TeraWulf (NASDAQ: WULF) announced that its wholly-owned subsidiary, WULF Compute LLC, has priced $3.2 billion in 7.75% senior secured notes due 2030, with expected closing on October 23, 2025. The proceeds will be used to fund a data center expansion project at its Lake Mariner campus in New York. The notes are guaranteed by several subsidiaries and secured by pledges of related assets and equity. Morgan Stanley served as sole bookrunner.