Fractional ownership in Terafab Holdings, the entity that owns the fab itself. This is the closest thing to buying the asset directly — your return depends on what Terafab is worth as it's built, opened, and ramped to full production, not on a fixed schedule.
Each Fab Equity Unit represents a fractional share in Terafab Holdings LLC, the legal entity that owns the fab, the land, and the equipment inside it. As the fab's construction progresses and, later, as it signs foundry contracts and generates revenue, the underlying value of Terafab Holdings changes — and your units move with it. There's no fixed coupon here: this product is a bet on the enterprise itself, priced the way any equity stake is.
Unit value is marked quarterly against an independent valuation of Terafab Holdings, based on construction progress, signed foundry contracts, and comparable transactions in the semiconductor infrastructure space. That valuation is published in full to every holder — not summarized.
Fab Equity Units don't mature — there's no redemption date. Instead, holders can list units on Terafab FX's internal secondary market once they've held for a minimum 90-day period, matched against other investors looking to buy in. Liquidity depends on buyer demand at the time; it is not guaranteed.
Purchased and redeemed entirely in BTC or USDT. Your position size is tracked in USD-equivalent at the time of purchase; the crypto you fund with does not need to be the same asset you eventually withdraw to.