InfraCompute / Deals
TeraWulf and Fluidstack: Abernathy JV project bond
Project bond for TeraWulf, US$1.3bn, 29 December 2025.
Key terms
- Borrower or issuer
- TeraWulf
- Date
- 29 December 2025
- Structure
- Project bond
- Amount
- US$1.3bn
- Pricing
- 7.25%
- Tenor
- 2030; installment amortisation (s.14.01)
What’s notable
A US$1.3bn high-yield project bond at 7.25% due 2030 for the Abernathy joint venture. Fluidstack is the tenant, and Google supports the lease through a financial support agreement and a lease recognition agreement. The security package includes a lockbox, mortgages and a US$75m ground lease letter of credit.
Recorded terms
- Lender type
- Bonds and securitisationsStructure: notes or bonds
- Tenor
- 2030; installment amortisation (s.14.01)
- Security
- Equity of issuer and company parties; all assets; Fluidstack USA III lockbox; HoldCo account pledge pre-completion; warrants during construction; mortgages; US$75m ground lease LC
- Lenders and arrangers
- Agent: Wilmington Trust (collateral agent)
- Trustee
- Wilmington Trust (trustee/collateral agent); Wilmington Trust (trustee and collateral agent)
- Tenant or offtaker
- Fluidstack USA III Inc. (lease 26 Sep 2025) with Google Financial Support Agreement and Lease Recognition Agreement
Parties
Similar financings
Same structure, other borrowers, closest in date.
More from TeraWulf
Filed documents and legal terms
The documents behind this financing that are filed on SEC EDGAR, with the governing law each states. Read any document in full before relying on it; filers may redact commercial terms.
- Filed documents
- 2
- Governing law
- New York law
- Quoted in the clause and contract libraries
- 1
THE INDENTURE, THIS NOTE AND THE SUBSIDIARY GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
From the Indenture, 7.25% Senior Secured Notes 2030 (Ex 4.1), filed with the SEC.
| Filed document | Dated | Governing law | In InfraCompute |
|---|---|---|---|
| Indenture, 7.25% Senior Secured Notes 2030 (Ex 4.1) | 29 December 2025 | New York law | – |
| Form of Google recognition agreement, Abernathy (10-K Ex 10.32) | 26 September 2025 | New York law | Quoted: Hyperscaler recognition agreement (lease backstop) |
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For counsel on this deal
Acting for a lender, borrower or sponsor on a financing like this? Start from the filed precedents. Previews are open; the full text is free with InfraCompute Weekly.
Sources
- TeraWulf / Fluidstack Abernathy JV HY project bondSource date: 29 December 2025
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
