TeraWulf Inc. (NASDAQ: WULF) priced 47.4 million shares at $19.00 each in a public offering that raised approximately $900 million in gross proceeds, according to a company statement. The offering was increased from an initially planned $800 million.

The data center infrastructure company expects the offering to close on April 16, 2026, subject to customary closing conditions. TeraWulf has granted underwriters a 30-day option to purchase up to an additional 7.1 million shares at the public offering price, less underwriting discounts and commissions.

The company plans to use net proceeds to fund construction costs for its planned data center campus in Hawesville, Kentucky, including full repayment of amounts outstanding under its bridge credit facility. Additional funds will support future site acquisitions and general corporate purposes.

Morgan Stanley serves as lead bookrunning manager for the offering, while Cantor Fitzgerald acts as the company's equity capital markets advisor. The offering is being conducted through a prospectus supplement under TeraWulf's effective shelf registration statement on Form S-3ASR filed with the Securities and Exchange Commission.

TeraWulf develops and operates data center infrastructure in the United States designed for high-performance computing hosting and bitcoin mining operations.