TeraWulf now has a much bigger corporate credit card, and Morgan Stanley’s name is on the statement.
The Bitcoin miner and high-performance computing company has amended its senior secured revolving credit agreement. Total commitments rose 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 to its Revolving Credit Agreement on October 23, 2026. The original agreement was dated May 7, 2026.
The headline change is size. Going from $250 million to approximately $400 million works out to an increase of roughly 60% in committed capacity.
A revolving credit facility works a lot like a business credit line. The company can draw money when it needs it, repay it, and draw again, up to the committed limit.
Because this one is senior secured, lenders hold a claim on company assets as collateral.
The amendment also adds an uncommitted accordion feature. It allows for up to an additional ~$150 million in commitments, but only if lenders choose to participate.
The amendment removes a previous $150 million sublimit on letters of credit.
Why the letters-of-credit change matters
A letter of credit is essentially a bank’s promise to pay a third party if the company does not. It lets a business prove it is good for its obligations without parking piles of cash as a deposit.
Under the old structure, TeraWulf could only use $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.
Full details of the amended agreement are set to appear in TeraWulf’s 10-Q filing for the quarter ending September 30, 2026.
Background: a miner with data center ambitions
TeraWulf has positioned itself in two businesses at once: Bitcoin mining and high-performance computing.
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 this means for TeraWulf and investors
TeraWulf now has approximately $400 million in committed revolving capacity, with a potential path to an additional ~$150 million through the accordion.
The senior secured structure means lenders have collateral protection, which means equity holders sit behind them in the capital stack.
The accordion is uncommitted, so its real value depends on whether lenders actually step up if TeraWulf asks.
For investors, the 10-Q for the quarter ending September 30, 2026 is the next document to watch. It should spell out pricing, covenants, and any other terms tied to the amended facility.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.