TeraWulf (WULF), a US data center operator focused on bitcoin mining and AI computing, saw its shares drop by 6% after announcing a $900 million capital raise. The company priced 47.4 million shares at $19 each and the underwriter option is for an additional 7 million shares. Proceeds will be used to fund the construction of a major data center campus in Hawesville, Kentucky, and repay outstanding bridge financing and expand further. Alongside the offering, TeraWulf released preliminary first-quarter 2026 results, showing $3.1 billion in cash and $5.8 billion in total debt. The shift towards HPC hosting revenues, which now accounts for over half of total revenue, is seen as a positive inflection point for the business.