WULF

1. Entity Frequency and Category Focus

Recent disclosures intensify focus on secured project financing and AI/HPC data center build-out at Lake Mariner, with expanded roles for Fluidstack and Google and new guarantor/structure entities.

Increase in Organizations

WULF Compute LLC; La Lupa Data LLC; Akela Data Holdings LLC; Akela Data LLC; TeraWulf Brookings LLC

• Introduced as issuer/guarantors and structural entities for the latest secured debt; WULF Compute is the issuer; La Lupa Data, Akela Data Holdings/LLC guarantors; TeraWulf Brookings LLC is direct parent (2025-10-14; 2025-10-16).
• Collateral structure references these entities for first‑priority liens.

Shift observed: Elevated structural complexity reflects ring‑fencing of assets to secure large-scale project financing.

Fluidstack; Fluidstack USA I Inc.

• AI cloud tenant across CB‑3/CB‑4 and new CB‑5 160 MW lease; lockbox account at Fluidstack USA I Inc. designated as collateral (2025-08-18; 2025-10-14; 2025-10-16).

Shift observed: Tenant concentration and revenue securitization via lockbox increase lender/tenant interdependence.

Google LLC

• Pledge of warrants to purchase TeraWulf stock as collateral for the notes prior to project completion (2025-10-14; 2025-10-16); earlier added incremental backstop and equity stake via warrants (2025-08-18).

Shift observed: Google’s role deepens from commercial backstop to credit support through pledged warrants, enhancing lender confidence but increasing strategic dependence.

Morgan Stanley

• Sole bookrunner for the $3.2 billion senior secured notes (2025-10-14; 2025-10-16).

Shift observed: Tier‑one underwriting underscores scale and institutional nature of the financing.

Increase in Financial Terms

$3.2 billion 7.750% Senior Secured Notes due 2030 (priced at par)

• Priced Oct 16, 2025; expected close Oct 23, 2025; secured by first‑priority liens; collateral includes lockbox and Google warrant pledge (2025-10-16).

Shift observed: Step‑change in leverage magnitude and cost versus prior convertibles; proceeds fund Lake Mariner Data Center Expansion.

Earlier convertibles: $500 million 2.75% due 2030 (Oct 2024); $1.0 billion 1.00% due 2031 (Aug 2025)

• Progressive scaling of balance sheet capacity with lowering coupons on 2031 converts but substantially higher coupon on secured notes.

Shift observed: Capital stack shifts from equity and low‑coupon converts to large secured debt, raising fixed charges.

Increase in Products and Technologies

Lake Mariner Data Center Expansion; CB‑3/CB‑4/CB‑5; AI-optimized, liquid‑cooled HPC

• CB‑5 adds 160 MW; total contracted Fluidstack IT load ~360 MW; high‑density liquid cooling; dual 345 kV lines (2025-08-18).

Shift observed: Execution pivot from BTC mining toward scaled AI/HPC hosting capacity.

Decrease in People

Executive mentions

• No named individuals in the two most recent financing releases (2025-10-14; 2025-10-16), whereas earlier periods frequently cited Paul Prager, Patrick Fleury, Nazar Khan, Sean Farrell, Kerri Langlais.

Shift observed: Transaction‑driven disclosures minimize management profile; emphasis on instruments and collateral.

Location Focus

Barker, New York — Lake Mariner

• Continues as the core expansion site and collateral nexus (2025-10-14; 2025-10-16).

Shift observed: Reinforced single‑campus development focus; Cayuga is strategic but absent from latest releases.

2. New vs. Receding Entities

New Entities

WULF Compute LLC; La Lupa Data LLC; Akela Data Holdings LLC; Akela Data LLC; TeraWulf Brookings LLC

• Debut as issuer/guarantors/parent in the secured notes structure (Oct 2025).

Shift observed: Enterprise architecture optimized for project‑finance style security packages.

Fluidstack USA I Inc. (designated lockbox)

• Collateral mechanism tied to tenant cash flows (Oct 2025).

Shift observed: Cash‑flow control increases creditor protections; signals robust lender requirements.

Receding Entities

Core42 (G42); Nautilus Cryptomine

• Prominent in late‑2024/early‑2025 but absent in latest financing releases.

Shift observed: Customer/counterparty narrative shifts to Fluidstack and Google, with prior BTC‑centric JV exposure less emphasized.

Bitcoin mining–centric entities/terms (e.g., Bitmain miner models)

• Appear less in recent documents.

Shift observed: Strategic communications increasingly prioritize AI/HPC hosting and data center infrastructure over BTC self‑mining.

3. Financial and Quantitative Shifts

Increased Leverage and Fixed Charges

$3.2 billion 7.750% senior secured notes due 2030

• Priced at par; first‑priority liens; collateralized by tenant lockbox and Google warrant pledge (Oct 2025).

Shift observed: Material rise in secured debt and interest burden relative to prior convertibles. At 7.750%, annual interest would be approximately $248 million on $3.2 billion (estimate; actual may vary with fees/escrows).

Expansion of Convertible Debt

$1.0 billion 1.00% due 2031; $500 million 2.75% due 2030

• Net proceeds of ~$975.2 million (2031 converts) and ~$487.1 million (2030 converts); capped calls with cap prices at $18.76 and $12.80, respectively (Oct 2024; Aug 2025).

Shift observed: Converts provided lower‑cost capital in 2024–Aug 2025; recent secured issuance adds higher‑coupon layer.

Contracted Revenue Escalation (AI/HPC Hosting)

Contracted revenue: ~$3.7 billion → $6.7 billion; potential up to $16 billion

• $3.7b (Aug 14, 2025) → $6.7b (Aug 18, 2025) with Fluidstack CB‑5; potential to $16b with extensions.

Shift observed: Revenue visibility increases, but figures are contracted/potential, not GAAP; cash realization hinges on on‑time delivery and tenant performance.

Liquidity and Working Capital

Cash and equivalents: $274.1m (Dec 31, 2024) → $218.2m (Mar 31, 2025) → $90.0m (Jun 30, 2025)

• Working capital at Jun 30, 2025: $(52.2)m.

Shift observed: Liquidity compression prior to major financings; new debt likely eases near‑term funding but elevates leverage risk.

Equity and Warrants

Google warrants; 32.5m shares; ~14% pro forma stake

• Issued in connection with CB‑5 support (Aug 18, 2025).

Shift observed: Strategic equity alignment supports financing; potential dilution offset by capped calls elsewhere.

Note on ambiguity:- “Contracted revenue” and “potential contracted revenue” are not the same as recognized revenue; timing, pricing, and extension assumptions are not fully disclosed.- “Expected” close (Oct 23, 2025) for the $3.2b notes is forward‑looking; closing conditions not detailed.

4. Product/Technology Development

Lake Mariner AI/HPC Buildout (CB‑1/CB‑2/CB‑3/CB‑4/CB‑5)

• CB‑1 (20 MW) and CB‑2 (50 MW) delivered toward 72.5 MW initial HPC capacity (late‑2024/2025); CB‑3/CB‑4 expanded Fluidstack footprint; CB‑5 (160 MW) lease signed with operations targeted for 2H 2026.
• Infrastructure emphasizes high‑density liquid cooling, dual 345 kV transmission lines, sustainable water cooling, and ultra‑low‑latency connectivity.

Shift observed: Rapid scale‑up from BTC mining to AI/HPC colocation with specialized thermal/power architecture.

Cayuga Site Expansion

• 80‑year ground lease; target 400 MW digital infrastructure; plans for 67 MW solar and 800 MWh battery storage (Aug 14, 2025).

Shift observed: Multi‑site optionality re: power sourcing and sustainability; not featured in the most recent financing announcements.

5. Relational Changes Between Entities

Financing Security and Collateral Structure

TeraWulf / WULF Compute LLC / Guarantors (La Lupa Data LLC; Akela Data Holdings LLC; Akela Data LLC) / TeraWulf Brookings LLC

• First‑priority liens on substantially all assets securing the $3.2b notes.

Shift observed: Project‑finance style security enhances creditor protections while constraining financial flexibility.

Cash-Flow Control

Fluidstack USA I Inc. (lockbox) → Noteholders

• Tenant payments directed to a designated lockbox as part of collateral.

Shift observed: Cash waterfall prioritizes debt service; reduces discretionary cash for equity during ramp.

Strategic Credit Support

Google LLC ↔ TeraWulf

• Pledge of warrants as collateral prior to completion; incremental $1.4b backstop, total $3.2b backstop, and ~14% pro forma equity stake via 32.5m warrants (Aug–Oct 2025).

Shift observed: Elevated counterparty quality de‑risks financing; concentration risk rises with single large techno‑strategic partner.

Tenant/Hosting Agreements

TeraWulf ↔ Fluidstack

• 200+ MW AI hosting agreements (Aug 14, 2025); expansion to ~360 MW contracted IT load with CB‑5 (Aug 18, 2025).

Shift observed: Long‑term contracted demand underpins funding and expansion cadence.

Ground Lease

TeraWulf ↔ Cayuga Operating Company LLC

• 80‑year lease for Cayuga site, consideration partially in $95m TeraWulf stock and $3m cash (Aug 14, 2025).

Shift observed: Long‑duration site control signals pipeline beyond Lake Mariner.

Customer Relationship (Earlier Period)

TeraWulf ↔ Core42 (G42)

• Delivery of 70 MW with expansion options (Dec 2024).

Shift observed: Prior HPC customer base broadened; focus recently shifted to Fluidstack and Google‑supported projects.