TeraWulf looks to raise $500M as it bets big that AI is new Bitcoin

Crypto mining company TeraWulf announced plans to raise $500 million through a private offering of convertible senior notes due in 2032, aimed at qualified institutional buyers. The proceeds will primarily fund the construction of a new data center campus in Abernathy, Texas, and cover general corporate needs. This move follows TeraWulf's broader strategy to pivot toward the booming AI sector, leveraging its existing data center infrastructure and power capacity. The company is also reportedly working with Morgan Stanley to raise up to $3 billion in debt financing, backed by a $1.4 billion commitment from Google, to expand its AI-ready facilities. Furthermore, TeraWulf secured a $3.7 billion hosting deal with Google-backed AI infrastructure firm Fluidstack in August. This strategic shift capitalizes on the severe shortages in data center space and power driven by the AI boom, positioning crypto miners to power next-generation computing.

(Source：Cointelegraph)