TeraWulf
TeraWulf is a U.S. data center infrastructure provider operating six power-secured campuses totaling 2.3 GW across NY, TX, KY, and MD. The company delivers long-term take-or-pay AI/HPC colocation leases to hyperscalers including Anthropic, Core42, and Fluidstack, pivoting from Bitcoin mining.
- Company typePublic
- Founded2021
- HeadquartersEaston, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What TeraWulf does
TeraWulf Inc. is a U.S.-based data center infrastructure provider operating a portfolio of six geographically distributed campuses with a combined controlled power capacity of 2.3 GW across New York, Texas, Kentucky, and Maryland. The company was founded in February 2021 by Paul Prager and Nazar Khan as a Bitcoin mining operation and has executed a strategic pivot toward AI and high-performance computing (HPC) infrastructure, branding its operating arm WULF Compute. As of Q1 2026, HPC lease revenue ($21M) surpassed Bitcoin mining revenue ($13M) for the first time, with HPC growing 117% quarter-over-quarter.
The core platform differentiates through an "energy-first" model that secures large-scale power access at former industrial sites (Somerset coal plant, Cayuga coal plant, Century Aluminum smelter) with existing transmission infrastructure, enabling faster deployment than greenfield development in a power-constrained market. Notable technical components include closed-loop liquid cooling systems with 7-15 year fluid renewal cycles (eliminating local water withdrawal), zero-carbon grid power integration (nuclear and hydroelectric), and Tier III-aligned infrastructure. Strategic facilities include Lake Mariner Data (600 MW operating, NY), Justified Data (384 MW development, KY), Muskie Data (800+ MW planning, KY), Chesapeake Data & Energy (800 MW permitting, MD), Lake Hawkeye Data (320 MW permitting, NY), and the Abernathy JV (168 MW development, TX).
TeraWulf operates a B2B enterprise sales model securing long-term (20-25 year) take-or-pay lease agreements with hyperscale AI customers and technology platforms. Customer concentration centers on Anthropic ($19B 20-year lease for 401 MW at Justified Data), Core42 (60 MW anchor at Lake Mariner, AMD/Nvidia GPU deployment), and Fluidstack (Google-backed $9.5B contract). Revenue is contracted and recurring, with investment-grade credit support including Google's $3.2B financing commitment and backstop of approximately $1.8B of Fluidstack obligations. The company is publicly traded on NASDAQ (WULF), is incorporated in Delaware, and has raised cumulative capital exceeding $5B through equity, convertible notes, and senior secured debt to fund its expansion.
TeraWulf firmographics
Firmographics- Name
- TeraWulf
- Legal name
- TeraWulf Inc.
- Website
- https://terawulf.com
- Company type
- Public
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- TeraWulf is a U.S. data center infrastructure provider operating six power-secured campuses totaling 2.3 GW across NY, TX, KY, and MD. The company delivers long-term take-or-pay AI/HPC colocation leases to hyperscalers including Anthropic, Core42, and Fluidstack, pivoting from Bitcoin mining.
- Ownership category
- akta.pro rank
Where TeraWulf is headquartered
LocationHeadquarters
- HQ city
- Easton
- HQ country
- United States
- HQ region
- North America
Offices6 records
Markets served
TeraWulf business model
Business model- GTM type
- B2B
- Offering type
- Services
Revenue model
- HPC/AI Colocation Lease Revenue: Long-term take-or-pay lease agreements for high-performance computing and AI data center capacity. Revenue is contracted and recurring, with customers including Anthropic ($19B contract), Core42, and Fluidstack. These contracts typically run 20-25 years and provide predictable, contracted revenue streams with investment-grade credit support.
- Bitcoin Mining: Historical primary revenue stream from cryptocurrency mining operations. Mining revenue now represents less than 40% of total revenue as the company pivots toward AI infrastructure. Operations leverage zero-carbon energy at facilities in New York and Pennsylvania.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Custom enterprise contracts based on MW capacity commitments |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
TeraWulf product offering
Product offeringCore offering
No source material was provided describing TeraWulf's core offering.
Product overview
TeraWulf operates as a unified energy-first AI infrastructure platform offering a portfolio of six geographically distributed data center campuses. The core product is WULF Compute, which serves as the digital infrastructure brand delivering purpose-built AI and HPC hosting services. Each campus represents a distinct facility: Lake Mariner Data (600 MW, operating, New York) is the flagship site; Abernathy JV (168 MW, development, Texas) is a joint venture with Fluidstack; Lake Hawkeye Data (320 MW, permitting, New York); Justified Data (384 MW, development, Kentucky); Chesapeake Data & Energy (800 MW, permitting, Maryland); and Muskie Data (800+ MW, planning, Kentucky). The platform provides co-location and long-term lease services for hyperscale AI infrastructure, differentiated by direct access to zero-carbon power and existing grid infrastructure.
Differentiator
Problem solved
Functional benefit
Brands
- WULF Compute: The digital infrastructure arm of TeraWulf, developing and operating high-density AI and HPC data campuses powered by energy-secured infrastructure.
Quantifiable outcome
- Power cost advantage: approximately $0.02 per kilowatt-hour through nuclear power access at Lake Mariner
- +2 more outcomes
Companies that use TeraWulf
Customer profileNamed customers3 records
Segments3 records
TeraWulf technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
TeraWulf partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered significant, core, strategic and flagship.
- Industrial Equity PartnerssignificantSold the Muskie Data Campus in Eastern Kentucky to TeraWulf. The 285-acre site supports over 1 GW of data center capacity, representing one of the largest AI infrastructure development opportunities in Kentucky history. Initial 500 MW expected online H2 2028.
- FluidstackcoreJoint venture partner for Abernathy Data Campus in Texas (168 MW). Fluidstack leads the JV with TeraWulf holding 49.9%. Google provides $1.3 billion in lease backing. TeraWulf also selling its 50.1% stake to Fluidstack-led group for approximately $450-530 million. Fluidstack is also a customer at Lake Mariner with Google-backed lease worth ~$9.5 billion contracted revenue.
- Core42corePrimary anchor tenant at Lake Mariner Data campus with 60 MW capacity (expanded from original 18 MW). Part of G42 portfolio, deploying AMD and Nvidia GPUs for AI cloud infrastructure. Capacity expanded by 42MW to total of 60MW.
- Schneider ElectricstrategicDelivered over $290 million in AI infrastructure solutions for Lake Mariner campus including power infrastructure (Galaxy VX UPS, lithium-ion battery systems), liquid cooling technology (Coolant Distribution Units, In-Rack Manifolds, ChilledDoors), and digital monitoring software (EcoStruxure IT). Project completed within twelve-month timeframe.
- AnthropicflagshipSigned 20-year lease agreement for 401 MW of AI computing capacity at Justified Data campus in Hawesville, Kentucky. Deal expected to generate approximately $19 billion in contracted revenue over initial term. Initial capacity expected H2 2027, full capacity by early 2028. Payment obligations backed by anticipated investment-grade credit support.
Scale indicators9 records
Recent moves9 records
Expansion highlights4 records
TeraWulf competitors and assessment
Company assessmentDirect peers
- CoreWeave: GPU-focused cloud infrastructure provider building hyperscale AI data centers, directly competing with TeraWulf for the same hyperscaler and AI lab customers. Both companies pivoted from crypto-adjacent infrastructure to AI compute hosting at power-secured sites.
- Applied Digital: AI/HPC data center operator that pivoted from crypto mining to lease large-scale GPU clusters to AI customers. Operates Polaris Forge 1 campus with similar power-secured strategy and hyperscaler customer profile.
- Hut 8 (now Hut 8 AI): Former Bitcoin mining operator that has rebranded to AI infrastructure, pursuing long-term HPC leases similar to TeraWulf. Operates comparable power-secured data center sites and competes for similar AI hyperscaler customers.
- Iris Energy (IREN): Bitcoin mining operator pivoting toward AI/HPC data center services, with renewable-powered infrastructure and growing HPC contracts. Closely comparable in business model evolution and customer targeting.
- Cipher Mining: Bitcoin mining operation that has publicly explored AI/HPC pivots, with similar site-level power capacity. Comparable in scale, geography (Texas operations), and pivot thesis.
- Greenidge Generation: Former coal-powered Bitcoin mining operator that pivoted to provide hosting and HPC services. Operates power-secured infrastructure with similar strategic positioning, though at smaller scale.
Broad incumbents
- Vantage Data Centers: Major hyperscale data center provider with global footprint and significant expansion announcements in 2025-2026. Competes with TeraWulf for hyperscaler colocation deals but as a broader incumbent rather than power-secured specialist.
- Equinix: Largest global data center colocation operator and REIT with extensive interconnection capabilities. Provides broader portfolio of services but overlaps with TeraWulf on hyperscale capacity provision.
- Digital Realty Trust: Major data center REIT serving hyperscalers, cloud providers, and enterprises globally. Competes for hyperscaler build-to-suit deals but is broader in geographic scope and customer base than TeraWulf.
Emerging players
- Nebius Group: AI-focused infrastructure platform operating GPU clusters and data centers for AI workloads. Overlaps with TeraWulf's WULF Compute offering on AI compute capacity for hyperscale customers.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
TeraWulf social profiles
Digital presenceTeraWulf financial estimates
Financial estimateRevenue estimate
Valuation estimate
TeraWulf leadership team
Management profileNumber of profiles
TeraWulf subsidiaries and ownership
Company hierarchySubsidiaries1 record
TeraWulf funding detail
Funding detailFunding overview
Funding rounds15 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TeraWulf M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TeraWulf
What does TeraWulf do?
No source material was provided describing TeraWulf's core offering.
Is TeraWulf a public or private company?
TeraWulf is a public company. It is classified as unknown and is currently operating.
When was TeraWulf founded?
TeraWulf was founded in 2021. It employs 101 to 250 people.
Where is TeraWulf based?
TeraWulf is headquartered in Easton, United States, in the North America region.
How does TeraWulf make money?
Two revenue lines are on record. HPC/AI Colocation Lease Revenue is the primary driver. The others are bitcoin Mining.
Who are TeraWulf's main competitors?
Direct peers on record are CoreWeave, Applied Digital, Hut 8 (now Hut 8 AI), Iris Energy (IREN), Cipher Mining and Greenidge Generation. Broad incumbents are Vantage Data Centers, Equinix and Digital Realty Trust. Nebius Group is listed as an emerging player.
Does TeraWulf have an API?
No public API is recorded for TeraWulf.