Bitcoin miner and high-performance computing company TeraWulf (NASDAQ: WULF) has amended its senior secured revolving credit agreement, raising total commitments 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 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: the move from $250 million to approximately $400 million represents an increase of roughly 60% in committed capacity.

A revolving credit facility functions much like a business credit line. The company can draw money when it needs it, repay it, and draw again, up to the committed limit. For businesses with heavy capital demands, that draw-repay-redraw cycle is typically used to bridge timing gaps between large expenditures and operating cash flow. Because this facility 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 approximately $150 million in commitments, but only if lenders choose to participate. In addition, 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 demonstrate it can meet its obligations without parking large amounts of cash as a deposit. In power and construction arrangements, counterparties frequently require letters of credit as assurance before committing grid capacity, equipment, or building work.

Under the old structure, TeraWulf could use only $150 million of the facility for that purpose. The amendment eliminates that sublimit, so letter-of-credit usage under the facility is no longer confined to the $150 million ceiling that applied previously.

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. The dual focus reflects a broader pattern in the mining sector, where operators with large power portfolios have increasingly pursued HPC and AI-related hosting as a complement to mining revenue. Power capacity sits at the center of both lines of business, since mining rigs and AI compute alike depend on large, reliable electricity supply. 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 the Amendment Means for TeraWulf

TeraWulf now has approximately $400 million in committed revolving capacity, with a potential path to an additional approximately $150 million through the accordion. The senior secured structure means lenders have collateral protection, which places equity holders behind them in the capital stack. Because the accordion is uncommitted, its real value depends on whether lenders actually step up if TeraWulf requests the additional commitments.

The 10-Q for the quarter ending September 30, 2026 is the next disclosure expected to spell out pricing, covenants, and any other terms tied to the amended facility. Subsequent filings should then show how much of the committed capacity the company actually draws, and whether the accordion is ever converted into firm commitments.