Description
TeraWulf’s Boldest Bet Yet: $3.2 Billion, Google, and the Future of AI Compute!
TeraWulf has captured Wall Street’s attention with a high-stakes move to raise $3.2 billion via senior secured notes due in 2030—marking one of the largest bond deals relative to market capitalization in 2025. The capital will finance the rapid buildout of its Lake Mariner data center in upstate New York, which is now tied to a landmark hyperscale hosting deal with Fluidstack, underpinned by Alphabet’s Google. The bond offering, representing more than half of TeraWulf’s $5.7 billion market cap, comes on the heels of transformative transactions that position the company at the center of next-gen AI infrastructure. Google’s backstop of $1.8 billion for Fluidstack’s lease obligations and its acquisition of warrants to own 14% of WULF shares marks a strategic alignment that significantly enhances the company’s credit profile. With shares up over 170% YTD and short interest around 44%, investor sentiment remains volatile as the company scales into a capital-intensive and execution-heavy growth phase.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures
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