20 April 2026
DLA Piper advises the underwriters in TeraWulf Inc.’s US$1.036 billion common stock public offering
DLA Piper advised the underwriters in a public offering of US$1.036 billion of common stock by TeraWulf Inc., a developer, owner, and operator of environmentally sustainable, industrial-scale data center infrastructure in the United States, purpose-built for high-performance computing hosting and bitcoin mining.
Morgan Stanley acted as lead bookrunning manager for the offering. BofA Securities, Citigroup, TD Cowen, and Wells Fargo Securities acted as joint bookrunners. Citizens Capital Markets and Santander acted as co-managers. Cantor Fitzgerald served as equity capital markets advisor.
TeraWulf Inc.’s offering consisted of 54,510,000 shares, including the full exercise by the underwriters of their option to purchase up to an additional 7,110,000 shares, priced at US$19.00 per share. The company intends to use the net proceeds from the offering to fund a portion of the construction costs for its planned data center campus in Hawesville, Kentucky, repayment of its bridge credit facility, future site acquisitions, and general corporate purposes.
The deal team included Partners Stephen Alicanti (New York) and Anna Spence (New York/Raleigh) and Associates Bianca LaCaille (New York/Seattle) and Aisha Khan (New York).
DLA Piper enables issuers and underwriters to execute complex securities transactions throughout the world. We offer tactical approaches to financings across equity and debt capital markets, alternative public offerings (de-SPACs, reverse mergers, and direct listings), and other transformative corporate transactions. Lawyers in our Corporate Governance practice act as outside corporate and securities counsel to a wide range of reporting companies by guiding clients through securities offerings and nuanced disclosure, governance, and compliance matters under SEC, Nasdaq, and NYSE rules and regulations. Boards of directors turn to us to navigate complex transactions, special investigations, and challenging risk oversight matters. Please visit Capital Markets and Public Company Advisory and Market Edge.
Morgan Stanley acted as lead bookrunning manager for the offering. BofA Securities, Citigroup, TD Cowen, and Wells Fargo Securities acted as joint bookrunners. Citizens Capital Markets and Santander acted as co-managers. Cantor Fitzgerald served as equity capital markets advisor.
TeraWulf Inc.’s offering consisted of 54,510,000 shares, including the full exercise by the underwriters of their option to purchase up to an additional 7,110,000 shares, priced at US$19.00 per share. The company intends to use the net proceeds from the offering to fund a portion of the construction costs for its planned data center campus in Hawesville, Kentucky, repayment of its bridge credit facility, future site acquisitions, and general corporate purposes.
The deal team included Partners Stephen Alicanti (New York) and Anna Spence (New York/Raleigh) and Associates Bianca LaCaille (New York/Seattle) and Aisha Khan (New York).
DLA Piper enables issuers and underwriters to execute complex securities transactions throughout the world. We offer tactical approaches to financings across equity and debt capital markets, alternative public offerings (de-SPACs, reverse mergers, and direct listings), and other transformative corporate transactions. Lawyers in our Corporate Governance practice act as outside corporate and securities counsel to a wide range of reporting companies by guiding clients through securities offerings and nuanced disclosure, governance, and compliance matters under SEC, Nasdaq, and NYSE rules and regulations. Boards of directors turn to us to navigate complex transactions, special investigations, and challenging risk oversight matters. Please visit Capital Markets and Public Company Advisory and Market Edge.