Core Points - TeraWulf announced plans to offer $3.2 billion in senior secured notes due 2030 through its subsidiary WULF Compute LLC [1] - The proceeds from the offering will be used to fund the expansion of the Lake Mariner campus in Barker, New York, aimed at enhancing high-density computing capacity [2] - The notes will be guaranteed by WULF Compute's subsidiaries and secured by first-priority liens on substantially all assets of WULF Compute and the Guarantors [2] - Morgan Stanley is acting as the sole bookrunner for the offering, which is subject to market conditions [3] - In August, TeraWulf increased a convertible notes offering to $850 million following a lease agreement with Fluidstack and Google [3] - At the time of publication, TeraWulf's stock was down 1.2% in pre-market hours [4]