TeraWulf(NASDAQ) WULF

TeraWulf Inc. builds and runs large data centers that help tech companies handle massive amounts of information. These centers provide the power and cooling needed for artificial intelligence and other complex computer work. The company also uses its facilities to earn digital currency like bitcoin.

Powering the AI Revolution

• HPC Leasing: Providing data center space and power for high-performance computing, which includes tasks like artificial intelligence; accounted for 71% of revenue in the three-month period ended June 30, 2026.
• Bitcoin Mining: Processing blockchain transactions to earn digital currency rewards; represented 29% of revenue in the three-month period ended June 30, 2026.
• Data Infrastructure: Developing specialized cooling and electrical systems that support heavy computer workloads for large enterprise customers.

Strategic Moves and New Sites

• Acquired Beowulf Electricity and Data in May 2025 to increase engineering and site management capabilities.
• Entered a long-term lease for the Cayuga Site in New York in Aug. 2025 for future expansion.
• Purchased the Muskie Data Campus in May 2026 and secured an agreement for 1,000 megawatts of electric service.
• Sold its 50.1% interest in the Abernathy Joint Venture in July 2026 for $530.0 million.
• Signed a 20-year lease with Anthropic in July 2026 to provide 401 megawatts of computing power.

What Makes TeraWulf Stand Out

The company maintains direct control over its land, power connections, and electrical systems to reduce dependence on third-party developers. Its management team applies deep in-house expertise in power generation and grid stability to support mission-critical computing workloads.

By the Numbers

• Total revenue was $44.8 million in the three-month period ended June 30, 2026.
• HPC lease revenue reached $31.9 million in the three-month period ended June 30, 2026, compared to zero in the prior year.
• Interest expense hit $56.4 million in the three-month period ended June 30, 2026, up from $4.0 million in the same period of 2025.
• Cash and restricted cash totaled approximately $3.0 billion as of June 30, 2026.

A Strategic Digital Shift

TeraWulf has transitioned from a pure bitcoin mining operation into a major provider of infrastructure for the artificial intelligence industry. By repurposing its energy-rich facilities, the company is building a business model centered on long-term data center leases.