Core Insights - TeraWulf Inc.'s subsidiary WULF Compute has priced a $3.2 billion private placement of 7.75% senior secured notes due 2030, expected to close on October 23, 2025 [1][2] - The proceeds from the offering will be used to fund part of the planned data center expansion at the Lake Mariner campus in Barker, New York, aimed at enhancing high-density computing capacity for HPC and AI workloads [2] - The notes will be fully guaranteed by WULF Compute's subsidiaries and secured by first-priority liens on all assets of WULF Compute and the guarantors [3] Financial and Operational Context - TeraWulf recently upsized a convertible notes offering to $850 million following a 10-year lease agreement with Fluidstack and Google [3] - At the time of publication, TeraWulf's stock was down 3.3% from the previous day's close [3]