TeraWulf Inc.
WULF · Power-First Operator · Easton, Maryland, USA
$25.83
-0.9% today
Market Thesis
Former bitcoin miner pivoting to a "power landlord of AI" model: it controls grid-connected power campuses (anchored by Lake Mariner, NY) and leases turnkey critical-IT capacity to hyperscale/AI tenants (Google-backed Fluidstack, Core42/G42) under long-term leases. The power angle is the whole thesis: ~2.3 GW HPC portfolio with grid-secured power, but only a thin sliver (60 MW) is energized today.
Power Position
Operational · energized0.06 GW
Contracted · not operational0.46 GW
Announced · pipeline1.78 GW
Operational power is energized and earning today. Contracted is signed but not yet drawing load. Announced is pipeline — grid agreements and stated intent. The gap between them is where the risk, and the re-rating, live.
Key Sites & Contracts
Recent News
Jun 27
May 8, 2026: TeraWulf reported Q1 2026 results — 60 MW energized for Core42 at Lake Mariner, ~$3.1B cash, 522 MW leased / 2.3 GW HPC portfolio with >$12.8B contracted revenue backlog (Google-backed Fluidstack, Core42); HPC lease revenue ($21.0M) exceeded bitcoin mining for the first time.