WULF · TeraWulf Inc.

TeraWulf Inc. has successfully closed a significant equity capital raise, issuing 54,510,000 shares of common stock at $19.00 per share, which includes the full exercise of the underwriters' option to purchase additional shares. The transaction generated substantial net proceeds of approximately $1,004.3 million, providing the company with significant liquidity to execute its strategic growth initiatives. The primary stated use of proceeds is to fund construction costs for the company's planned data center campus in Hawesville, Kentucky, which represents a core component of TeraWulf's business strategy focused on environmentally sustainable, industrial-scale data center infrastructure for high-performance computing and bitcoin mining. Additionally, the company plans to use proceeds to repay outstanding amounts under its bridge credit facility, pursue future site acquisitions, and support general corporate purposes. The offering was executed through a well-established underwriting syndicate led by Morgan Stanley as lead bookrunning manager, with participation from several major financial institutions. The transaction was completed under the company's effective shelf registration statement, providing efficient access to public equity markets. This capital infusion strengthens TeraWulf's balance sheet and provides resources to advance its infrastructure development plans, which are central to its positioning in the competitive data center and high-performance computing markets.