the amended facility. The amendment filing also does not link the credit increase or the removal of the letters of credit sublimit to the Muskie or Lake Mariner projects. EL7’s previous coverage discussed the facility at $250 million and the removal of the letters of credit restriction, while the current filing reports the increase in commitments, the increase option and collateral provisions. The brief filing does not disclose details of any relationship between the financing and construction plans.
TeraWulf said an amended credit agreement will be included with its Form 10-Q quarterly report for the quarter ended September 30, 2026. Filing the full text would allow readers to review the amendment’s detailed provisions, including the conditions tied to the increase option and collateral release. The company set November 6, 2026, for its third-quarter earnings call. The amendment filing did not specify another date for disclosing the agreement’s details outside the referenced report. The full facility text and quarterly report are therefore the next announced sources for additional details on its terms.