TeraWulf plans to raise $900 million to expand its AI data center.

TeraWulf announced it will issue 47.4 million shares at $19 per share, raising approximately $900 million to build a large data center campus in Hawesville, Kentucky, repay bridge financing, and support future expansion. The company's stock price fell about 5.8% intraday due to dilution from the offering. The company also released preliminary Q1 2026 results, projecting revenue between $30 million and $35 million, approximately $3.1 billion in cash, and total debt of approximately $5.8 billion. TeraWulf management noted that high-performance computing (HPC) hosting revenue now accounts for more than half of its total revenue, surpassing Bitcoin mining revenue for the first time, driving a shift in its revenue structure towards more stable long-term cash flow. Analysts believe that while this financing will dilute equity, it will help support the expansion of AI infrastructure and improve future growth visibility. Overall, this move reflects an industry trend of mining companies accelerating their shift towards AI and high-performance computing to reduce reliance on Bitcoin price volatility and improve profitability stability. (CoinDesk)