TeraWulf

Seniority

Senior secured (parent)

Maturity

2030-05-07 — Initial maturity 2030-05-07 (fourth anniversary); springs to 91 days before the 2.75% 2030 converts' maturity if they remain outstanding then.

Collateral

Substantially all Company assets; minimum-liquidity covenant. Context (8-K 2026-07-06): sub Raylan Data signed a 20-yr ~401 MW Hawesville lease with Anthropic (press ~$19B; payments ‘expected to be supported by an investment-grade credit’) — lessor-side offtake, tracked for the financing it will support, not as a ledger row; same 8-K: sold the 50.1% stake in Fluidstack JV FS CS I (Abernathy, TX — 168 MW; distinct campus and financing from the Meridian Arc/Indiana structure) to Fluidstack-led purchasers for ~$530M in three installments. Watch: Abernathy project debt ($1.3B of Fluidstack lease obligations Google-backstopped per Oct-2025 8-K) has not publicly priced — a future row when it does. Update (2026-07-20, per KBW): the investment-grade credit backstop for Anthropic's Hawesville payments is not yet finalized — Anthropic has not selected hardware (NVIDIA GPU vs AWS Trainium vs Google TPU) and the backstop provider is expected to follow that choice (decision expected within ~4 months). TeraWulf is reported (Bloomberg) to plan a ~$3.5B debt raise for the campus; if it prices before hardware is chosen, or if Anthropic selects TPUs/Trainium, the financing would fall outside strict GPU-collateral scope (same basis as the excluded Meta campus SPVs).

Lenders

MS Senior Funding (admin/collateral)

Pricing

SOFR + 1.75% until the first CB-4/CB-5 commencement, then a 1.25-1.75% grid on consolidated total debt to market capitalization (breakpoints 0.30x and 0.60x); 0.00% floor; 0.50% commitment fee; default rate +2%

Terms

$250M commitments; no borrowings at 6/30/26; $0.2M LC issued in Q2 ($74.8M LC capacity remaining); July 2026: $74.0M of LCs issued under the facility as Muskie collateral (Q2-26 10-Q). Availability capped at $75M until lease cashflows commence at the first of the CB-4 and CB-5 projects. $150M letter-of-credit sublimit inside the facility; no accordion. Liquidity covenant $100M before that first commencement and $150M after, quarterly-tested, counting at most $50M of undrawn revolver; the equity cure is capped at five uses over the term with at least two clean quarters in any four. Designated project entities (the Google-backstopped CB-4/CB-5 and Abernathy structures among them) are carved out of the guarantees while their own debt documents bar them. Joint lead arrangers: Santander, BofA, Citi, Citizens, SMBC, TD, Wells Fargo.

Source: Q1-26 10-Q Note 18; credit agreement filed as EX-10.33 to the same 10-Q, acc 0001083301-26-000092 · document

Borrower

Raylan Data LLC (borrower), subsidiary of Raylan Finance LLC; Justified DataPower LLC as Real Estate Guarantor

Seniority

Senior secured, subsidiary-level; parent negative covenants

Maturity

2027-03-12 — 364 days from the 3/13/26 agreement

Collateral

Secured; Morgan Stanley Senior Funding as collateral agent (packages not itemized in the 8-K)

Lenders

Morgan Stanley Senior Funding, Inc. (admin + collateral agent) · lenders party thereto

Pricing

Term SOFR (0% floor) + 2.75%; base-rate option + 1.75%

Terms

$500M 364-day delayed-draw senior secured bridge for construction of the Hawesville KY data center (Justified Data Campus); $100.0M drawn. Fees on initial draw: 1.00% commitment ($5.0M) + 0.25% structuring ($1.3M) + $1.0M legal; $100M minimum liquidity covenant. REPAID IN FULL AND TERMINATED 2026-04-16 ($100.0M principal + $0.4M accrued; $7.1M extinguishment loss). A ~$1.0B equity offering closed the same day; the 10-Q does not link the two.

Source: 8-K 3/16/26 (origination); Q2-26 10-Q (repayment) · document

Borrower

Flash Compute LLC (unconsolidated 50.1% JV; off balance sheet, equity method)

Seniority

Senior secured, JV-level

Maturity

2030-12-31

Collateral

Abernathy HPC campus; 25-yr Fluidstack lease with Google IG credit enhancement

Lenders

Morgan Stanley (representative) · Wilmington Trust (trustee)

Terms

Off balance sheet — unconsolidated 50.1% JV, equity method. JV-interest sale effective 2026-07-06: ~$530.0M in three installments ($250M within 14 days, $150M by 12/31/26, ~$130M by 4/30/27); TeraWulf holds no equity interest post-sale (Q2-26 10-Q). TeraWulf announced sale of its 50.1% JV interest to a Fluidstack-led buyer 7/6/26 (~$530M, three installments); ownership annotation pending closing disclosures

Source: 8-K 12/29/25 · document

Seniority

Senior unsecured

Maturity

2032-05-01

Lenders

Morgan Stanley + Cantor (representatives) · Wilmington Trust (trustee)

Pricing

Effective 0.4%; conversion ~$19.94

Source: 8-K 10/31/25; Q2-26 10-Q (6/30/26 balance), acc 0001083301-26-000166 · document

Borrower

WULF Compute LLC (issuer)

Seniority

Senior secured, subsidiary-level; parent completion guarantee

Maturity

2030-10-15

Collateral

1st liens on WULF Compute + guarantor assets, equity pledge, Fluidstack lockbox; Google warrant pledge + affiliate termination-fee backstop

Lenders

Morgan Stanley (sole initial purchaser, 144A) · Wilmington Trust (trustee)

Pricing

Effective 8.7% per 10-Q; amortizes post-Lake-Mariner completion

Terms

$3,200.0M outstanding 6/30/26; current portion $90.7M (Q2-26 10-Q)

Source: 8-K 10/23/25; Q1-26 10-Q · document

Seniority

Senior unsecured

Maturity

2031-09-01

Lenders

Morgan Stanley (representative) · Wilmington Trust (trustee)

Pricing

Effective 10.9% after derivative discount; conversion ~$12.43; capped calls to $18.76

Terms

Classified short-term at 6/30/26 (holder-convertible under the 2031 Sale Price Conversion Event); $511.2M derivative fair value reclassified to APIC (Q2-26 10-Q)

Source: 8-K 8/20/25 · document

Seniority

Senior unsecured

Maturity

2030-02-01

Lenders

Cantor Fitzgerald (representative, 144A)

Pricing

Effective 3.3%; Conversion ~$8.48; capped calls to $12.80

Terms

Holder-convertible → classified current

Source: Q2-26 10-Q (6/30/26 balance), acc 0001083301-26-000166 · document

Borrower

Justified Data campus, Kentucky (Anthropic-leased)

Seniority

Undisclosed

Maturity

Undisclosed

Collateral

Kentucky 'Justified Data' campus; 20-yr Anthropic lease (press)

Lenders

Morgan Stanley (expected lead, per press)

Terms

~$3.5B contemplated across a first-time leveraged loan and high-yield bonds (Bloomberg 7/9/26); would fund the Anthropic-leased Kentucky campus announced 7/6/26 (20-yr lease). Not launched or priced

Source: Bloomberg 7/9/26 (press); TeraWulf release 7/6/26 (lease + Abernathy stake sale) · document