TeraWulf raises revolving credit commitments to about $400 million

An uncommitted accordion could add about $150 million more, subject to lender availability and other conditions.

TeraWulf has raised the total commitments under its senior secured revolving credit facility from $250 million to about $400 million. The change takes effect October 23, 2026. Morgan Stanley Senior Funding is administrative agent for the facility, which means it runs the loan on behalf of the lenders. The amendment also removes the $150 million limit on letters of credit, which are bank guarantees a company can use to back its obligations to others.

The amendment adds an uncommitted accordion feature. An accordion is an option to enlarge a facility later. Here, commitments could grow by about $150 million more. Lenders have not agreed to that increase in advance. It depends on lender availability and other conditions.

On October 5, TeraWulf doubled its contracted capacity at its Muskie site to 1 gigawatt and brought the second phase forward to 2029. TeraWulf had flagged that it would seek a larger revolver to fund that work. The company has also said its power development partnerships would come with letter of credit needs. The higher commitments and the removed cap address those needs directly.

Morgan Stanley has been a lead financing source in other large infrastructure-tied deals. Secured debt is now central to how TeraWulf pays for its buildout. The amendment does not change that. TeraWulf still relies on debt rather than equity to fund its expansion, a point first raised when the Kentucky Power agreements were announced.