TERAWULF INC. (WULF)

TeraWulf Inc. (Nasdaq: WULF), a Delaware corporation incorporated in February 2021 and headquartered in Easton, Maryland, is a vertically integrated owner, developer, and operator of large-scale digital infrastructure purpose-built for high-performance computing (HPC) workloads, including artificial intelligence, machine learning, and advanced cloud applications. The company controls utility-scale infrastructure through land ownership or long-term ground leases, interconnection rights, and electrical/cooling systems, pairing this with long-duration power resources to deliver resilient capacity to hyperscale and enterprise customers under long-term hosting arrangements. TeraWulf's contracted HPC platform centers on two primary campuses: the Lake Mariner Data Campus in Barker, New York (within NYISO), built on a former coal-fired power plant site and operational since March 2022, and the Abernathy HPC Campus in Abernathy, Texas (within SPP), developed through a 50.1%-owned joint venture.

Together these campuses have contracted 522 MW of critical IT load, with an additional long-term ground lease at the Cayuga Site in Lansing, New York providing potential for up to 400 MW of gross capacity (approximately 320 MW contracted). The Lake Mariner campus operates through subsidiaries La Lupa Data LLC and Akela Data LLC, which collectively represent 438 MW of contracted capacity, including 60 MW under long-term leases with Core42 (signed December 2024) and 378 MW under leases with Fluidstack (signed August 2025), the latter benefiting from credit support from Google. The Abernathy campus is fully pre-leased (168 MW) to Fluidstack under a 25-year lease also credit-enhanced by Google, with delivery targeted for the second half of 2026.

While the company continues to operate legacy bitcoin mining operations—approximately 49,400 Bitmain-manufactured ASIC miners generating about 9.3 EH/s of self-mining capacity at Lake Mariner as of December 31, 2025, which still constitutes the majority of current revenue—its strategic focus and capital allocation have shifted decisively toward HPC data center development and long-term, credit-enhanced hosting contracts (typically 10-25 year terms) as the primary growth driver. The company's development model targets 250-500 MW of new contracted critical IT HPC capacity annually, supported by a power strategy emphasizing reliable, cost-competitive electricity, potential on-site generation and battery storage, and deep in-house energy expertise via subsidiary Beowulf Electricity & Data LLC. As of the filing, TeraWulf employed 141 full-time employees (including Beowulf E&D staff), maintained property, cyber liability (~$15 million), and business interruption insurance appropriate to its HPC and mining assets, and reported approximately 424 million shares outstanding as of February 24, 2026, with an aggregate non-affiliate market value of approximately $1.27 billion as of June 30, 2025.

The company operates in a competitive landscape that includes data center REITs, independent developers, hyperscalers, infrastructure funds, and digital asset miners converting to HPC use, with competition centered on site and power access, execution capability, capital access, and customer relationships.