TeraWulf

The company is organized under two subsidiaries: WULF Mining, which owns and operates proprietary Bitcoin mining hardware, and WULF Compute, which develops and leases AI and HPC colocation capacity to hyperscale tenants. TeraWulf's nine named senior executives carry backgrounds spanning Goldman Sachs (CSO Kerri Langlais), Blackstone's GSO Capital Partners (CFO Patrick Fleury), Siemens Gamesa (COO Sean Farrell), and Beowulf Energy.

TeraWulf's flagship asset is the Lake Mariner data campus in Somerset, New York, redeveloped from a former coal-fired power plant in partnership with engineering firm Ramboll. Lake Mariner currently operates 49 MW, with 499 MW under active development and a further 202 MW in pipeline, targeting up to 750 MW of total power demand at full buildout, drawing on predominantly zero-carbon energy. Additional sites under active development include the Abernathy campus in Texas (240 MW) and Lake Hawkeye in New York (138 MW under development, 262 MW in pipeline). Longer-range pipeline sites include Justified Data in Hawesville, Kentucky (480 MW) and Chesapeake Data in Maryland (1,000 MW), placing TeraWulf's total development platform at approximately 2.8 GW across five sites.

WULF Mining reported an operating hashrate of 8.50 EH/s and an installed hashrate of 11.60 EH/s as of September 30, 2025, per BitcoinMiningStock.io data. BTC production totaled 125.66 BTC in September 2025, 161.67 BTC in June 2025, and 124.00 BTC in March 2025. Full-year 2025 revenue reached $168.5 million, a 20.3% year-over-year increase, with Q4 2025 revenue comprising $26.1 million in digital asset mining and $9.7 million in HPC leasing.

WULF Compute has contracted more than 510 MW of HPC capacity under long-term agreements exceeding $12.8 billion in aggregate value. In August 2025, TeraWulf signed two 10-year AI hosting agreements with Fluidstack covering more than 200 MW at Lake Mariner, representing approximately $3.7 billion in base contracted revenue, rising to $8.7 billion with extension options. Google agreed to backstop $1.8 billion of Fluidstack's obligations and received warrants for approximately 41 million TeraWulf shares, equating to roughly 8% of pro forma equity. In October 2025, TeraWulf expanded the Fluidstack relationship via a 25-year, $9.5 billion joint venture to develop 168 MW at the Abernathy campus, with Google backstopping an additional $1.3 billion of lease obligations.

In April 2026, TeraWulf closed a $900 million upsized public equity offering (54.51 million shares priced at $19.00), earmarking proceeds for construction of the Hawesville, Kentucky campus and repayment of its bridge credit facility. Enterprise value stood at $11.47 billion as of May 8, 2026, with the first 40 MW phase of the Lake Mariner HPC build targeted for completion in the first half of 2026.