TeraWulf lifts revolving credit facility by 60% to about $400M

The signal here is less about the headline number than about flexibility: removing the letter-of-credit sublimit and building in an accordion for further expansion suggests TeraWulf is positioning its balance sheet for larger, more structured commitments rather than a one-off draw. Morgan Stanley's role as administrative and collateral agent lends institutional weight to that read. For counterparties and lenders watching the mining-to-infrastructure pivot, the open question is whether the added headroom gets drawn down for capacity buildout or simply sits as a buffer.