ADDED
As used in this Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (this Annual Report ), the terms Company, TeraWulf, we, us or our refers to TeraWulf Inc., a Delaware corporation and its consolidated subsidiaries, unless otherwise indicated.
Business Overview We are a vertically integrated owner, developer, and operator of large-scale digital infrastructure in the United States, purpose-built to support high-performance computing ( HPC ) workloads, including artificial intelligence ( AI ), machine learning, and advanced cloud applications.
Our strategy is grounded in controlling infrastructure at utility scale and pairing compute optimized facilities with reliable, long duration power resources.
By controlling land use through ownership or long-term ground leases, together with interconnection rights, electrical and cooling infrastructure, and, where applicable, on-site generation, we deliver resilient, cost-efficient capacity to hyperscale and enterprise customers through long-term hosting arrangements.
This infrastructure-first approach enables TeraWulf to serve Tier-1 counterparties while maintaining operational control, development flexibility, and disciplined capital allocation.
Our platform is differentiated by long-term control of utility-scale infrastructure, deep in-house power and grid expertise, and a scalable development model supported by long-term, credit-enhanced customer contracts.
HPC Platform and Development Pipeline Our contracted HPC platform currently consists of two primary campuses: Lake Mariner Data Campus (the Lake Mariner Data Campus ), located in Barker, New York within the single-state New York Independent System Operator ( NYISO ) market; and Abernathy HPC Campus (the Abernathy HPC Campus ), located in Abernathy, Texas, within the Southwest Power Pool (SPP).
Both campuses have been engineered for phased, large scale deployments of liquid cooled, hyperscale compute and are supported by long term contractual arrangements with credit enhanced counterparties.
Together, these campuses have contracted 522 MW of critical IT load with long dated revenue visibility.
In addition, the Company holds a long term ground lease in Lansing, New York (the Cayuga Site ), which, upon completion of permitting and site development, has the potential to support up to 400 MW of gross capacity, representing approximately 320 MW of contractual critical IT load.
REMOVED
( we, us, the Company, or TeraWulf ) is a vertically integrated owner and operator of next-generation digital infrastructure, primarily powered by predominantly zero-carbon energy.
We develop and operate high-performance data centers optimized for both bitcoin mining and high-performance computing ( HPC ) workloads, leveraging clean, cost-effective, and reliable energy sources to drive long-term sustainability in digital infrastructure.
Our operations are anchored at the Lake Mariner Facility in upstate New York, strategically located on the shores of Lake Ontario (the Lake Mariner Facility or Lake Mariner ).
Developed on the site of a decommissioned coal-fired power plant, Lake Mariner is designed for scalable growth, with the capacity to expand up to 500 megawatts ( MW ) in the near term and 750 MW with certain transmission upgrades.
This scale, combined with access to low-cost, predominantly zero-carbon power, makes Lake Mariner an attractive site for hyperscale and enterprise customers.
Since our public debut in December 2021, bitcoin mining has been our primary revenue driver.
However, we have strategically expanded our focus to include HPC hosting and colocation services, positioning ourselves at the intersection of energy and digital compute infrastructure.
A key milestone in this transition occurred on December 23, 2024, when we entered into long-term data center lease agreements with Core42 Holding US LLC ( Core42 ), a G42 company specializing in sovereign cloud, AI infrastructure, and digital services, securing 72.5 MW of HPC hosting capacity at Lake Mariner for GPU compute workloads.
The lease agreements include an option, exercisable through March 31, 2025, to expand by an additional 135 MW.
This marks a significant step forward in our HPC hosting strategy, reinforcing our position in the rapidly growing market for artificial intelligence (AI) and machine learning compute infrastructure.