TeraWulf (WULF)
Builds power-backed data campuses for AI computing while continuing to mine bitcoin.
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TeraWulf buys industrial land that already has a big electricity connection, builds warehouse-sized computer buildings on it, and rents them out to companies running artificial intelligence. It still mines bitcoin with some of that power, but that older business is being switched off as the rent takes over. Almost all of today's rent comes from one tenant, while the leases that matter most have been signed and not yet built.
Item facts: H1 FY2026 · six months ended June 30, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 9 more below
Core42 Leases (WULF Den, CB-1, CB-2)
The first lease signed and the only one fully delivered — 60 megawatts, all of it live since March 2026. About 59% of everything TeraWulf sells; Core42 and Fluidstack are its only two renters. An unused option on 108 megawatts more sits with the tenant.
Competes with Helios CoreWeave lease (Galaxy Digital) · Pecos CoreWeave leases (Core Scientific) · Rockdale AMD lease (Riot Platforms)
In plain English
Picture a warehouse with the electricity already run into it, cooled and wired, waiting for somebody else's computers. TeraWulf built three of those at its New York campus, and Core42 — a wholly owned part of G42, an Abu Dhabi artificial-intelligence group — moved its machines in.
Rent is charged per megawatt of electricity the tenant is allowed to draw, not per hour of computing: a set monthly amount, rising about three per cent a year, for ten years with two five-year extensions after that. Roughly $1.1 billion over the first decade. TeraWulf buys no chips and sells no computing; G42 stands behind the payments.
Fluidstack Leases (CB-3, CB-4, CB-5)
Barely visible in today's sales — one 42-megawatt hall went live in July 2026 — against 378 megawatts signed and roughly $6.7 billion of rent contracted. The two remaining halls, four times the size of the first, start switching on around the turn of the year.
Competes with Barber Lake Fluidstack lease (Cipher Mining) · River Bend Fluidstack lease (Hut 8) · Polaris Forge campuses (Applied Digital)
In plain English
Fluidstack rents out blocks of computing to artificial-intelligence labs, so it needs somewhere to put the machines. Rather than build, it booked most of the remaining room at Lake Mariner: one hall running since July 2026 and two far larger ones going up now.
The lease runs ten years, which means the money is promised long before it arrives — about two per cent of sales today against roughly $6.7 billion over the full term. Google stands behind $3.2 billion of those payments, and holds rights to shares that could leave it owning around a seventh of TeraWulf.
Lake Mariner Data Campus
The New York campus behind every dollar the company earns: 600 megawatts planned, 438 already leased to its two tenants, 162 still empty. Those 162 are the inventory the sales team has left to sell; about 102 megawatts are earning money today.
Competes with Pecos, Muskogee and Dalton campuses (Core Scientific) · Polaris Forge 1–3 (Applied Digital)
In plain English
A campus is really land plus a large electrical connection, and this one — an old industrial site at Barker in western New York — is where the whole company currently lives. Management describes the local grid as more than ninety per cent zero-carbon.
The buildings arrived in layers: mining sheds first, then halls for Core42, then halls for Fluidstack, with the mining equipment now being pulled out to free power for tenants who sign contracts. What remains to sell is 162 megawatts of empty capacity, and company filings say the site could eventually stretch beyond the 600 megawatts planned.
Digital Asset Mining
Still about a third of sales and falling fast — mining revenue roughly halved across two quarters. Computing power is down around 40% from the end of 2024, no replacement machines are being bought, and the power is being handed to paying tenants.
Competes with Self-mining fleet (MARA Holdings) · Mining-first fleet (CleanSpark) · Self-mining fleet (IREN)
In plain English
The business that paid the bills before a single tenant arrived. Computers race one another to win newly issued bitcoin; TeraWulf runs a fleet of them at Lake Mariner, pools them with other people's machines and sells the proceeds through one operator.
Nobody signs a contract for this. The income is simply what bitcoin is worth multiplied by how much computing TeraWulf runs, and both have moved the wrong way. Machines are being switched off to free power and floor space for renters, none are being replaced, and management expects to be out of mining by the time bitcoin's next scheduled supply cut arrives.
Anthropic Lease at Justified Data Campus
A twenty-year lease signed directly with the artificial-intelligence lab Anthropic for about 401 megawatts in Kentucky — roughly $19 billion, the largest piece of the roughly $27 billion of rent TeraWulf has signed. Nothing arrives before the second half of 2027.
Competes with Beacon Point leases (Hut 8) · Black Pearl / Stingray AWS leases (Cipher Mining)
In plain English
Every other lease here has a middleman: a company that rents the building, fills it with computers and sells the computing on to whoever is training artificial intelligence. This one skips the middle — Anthropic, an artificial-intelligence lab, signs the lease itself, for twenty years.
The building does not exist yet. TeraWulf paid $200 million in February 2026 for a shut aluminium smelter site in Kentucky, and state regulators approved a 482-megawatt power agreement for it in August. Turning it into data halls is expected to cost $4–4.5 billion, which the company plans to borrow against the project. Rent starts in late 2027 and reaches full size in early 2028.
Muskie Data Campus
285 acres in eastern Kentucky bought in May 2026, with a regulator-approved path to a thousand megawatts of utility power and a new high-voltage substation to carry it. The company lists 800 megawatts of capacity here, none of it rented; first power is due at the end of 2028.
Competes with Beacon Point (Hut 8) · Delta Forge 1–2 (Applied Digital)
In plain English
Buying the ground takes an afternoon. Getting a utility to deliver serious power takes years, and management describes most capacity for 2027 as already spoken for.
What TeraWulf bought here is a place in that queue: Kentucky Power, part of the AEP utility group, has an approved arrangement to supply up to a thousand megawatts, and is building a new high-voltage substation tying the site into its biggest lines. Service is expected in late 2028. No tenant has signed, and TeraWulf has already had to put up bank guarantees and a financial promise on the power to the utility.
Chesapeake Data & Energy
The former Morgantown plant site in Maryland, inside the Washington data-center corridor, bought with roughly 210 megawatts of connected generation and room for a campus of up to a thousand megawatts. Federal regulators cleared it in July 2026; the purchase has not closed.
Competes with Northern Virginia rental data centers (Wholesale data-center developers) · Beacon Point / River Bend (Hut 8)
In plain English
Here the electricity comes with the property. Roughly 210 megawatts of generation are already connected on the old Morgantown plant land in Charles County, Maryland, inside the Washington and Northern Virginia data-center corridor.
The plan management describes is a campus that makes its own electricity, stores some in batteries — about half a megawatt of storage for every megawatt of computing — and still puts surplus power back onto a Maryland grid that is short of it. Federal regulators cleared the purchase in July 2026. It has not closed, and no tenant has signed.
Lake Hawkeye Data
A retired coal plant on Cayuga Lake in New York, on land TeraWulf has rented for eighty years, with room for up to 320 megawatts. Nothing here is under contract, and New York's new pause on data-center permit reviews hangs over it.
Competes with Lake Mariner's 162 MW of open halls (TeraWulf) · Helios, Dickens County (Galaxy Digital)
In plain English
A retired coal plant leaves behind things a data campus wants: a heavy grid connection, cleared industrial land and water for cooling. TeraWulf holds an eighty-year lease over about 183 acres of the old Cayuga plant beside Cayuga Lake in New York, with lake water planned for cooling.
That is as far as it goes. Not one of the roughly 320 megawatts the site could carry has been leased. In July 2026 New York's governor paused environmental review of incomplete permit applications for large data centers for up to a year; management says this project is unaffected, while TeraWulf's own website still lists it as in permitting.
Core42 Leases (WULF Den, CB-1, CB-2)The first lease signed and the only one fully delivered — 60 megawatts, all of it live since March 2026. About 59% of everything TeraWulf sells; Core42 and Fluidstack are its only two renters. An unused option on 108 megawatts more sits with the tenant.The first lease signed and the only one fully delivered — 60 megawatts, all of it live since March 2026. About 59% of everything TeraWulf sells; Core42 and Fluidstack are its only two renters. An unused option on 108 megawatts more sits with the tenant.
In plain English
Picture a warehouse with the electricity already run into it, cooled and wired, waiting for somebody else's computers. TeraWulf built three of those at its New York campus, and Core42 — a wholly owned part of G42, an Abu Dhabi artificial-intelligence group — moved its machines in.
Rent is charged per megawatt of electricity the tenant is allowed to draw, not per hour of computing: a set monthly amount, rising about three per cent a year, for ten years with two five-year extensions after that. Roughly $1.1 billion over the first decade. TeraWulf buys no chips and sells no computing; G42 stands behind the payments.
Competes with Helios CoreWeave lease (Galaxy Digital) · Pecos CoreWeave leases (Core Scientific) · Rockdale AMD lease (Riot Platforms)
Fluidstack Leases (CB-3, CB-4, CB-5)Barely visible in today's sales — one 42-megawatt hall went live in July 2026 — against 378 megawatts signed and roughly $6.7 billion of rent contracted. The two remaining halls, four times the size of the first, start switching on around the turn of the year.Barely visible in today's sales — one 42-megawatt hall went live in July 2026 — against 378 megawatts signed and roughly $6.7 billion of rent contracted. The two remaining halls, four times the size of the first, start switching on around the turn of the year.
In plain English
Fluidstack rents out blocks of computing to artificial-intelligence labs, so it needs somewhere to put the machines. Rather than build, it booked most of the remaining room at Lake Mariner: one hall running since July 2026 and two far larger ones going up now.
The lease runs ten years, which means the money is promised long before it arrives — about two per cent of sales today against roughly $6.7 billion over the full term. Google stands behind $3.2 billion of those payments, and holds rights to shares that could leave it owning around a seventh of TeraWulf.
Competes with Barber Lake Fluidstack lease (Cipher Mining) · River Bend Fluidstack lease (Hut 8) · Polaris Forge campuses (Applied Digital)
Lake Mariner Data CampusThe New York campus behind every dollar the company earns: 600 megawatts planned, 438 already leased to its two tenants, 162 still empty. Those 162 are the inventory the sales team has left to sell; about 102 megawatts are earning money today.The New York campus behind every dollar the company earns: 600 megawatts planned, 438 already leased to its two tenants, 162 still empty. Those 162 are the inventory the sales team has left to sell; about 102 megawatts are earning money today.
In plain English
A campus is really land plus a large electrical connection, and this one — an old industrial site at Barker in western New York — is where the whole company currently lives. Management describes the local grid as more than ninety per cent zero-carbon.
The buildings arrived in layers: mining sheds first, then halls for Core42, then halls for Fluidstack, with the mining equipment now being pulled out to free power for tenants who sign contracts. What remains to sell is 162 megawatts of empty capacity, and company filings say the site could eventually stretch beyond the 600 megawatts planned.
Competes with Pecos, Muskogee and Dalton campuses (Core Scientific) · Polaris Forge 1–3 (Applied Digital)
Digital Asset MiningStill about a third of sales and falling fast — mining revenue roughly halved across two quarters. Computing power is down around 40% from the end of 2024, no replacement machines are being bought, and the power is being handed to paying tenants.Still about a third of sales and falling fast — mining revenue roughly halved across two quarters. Computing power is down around 40% from the end of 2024, no replacement machines are being bought, and the power is being handed to paying tenants.
In plain English
The business that paid the bills before a single tenant arrived. Computers race one another to win newly issued bitcoin; TeraWulf runs a fleet of them at Lake Mariner, pools them with other people's machines and sells the proceeds through one operator.
Nobody signs a contract for this. The income is simply what bitcoin is worth multiplied by how much computing TeraWulf runs, and both have moved the wrong way. Machines are being switched off to free power and floor space for renters, none are being replaced, and management expects to be out of mining by the time bitcoin's next scheduled supply cut arrives.
Competes with Self-mining fleet (MARA Holdings) · Mining-first fleet (CleanSpark) · Self-mining fleet (IREN)
Anthropic Lease at Justified Data CampusA twenty-year lease signed directly with the artificial-intelligence lab Anthropic for about 401 megawatts in Kentucky — roughly $19 billion, the largest piece of the roughly $27 billion of rent TeraWulf has signed. Nothing arrives before the second half of 2027.A twenty-year lease signed directly with the artificial-intelligence lab Anthropic for about 401 megawatts in Kentucky — roughly $19 billion, the largest piece of the roughly $27 billion of rent TeraWulf has signed. Nothing arrives before the second half of 2027.
In plain English
Every other lease here has a middleman: a company that rents the building, fills it with computers and sells the computing on to whoever is training artificial intelligence. This one skips the middle — Anthropic, an artificial-intelligence lab, signs the lease itself, for twenty years.
The building does not exist yet. TeraWulf paid $200 million in February 2026 for a shut aluminium smelter site in Kentucky, and state regulators approved a 482-megawatt power agreement for it in August. Turning it into data halls is expected to cost $4–4.5 billion, which the company plans to borrow against the project. Rent starts in late 2027 and reaches full size in early 2028.
Competes with Beacon Point leases (Hut 8) · Black Pearl / Stingray AWS leases (Cipher Mining)
Muskie Data Campus285 acres in eastern Kentucky bought in May 2026, with a regulator-approved path to a thousand megawatts of utility power and a new high-voltage substation to carry it. The company lists 800 megawatts of capacity here, none of it rented; first power is due at the end of 2028.285 acres in eastern Kentucky bought in May 2026, with a regulator-approved path to a thousand megawatts of utility power and a new high-voltage substation to carry it. The company lists 800 megawatts of capacity here, none of it rented; first power is due at the end of 2028.
In plain English
Buying the ground takes an afternoon. Getting a utility to deliver serious power takes years, and management describes most capacity for 2027 as already spoken for.
What TeraWulf bought here is a place in that queue: Kentucky Power, part of the AEP utility group, has an approved arrangement to supply up to a thousand megawatts, and is building a new high-voltage substation tying the site into its biggest lines. Service is expected in late 2028. No tenant has signed, and TeraWulf has already had to put up bank guarantees and a financial promise on the power to the utility.
Competes with Beacon Point (Hut 8) · Delta Forge 1–2 (Applied Digital)
Chesapeake Data & EnergyThe former Morgantown plant site in Maryland, inside the Washington data-center corridor, bought with roughly 210 megawatts of connected generation and room for a campus of up to a thousand megawatts. Federal regulators cleared it in July 2026; the purchase has not closed.The former Morgantown plant site in Maryland, inside the Washington data-center corridor, bought with roughly 210 megawatts of connected generation and room for a campus of up to a thousand megawatts. Federal regulators cleared it in July 2026; the purchase has not closed.
In plain English
Here the electricity comes with the property. Roughly 210 megawatts of generation are already connected on the old Morgantown plant land in Charles County, Maryland, inside the Washington and Northern Virginia data-center corridor.
The plan management describes is a campus that makes its own electricity, stores some in batteries — about half a megawatt of storage for every megawatt of computing — and still puts surplus power back onto a Maryland grid that is short of it. Federal regulators cleared the purchase in July 2026. It has not closed, and no tenant has signed.
Competes with Northern Virginia rental data centers (Wholesale data-center developers) · Beacon Point / River Bend (Hut 8)
Lake Hawkeye DataA retired coal plant on Cayuga Lake in New York, on land TeraWulf has rented for eighty years, with room for up to 320 megawatts. Nothing here is under contract, and New York's new pause on data-center permit reviews hangs over it.A retired coal plant on Cayuga Lake in New York, on land TeraWulf has rented for eighty years, with room for up to 320 megawatts. Nothing here is under contract, and New York's new pause on data-center permit reviews hangs over it.
In plain English
A retired coal plant leaves behind things a data campus wants: a heavy grid connection, cleared industrial land and water for cooling. TeraWulf holds an eighty-year lease over about 183 acres of the old Cayuga plant beside Cayuga Lake in New York, with lake water planned for cooling.
That is as far as it goes. Not one of the roughly 320 megawatts the site could carry has been leased. In July 2026 New York's governor paused environmental review of incomplete permit applications for large data centers for up to a year; management says this project is unaffected, while TeraWulf's own website still lists it as in permitting.
Competes with Lake Mariner's 162 MW of open halls (TeraWulf) · Helios, Dickens County (Galaxy Digital)
Named in filings, launches and programs
- CB-4 and CB-5 hallsPlatform · RampingThe two 168-megawatt buildings Fluidstack has leased; management last said the first switches on in late September, the second very early January.
- Core42's unused 108 MW optionCustomer program · AnnouncedCore42 holds an unused option on 108 megawatts more at Lake Mariner — a straightforward step up in rent if it is ever taken.
- Tenant fit-out workServiceTenants pay TeraWulf back for extra wiring and fittings they ask for mid-build — about $2.8 million in the latest quarter.
- Demand response participationServiceWhen New York's grid is strained TeraWulf powers down and is paid for it — $17.7 million in 2025, credited against its power costs.
- Google credit support and warrantsEcosystemGoogle stands behind $3.2 billion of the Fluidstack rent and holds rights to roughly a seventh of the shares; revaluing those rights drives huge paper losses.
- WULF ComputeBrandThe financing company behind Lake Mariner's leased halls; it issued $3.2 billion of 7.75% notes due 2030.
- La LupaBrandThe entity that actually leases space to Core42 — 72.5 megawatts of gross power behind the 60 megawatts the tenant's computers draw.
- Beowulf Electricity & DataBrandBought for about $55 million in May 2025, ending a related-party arrangement and bringing 94 people who run the sites onto the payroll.
- International site searchPlatform · AnnouncedTeraWulf says it is looking at three to five further sites, including a first development in Northern Europe.
CB-4 and CB-5 hallsPlatform · Ramping
The two 168-megawatt buildings Fluidstack has leased; management last said the first switches on in late September, the second very early January.
Core42's unused 108 MW optionCustomer program · Announced
Core42 holds an unused option on 108 megawatts more at Lake Mariner — a straightforward step up in rent if it is ever taken.
Tenant fit-out workService
Tenants pay TeraWulf back for extra wiring and fittings they ask for mid-build — about $2.8 million in the latest quarter.
Demand response participationService
When New York's grid is strained TeraWulf powers down and is paid for it — $17.7 million in 2025, credited against its power costs.
Google credit support and warrantsEcosystem
Google stands behind $3.2 billion of the Fluidstack rent and holds rights to roughly a seventh of the shares; revaluing those rights drives huge paper losses.
WULF ComputeBrand
The financing company behind Lake Mariner's leased halls; it issued $3.2 billion of 7.75% notes due 2030.
La LupaBrand
The entity that actually leases space to Core42 — 72.5 megawatts of gross power behind the 60 megawatts the tenant's computers draw.
Beowulf Electricity & DataBrand
Bought for about $55 million in May 2025, ending a related-party arrangement and bringing 94 people who run the sites onto the payroll.
International site searchPlatform · Announced
TeraWulf says it is looking at three to five further sites, including a first development in Northern Europe.