TeraWulf, a Bitcoin miner and high-performance computing company, has raised its revolving credit commitments from $250 million to approximately $400 million. The amendment also removes a cap on letters of credit. Morgan Stanley Senior Funding serves as administrative and collateral agent.
TeraWulf amended its senior secured revolving credit agreement, lifting total commitments from $250 million to approximately $400 million. Morgan Stanley Senior Funding, Inc. serves as administrative and collateral agent on the facility.
What changed in the facility
TeraWulf (NASDAQ: WULF) signed Amendment No. 1 on October 23, 2026. The original agreement was dated May 7, 2026. The jump works out to roughly 60% more committed capacity.
Because the facility is senior secured, lenders hold a claim on company assets as collateral. The amendment also adds an uncommitted accordion feature that allows up to an additional ~$150 million in commitments, but only if lenders choose to participate.
Letters-of-credit cap removed
The amendment removes a previous $150 million sublimit on letters of credit. Under the old structure, TeraWulf could use only $150 million of the facility for that purpose. Now that cap is gone.
The company has pointed to letter-of-credit needs tied to utility partnerships and data center expansions. TeraWulf runs two businesses, Bitcoin mining and high-performance computing, and a key piece of that plan is the Muskie Data Campus in Kentucky, which is poised for power capacity growth and AI data center development.
What to watch next
Because the accordion is uncommitted, its value depends on whether lenders step up if TeraWulf asks. Full details of the amended agreement are set to appear in the 10-Q filing for the quarter ending September 30, 2026. That document should spell out pricing, covenants, and any other terms tied to the facility.
Source: Crypto Briefing
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