$WULF · TERAWULF INC.
TeraWulf Inc. entered into Amendment No. 1 to its existing revolving credit agreement with Morgan Stanley Senior Funding as agent, increasing total commitments from $250 million to approximately $400 million. The amendment also provides an uncommitted $150 million accordion feature and eliminates the prior $150 million letter of credit sublimit. The Amended Credit Agreement also includes new collateral release provisions.
- Total revolving credit facility commitments increased from $250M to ~$400M effective October 23, 2026.
- Amendment adds an uncommitted $150M accordion feature, potentially expanding total capacity to ~$550M.
- The $150M sublimit on letters of credit was eliminated entirely.
- Morgan Stanley Senior Funding, Inc. remains administrative agent and collateral agent.
- Collateral release provisions were added, triggered upon satisfaction of certain conditions.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. The upsized facility signals lender confidence and provides liquidity runway for TeraWulf's capital-intensive bitcoin mining operations.
A 60% increase in committed credit capacity with a top-tier lender signals strong institutional confidence in TeraWulf's balance sheet and growth trajectory.
Bitcoin miners continue to secure larger credit lines to fund infrastructure buildout ahead of the next halving cycle; TeraWulf's $400M facility with Morgan Stanley compares favorably to peer revolving facilities in the sector.
The $150M accordion is uncommitted and subject to lender availability; failure to secure additional commitments would cap the facility at $400M. Collateral release provisions could weaken lender security position if triggered.
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