TeraWulf stock drops ~6% after upsizing equity raise to $900M, pricing 47.4M shares at $19 to fund AI data center expansion

$900M at $19/share after a 50% run since late March — management timed the dilution window about as well as you can. But roughly half that raise just retires the $500M bridge loan from March, so net new construction capital for Hawesville is closer to ~$400M against a 480 MW campus buildout that'll need multiples of that. HPC hosting crossing 50% of revenue for the first time officially makes WULF more AI infra play than Bitcoin miner — and the 6% dip is the market trying to figure out which multiple applies now.

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