TERAWULF INC. (WULF)

TeraWulf is a vertically integrated owner, developer and operator of large-scale digital infrastructure in the United States, built to support high-performance computing (HPC) workloads such as artificial intelligence, machine learning and advanced cloud applications. It controls land (through ownership or long-term ground leases), interconnection rights, electrical and cooling infrastructure and, where applicable, on-site generation, and provides capacity to hyperscale and enterprise customers under long-term hosting arrangements. The company is shifting toward HPC hosting as its primary business and growth driver, although it still derives the majority of its revenue from legacy bitcoin mining.

The contracted HPC platform has two campuses with a combined 522 MW of contracted critical IT load. The Lake Mariner Data Campus in Barker, New York, built on a former coal-fired power plant site, is the flagship. As of December 31, 2025 it operated 245 MW of bitcoin mining capacity and 18 MW of critical IT HPC capacity. It is being expanded to about 500 MW gross in the near term, and potentially about 750 MW with NYISO approvals. It draws power from the NYISO Zone A grid, including a 90 MW allocation from the New York Power Authority. Through subsidiaries La Lupa and Akela, it has 438 MW contracted: 60 MW under Core42 leases and 378 MW under Akela leases with Fluidstack. The Abernathy HPC Campus in Texas (SPP market) is a joint venture in which TeraWulf holds 50.1%. It is designed for 168 MW and is fully pre-leased to Fluidstack under a 25-year lease, with delivery targeted for the second half of 2026. Google provides credit support for the Fluidstack leases. The company also holds a ground lease in Lansing, New York (the Cayuga Site), which could support up to 400 MW gross, or roughly 320 MW of critical IT load, after permitting and development. It targets contracting 250 MW to 500 MW of new HPC capacity annually. The bitcoin mining operation ran about 49,400 miners, mostly made by Bitmain, representing roughly 9.3 EH/s of self-mining capacity at Lake Mariner.

Customers are hyperscale and enterprise tenants, currently Core42 and Fluidstack, an AI cloud platform with Google credit enhancement. HPC arrangements are structured as data center leases with base terms of 10 to 25 years, contractual escalators, and renewal and contraction options. Campuses are designed for modular, phased expansion with liquid cooling and redundant electrical systems for high-density GPU deployments.

TeraWulf competes with data center REITs, independent developers, hyperscalers, infrastructure funds and digital asset miners with sites suitable for HPC conversion. Competition centers on site and power availability, execution, capital access and customer relationships. Its subsidiary Beowulf Electricity & Data LLC supports development, construction and operations. The company had 141 full-time employees, primarily in New York and Maryland, and relies on trade secrets, trademarks and contracts rather than patents. It was incorporated in Delaware in February 2021, trades on Nasdaq as WULF, and is headquartered at 9 Federal Street, Easton, Maryland.