WULF Just Closed a $1.3B Debt Raise

Through a JV (TeraWulf 50.1% / Fluidstack 49.9%), subsidiary Flash Compute issued $1.3B of 7.25% Senior Secured Notes due 2030 fully non-recourse to parent TeraWulf.

Proceeds fully fund construction of the 638k sq ft Abernathy HPC campus in Texas, plus: • ~$149M debt service reserve (covers ~18-24 months interest + initial amortization) • $75M cash collateral.

• ZERO shareholder dilution • Strong project-level security + $100M capped completion guarantee

• Scheduled amortization only post-completion

• Make-whole call early, then standard call schedule