TeraWulf's stock rallied significantly after announcing a partnership with AI cloud platform FluidStack, supported by Google. However, this surge faced a setback following TeraWulf's announcement of an $850 million convertible note sale, aimed at funding data center expansion. The notes, with a 1% annual interest rate and maturing in 2031, will be convertible into cash or stock at the company's discretion, with an initial conversion price of $12.43 per share. This offering is expected to yield $828.7 million, with funds allocated primarily for data center development and $85 million designated to limit share dilution. Following the announcement, TeraWulf's shares dropped 5%, reducing the stock price from a peak of $10.7.
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