TeraWulf slips after unveiling $500 mln convertible bonds offering for Texas data center

Data center operator TeraWulf's shares WULF.O down 3.1% at $15.44 premarket as it looks to raise capital

Easton, Maryland-based WULF announces private offering of $500 mln 0% convertible bonds due May 1, 2032

It intends to use net proceeds to partially fund construction cost of data center campus in Abernathy, Texas and for other purposes

WULF shares on Tues jumped ~17% and closed at $15.94 after co earlier in the day expanded partnership with AI cloud platform Fluidstack through a new 168 MW joint venture at the Abernathy site

The joint venture will be project-financed, with Alphabet's GOOGL.O Google providing a $1.3 bln backstop

TeraWulf early Tues also released preliminary Q3 results and Oppenheimer initiated coverage with 'outperform' rating

Through Tues, WULF shares have tripled over the past three months, giving co $6.5 bln market cap