TERAWULF (WULF) Company Report

TeraWulf Inc. announced the acquisition of two brownfield infrastructure sites in Hawesville, Kentucky, and Charles County, Maryland, adding approximately 1.5 gigawatts (GW) of capacity to its digital and power infrastructure portfolio.
The Hawesville, Kentucky site, acquired on February 2, 2026, provides 480 MW of existing power availability with potential for further expansion.
The Morgantown Generating Station in Maryland, which has 210 MW of operational capacity and can expand to 1 GW, is subject to regulatory approvals for its acquisition.
These acquisitions increase TeraWulf's total infrastructure portfolio to approximately 2.8 GW across five sites, supporting a disciplined growth strategy targeting 250 to 500 MW of new contracted capacity annually.

4 days ago

8-K

TeraWulf expands digital and power infrastructure portfolio with strategic acquisitions

WULF

M&A

New Projects/Investments

TeraWulf Inc. (Nasdaq: WULF) has expanded its digital and power infrastructure portfolio through the acquisition of two brownfield infrastructure sites in Hawesville, Kentucky, and Charles County, Maryland.
These acquisitions add approximately 1.5 gigawatts (GW) of capacity, increasing TeraWulf's total platform to 2.8 GW across five sites.
The Kentucky site provides 480 MW of existing power availability with potential for further expansion, while the Maryland site, Morgantown Generating Station, currently has 210 MW of operational generation capacity and can expand to 1 GW.
This expansion supports TeraWulf's disciplined growth strategy, targeting 250 to 500 MW of new contracted capacity annually.

4 days ago

Press Release

TeraWulf's Subsidiary, Flash Compute, Completes $1.3 Billion Senior Secured Notes Offering

WULF

Debt Issuance

New Projects/Investments

On December 29, 2025, TeraWulf Inc.'s subsidiary, Flash Compute LLC, completed a private offering of $1.3 billion in 7.250% Senior Secured Notes due 2030.
The net proceeds from this offering are intended to finance a portion of the construction of the Abernathy HPC Campus in Texas, fund debt reserves, and provide $75 million in cash collateral.
The notes will mature on December 31, 2030, and bear an annual interest rate of 7.250%, payable semi-annually.
Principal amortization will occur semi-annually, but no amortization is payable prior to the completion of the Abernathy HPC Campus.
JV Partners Holdco, which is 50.1% owned by a TeraWulf subsidiary, provides a capped completion guarantee of up to $100 million for the Abernathy HPC Campus construction, which is separate from the notes.

Dec 29, 2025, 9:05 PM

8-K

TeraWulf Announces Successful Project Financing for 168 MW HPC Joint Venture

WULF

Debt Issuance

New Projects/Investments

Guidance Update

TeraWulf Inc. announced the successful pricing of project-level financing for its 168 MW high-performance computing (HPC) joint venture at the Abernathy, Texas campus.
The financing supports the development of a liquid-cooled AI data center delivering up to 240 MW of gross power capacity (168 MW critical IT load), with commissioning expected in the second half of 2026.
The project's credit profile is materially strengthened by long-term credit enhancement provided by a leading global hyperscale partner through Fluidstack's platform.
TeraWulf expects to deploy an incremental 250 MW – 500 MW of HPC capacity annually and has already secured more than 500 MW to date.

Dec 18, 2025, 10:17 PM

Press Release

TeraWulf Reports Transformational Q3 2025 with Major HPC Contracts, Financing, and Increased Growth Targets

WULF

Debt Issuance

New Projects/Investments

Guidance Update

TeraWulf signed a 10-year agreement with FluidStack, backed by Google, for approximately 360 megawatts of IT load at its Lake Mariner campus, projected to generate average annual revenue of about $670 million and net operating income exceeding $565 million.
The company secured $3.2 billion in senior secured financing for the Lake Mariner HPC buildout and, in October, closed over $4.2 billion in capital markets transactions, resulting in pro forma liquidity exceeding $1 billion.
TeraWulf announced a joint venture with FluidStack and Google to develop the Abernathy HPC campus in Texas, adding 168 megawatts of new HPC capacity with expansion potential up to 600 megawatts, replicating the credit-enhanced structure.
The annual target for new HPC signings has been increased from 100-150 megawatts to 250-500 megawatts per year.
For Q3 2025, TeraWulf reported a GAAP net loss of $455 million, primarily due to a $424.6 million loss from the change in fair value of warrant and derivative liabilities, while non-GAAP adjusted EBITDA improved 25% quarter over quarter to $18.1 million.

Nov 10, 2025, 9:30 PM

Transcript

TeraWulf Secures Major HPC Agreements and Financing, Reports Q3 2025 Results

WULF

New Projects/Investments

Debt Issuance

Revenue Acceleration/Inflection

TeraWulf signed a 10-year agreement for approximately 360 MW of IT load with FluidStack, backstopped by Google, at its Lake Mariner Campus, representing average annual revenue of approximately $670 million and average annual net operating income of more than $565 million. The company also expanded its partnership with FluidStack and Google through a joint venture to develop the Abernathy HPC Campus in Texas, adding 168 MW of new HPC capacity with expansion potential up to 600 MW.
The company secured over $5.2 billion in financing in the second half of 2025, including $3.2 billion in senior secured financing for the Lake Mariner HPC buildout and $4.2 billion in October capital markets transactions, resulting in pro forma liquidity exceeding $1 billion. Reflecting this, TeraWulf increased its annual target for new HPC signings from 100-150 MW to 250-500 MW per year.
For Q3 2025, GAAP revenues increased 6% quarter-over-quarter to $50.6 million, including $7.2 million in HPC lease revenue. The company reported a GAAP net loss of $455 million, primarily due to a $424.6 million loss from the change in fair value of warrant and derivative liabilities. Non-GAAP adjusted EBITDA improved 25% quarter-over-quarter to $18.1 million.

Nov 10, 2025, 9:30 PM

Transcript

WULF Reports Q3 2025 Results and Secures $3.2 Billion Green Notes Offering

WULF

Earnings

Debt Issuance

New Projects/Investments

WULF reported Q3 2025 revenue of $50.6 million, a net loss of $(455.050) million, and Non-GAAP Adjusted EBITDA of $18.1 million.
The company secured a $3.2 billion Senior Secured Green Notes offering due 2030 with a 7.750% coupon on October 16th, 2025, to finance 522.5 MW of AI/High-Performance Computing (HPC) Data Centers.
WULF has 594 MW of HPC colocation contracted, including 60 MW to Core42 (online 2025/2026), 366 MW to Fluidstack (expected online 2026), and 168 MW for the Abernathy JV (expected online 2026). The HPC leasing segment generated $7.2 million in revenue with a ~72% profit margin in Q3 2025.
Bitcoin mining operations include approximately 130 MW in current operation and are expected to maintain ~7.2 EH/s in Q4 2025, achieving an energy cost of $0.047/kWh in Q3 2025.

Nov 10, 2025, 9:30 PM

Presentation

TeraWulf Reports Q3 2025 Results, Secures Billions in HPC Agreements and Financing

WULF

Earnings

New Projects/Investments

Debt Issuance

TeraWulf reported Q3 2025 GAAP revenues of $50.6 million, a 6% increase quarter-over-quarter, including $7.2 million from new HPC lease revenues. Non-GAAP adjusted EBITDA improved by 25% to $18.1 million.
The company secured over $16 billion in HPC lease agreements and executed over $5.2 billion in financings in the second half of 2025, including a $3.2 billion senior secured financing backed by Google for the Lake Mariner HPC buildout.
TeraWulf expanded its partnership with FluidStack and Google to develop the Abernathy HPC campus in Texas, adding 168 megawatts of new capacity with expansion potential up to 600 megawatts.
The annual target for new HPC signings has been increased from 100-150 megawatts to 250-500 megawatts per year, reflecting strong demand and pipeline progress.
As of September 30, 2025, TeraWulf held $712.8 million in cash and restricted cash, with pro forma liquidity exceeding $1 billion after recent capital market transactions.

Nov 10, 2025, 9:30 PM

Transcript

TeraWulf Reports Third Quarter 2025 Results

WULF

Earnings

Debt Issuance

New Projects/Investments

TeraWulf reported $50.6 million in revenue for the third quarter ended September 30, 2025, representing an 87% increase year-over-year, and included $7.2 million in initial HPC lease revenue.
The company completed over $5 billion in long-term financings and signed more than $17 billion in long-term, credit-enhanced customer contracts during and subsequent to the third quarter of 2025.
Strategic expansion included the formation of the Abernathy Joint Venture in Texas with Fluidstack and Google, initially designed for 240 MW of HPC capacity with potential expansion to 600 MW, in which TeraWulf holds up to a 51% controlling interest.
As of September 30, 2025, TeraWulf held $712.8 million in cash, cash equivalents, and restricted cash.

Nov 10, 2025, 9:12 PM

8-K

TeraWulf Inc. announces closing of convertible notes offering

WULF

Debt Issuance

New Projects/Investments

Convertible Preferred Issuance

TeraWulf Inc. closed a private offering of $1.025 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2032 on October 31, 2025.
The offering generated approximately $999.7 million in net proceeds, which the company intends to use for the construction of a data center campus in Abernathy, Texas, and for general corporate purposes.
The notes are convertible into common stock at an initial conversion rate of 50.1567 shares per $1,000 principal amount, corresponding to an initial conversion price of approximately $19.94 per share.
The notes will mature on May 1, 2032, and are not redeemable by the company prior to May 6, 2029.