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Cahill Represents Initial Purchasers in Flash Compute’s $1.3 Billion Notes Offering

December 29, 2025

Cahill represented the initial purchasers in connection with a Rule 144A offering of $1.3 billion aggregate principal amount of 7.25% senior secured notes due 2030 by Flash Compute LLC.

Proceeds of the notes will be used to, among other things, finance the construction of a new data center in Abernathy, Texas.

Flash Compute LLC is a joint venture between Big Country Wulf LLC, an indirect subsidiary of TeraWulf Inc., and Fluidstack CS I Inc., an indirect subsidiary of Fluidstack Ltd.

TeraWulf Inc. is a vertically integrated owner and operator of next-generation digital infrastructure, purpose-built to support compute-intensive workloads and HPC workloads.

Fluidstack Ltd. is a next-generation, software-first AI cloud platform engineered to deliver HPC at scale for the world's leading AI labs.

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