TeraWulf Inc. (WULF): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Kryptowährung und nachhaltigen Technologie erweist sich TeraWulf Inc. (WULF) als Pionierkraft und definiert das Bitcoin-Mining durch ein innovatives und umweltbewusstes Geschäftsmodell neu. Durch die strategische Integration von CO2-freien Bergbaukapazitäten, modernster Blockchain-Infrastruktur und Lösungen für erneuerbare Energien ist TeraWulf nicht nur ein Kryptowährungsunternehmen, sondern ein transformativer Akteur, der digitale Vermögenswerte mit nachhaltiger Technologie verbindet. Ihr einzigartiger Ansatz positioniert sie an der Schnittstelle von Finanzinnovation und Umweltverantwortung und bietet Investoren und Technologiebegeisterten eine überzeugende Vision der Zukunft der digitalen Asset-Generierung.

TeraWulf Inc. (WULF) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Celsius Network

Ab 2024 hat TeraWulf eine strategische Partnerschaft mit Celsius Network für die Bitcoin-Mining-Infrastruktur geschlossen. Die konkreten finanziellen Details dieser Zusammenarbeit werden nicht öffentlich bekannt gegeben.

Stromversorgungsverträge

TeraWulf hat Stromlieferverträge mit regionalen Energieversorgern abgeschlossen, um seinen Bitcoin-Mining-Betrieb zu unterstützen.

Energieversorger	Standort	Leistungskapazität
New Yorker Energiebehörde	New York	150 MW
Lokale Versorgungsanbieter	Pennsylvania	100 MW

Technologiepartnerschaften

TeraWulf unterhält Partnerschaften mit Herstellern von Bitcoin-Mining-Hardware, um die betriebliche Effizienz sicherzustellen.

• Bitmain-Technologien
• MicroBT
• Kanaan-Kreativ

Joint Ventures für erneuerbare Energien

TeraWulf hat Joint Ventures mit Entwicklern erneuerbarer Energien entwickelt, um nachhaltige Bitcoin-Mining-Betriebe zu unterstützen.

Erneuerbarer Partner	Energietyp	Geschätzter Beitrag
Null-Kohlenstoff-Produzenten	Nuklear	96 % kohlenstofffreie Energie
Lokale Wasserkraftanlagen	Wasserkraft	4 % erneuerbare Energie

Gesamtbetriebskapazität ab 2024: Ungefähr 250 MW

TeraWulf Inc. (WULF) – Geschäftsmodell: Hauptaktivitäten

Bitcoin-Mining und Validierung von Kryptowährungstransaktionen

TeraWulf betreibt im vierten Quartal 2023 eine Bitcoin-Mining-Kapazität von insgesamt 3,8 Exahash. Der Mining-Betrieb des Unternehmens generiert etwa 5,5 Bitcoin pro Tag mit einer durchschnittlichen Hash-Rate von 3,8 EH/s.

Mining-Metrik	Wert
Gesamte Bergbaukapazität	3,8 EH/s
Tägliche Bitcoin-Produktion	5,5 BTC
Gesamte Bergbauanlagen	2 Einrichtungen

Nachhaltiger energiebetriebener Rechenzentrumsbetrieb

TeraWulf nutzt 100 % kohlenstofffreie Kernenergie und erneuerbare Energie für seinen Bergbaubetrieb. Die Rechenzentren des Unternehmens befinden sich in Pennsylvania und Maryland und nutzen kohlenstofffreie Stromquellen.

• Nutzung der Kernenergie: 80 % des gesamten Energiemixes
• Beitrag erneuerbarer Energien: 20 % des gesamten Energiemixes
• Gesamtenergieeffizienz: 95 % kohlenstofffreier Strom

Verwaltung und Handel mit Kryptowährungen

Asset-Management-Metrik	Wert
Bitcoin-Bestände (4. Quartal 2023)	453 BTC
Gesamtwert des digitalen Vermögenswerts	18,7 Millionen US-Dollar

Entwicklung der Blockchain-Technologie-Infrastruktur

TeraWulf investiert in fortschrittliche Bergbauinfrastruktur mit modernste ASIC-Mining-Hardware. Die aktuelle Infrastruktur umfasst die Modelle Antminer S19 XP und S19 Pro.

Investition und Optimierung digitaler Vermögenswerte

Das Unternehmen verfolgt einen strategischen Ansatz für die Verwaltung digitaler Vermögenswerte, wobei der Schwerpunkt auf dem Bitcoin-Mining und -Halten liegt.

Investitionsmetrik	Wert
Jährliche Bergbauinvestition	42,3 Millionen US-Dollar
Budget für den Ausbau der Infrastruktur	25,6 Millionen US-Dollar

TeraWulf Inc. (WULF) – Geschäftsmodell: Schlüsselressourcen

Hochleistungsfähige Bitcoin-Mining-Ausrüstung

TeraWulf nutzt Antminer S19 XP Bitcoin-Mining-Maschinen mit den folgenden Spezifikationen:

Gerätetyp	Hash-Rate	Energieeffizienz	Anzahl im Besitz
Antminer S19 XP	140 TH/s	21,5 J/TH	7.500 Einheiten

Nachhaltige Energieerzeugungsanlagen

Die Energieinfrastruktur von TeraWulf umfasst:

• Atombetriebene Bitcoin-Mining-Anlage in Pennsylvania
• Gesamtenergieerzeugungskapazität von 300 MW
• CO2-freie Stromerzeugung

Fortschrittliche Kühl- und Rechenzentrumstechnologien

Rechenzentrumsattribut	Spezifikation
Gesamtfläche des Rechenzentrums	20.000 Quadratmeter
Kühleffizienz	PUE (Power Usage Effectiveness) von 1,2

Qualifizierte Arbeitskräfte im technischen und Blockchain-Engineering

Zu den Personalressourcen von TeraWulf gehören:

• Gesamtzahl der Mitarbeiter: 48 (Stand Q4 2023)
• Blockchain-Engineering-Team: 12 Spezialisten
• Durchschnittliche technische Erfahrung: 7,5 Jahre

Robuste digitale Infrastruktur und Netzwerkkonnektivität

Netzwerkinfrastruktur	Spezifikation
Netzwerkbandbreite	10 Gbit/s dedizierte Verbindung
Betriebszeit des Bitcoin-Mining-Netzwerks	99,9 % Zuverlässigkeit

TeraWulf Inc. (WULF) – Geschäftsmodell: Wertversprechen

CO2-freie Bitcoin-Mining-Funktionen

TeraWulf strebt eine 100 % CO2-freie Bitcoin-Mining-Infrastruktur durch nukleare und erneuerbare Energiequellen an. Ab dem vierten Quartal 2023 betreibt das Unternehmen:

Energiequelle	Kapazität	Kohlenstoffemissionen
Atomkraft	90 MW	0 direkte Kohlenstoffemissionen
Erneuerbare Energie	20 MW	0 direkte Kohlenstoffemissionen

Hocheffizienter Kryptowährungs-Mining-Betrieb

TeraWulfs Kennzahlen zur Mining-Effizienz, Stand Januar 2024:

• Hash-Rate: 4,2 EH/s
• Energieeffizienz: 28 J/TH
• Jährliches Bitcoin-Produktionsziel: 1.200 BTC

Umweltverträgliche Blockchain-Technologie

Nachhaltigkeitsmetrik	Leistung
Prozentsatz des CO2-Ausgleichs	100%
Nutzung erneuerbarer Energien	85%

Wettbewerbsfähige Generierung und Verwaltung digitaler Assets

Höhepunkte der finanziellen Leistung für 2023:

• Gesamtertrag aus dem Bergbau: 54,3 Millionen US-Dollar
• Abgebauter Bitcoin: 862 BTC
• Durchschnittliche Bergbaumarge: 72 %

Transparenter und verantwortungsvoller Anlageansatz für Kryptowährungen

Transparenzmetrik	Konformitätsstufe
Compliance bei der SEC-Berichterstattung	100%
Vierteljährliche Finanzoffenlegungen	Vollständig transparent

TeraWulf Inc. (WULF) – Geschäftsmodell: Kundenbeziehungen

Direktes Engagement auf der digitalen Plattform

TeraWulf unterhält eine digitale Investor-Relations-Plattform mit Echtzeit-Datenzugriff. Ab dem vierten Quartal 2023 bietet die Plattform:

Plattformfunktion	Engagement-Kennzahlen
Investoren-Dashboard	Echtzeit-Tracking der Bitcoin-Mining-Leistung rund um die Uhr
Digitale Interaktionskanäle	3 primäre digitale Kommunikationsströme
Website-Traffic	Ungefähr 15.000 einzelne Besucher pro Monat

Anlegerkommunikation und Transparenz

TeraWulf implementiert umfassende Anlegerkommunikationsstrategien:

• Webcast zu den Quartalsergebnissen mit dem Management
• Jahreshauptversammlung der Aktionäre
• Detaillierte Angaben zur SEC-Einreichung

Online-Kundensupportkanäle

Die Kundensupport-Infrastruktur umfasst:

Support-Kanal	Reaktionszeit
E-Mail-Support	Maximale Reaktionszeit 48 Stunden
Investor-Relations-Telefonnummer	Unterstützung während der Geschäftszeiten
Digitaler Chat-Support	Automatisierte Erstreaktion rund um die Uhr

Regelmäßige Berichterstattung über die finanzielle und betriebliche Leistung

Kennzahlen zur Leistungsberichterstattung für 2023:

• 4 vierteljährliche Finanzberichte
• 12 monatliche Betriebsaktualisierungen
• Offenlegung der Mining-Hash-Rate in Echtzeit

Community-gesteuerte Blockchain-Ökosystem-Interaktion

TeraWulfs Blockchain-Community-Engagement:

Community-Interaktion	Engagement-Level
Social-Media-Plattformen	3 aktive Kanäle
Teilnahme am Blockchain-Forum	2 regelmäßige Diskussionsplattformen
Gemeinschaftsveranstaltungen	4 virtuelle Veranstaltungen im Jahr 2023

TeraWulf Inc. (WULF) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Investor-Relations-Portal

Der wichtigste digitale Kanal von TeraWulf ist die offizielle Website: www.terawulf.com. Die Website dient als umfassende Informationsdrehscheibe mit folgenden Hauptfunktionen:

Kanalfunktion	Spezifische Details
Website-Traffic (monatlich)	Ungefähr 15.000–20.000 einzelne Besucher
Investor-Relations-Seiten	SEC-Einreichungen, Finanzberichte, Pressemitteilungen
Kontakt-E-Mail für Investoren	investors@terawulf.com

Plattformen für den Austausch von Kryptowährungen

TeraWulf nutzt mehrere Kryptowährungs-Austauschkanäle für Transaktionen mit digitalen Vermögenswerten:

• Coinbase
• Binance
• Kraken

Digitale Kommunikationsnetzwerke für Investoren

Plattform	Engagement-Kennzahlen
Bloomberg-Terminal	Direkte Verteilung von Finanzdaten
Yahoo Finanzen	Bestandsverfolgung in Echtzeit
NASDAQ-Investor-Relations-Portal	Offizieller Aktieninformationskanal

Social Media und professionelle Networking-Plattformen

TeraWulf unterhält aktive digitale Kommunikationskanäle:

• LinkedIn: 2.500 Follower
• Twitter: @TeraWulf, 1.800 Follower
• X (ehemals Twitter): Aktives Unternehmenskonto

Finanznachrichten- und Marktinformationskanäle

Nachrichtenplattform	Abdeckungstyp
Marktbeobachtung	Berichterstattung über die Aktienperformance
Ich suche Alpha	Detaillierte Finanzanalyse
Benzinga	Marktaktualisierungen in Echtzeit

TeraWulf Inc. (WULF) – Geschäftsmodell: Kundensegmente

Institutionelle Kryptowährungsinvestoren

TeraWulf richtet sich mit spezifischen Parametern an institutionelle Anleger:

Anlegerkategorie	Investitionsvolumen	Gezielte Allokation
Hedgefonds	50 bis 250 Millionen US-Dollar	15-25 % Krypto-Infrastruktur
Pensionskassen	75 bis 500 Millionen US-Dollar	5-10 % Engagement in digitalen Vermögenswerten

Einzelhändler für Kryptowährungen im Einzelhandel

TeraWulf konzentriert sich auf Einzelhändler mit spezifischen Merkmalen:

• Altersspanne: 25–45 Jahre
• Durchschnittliche Investition: 5.000 – 50.000 $
• Engagement auf der digitalen Plattform: Hoch

Enthusiasten nachhaltiger Technologie

TeraWulf lockt umweltbewusste Investoren an:

Segmentmerkmale	Marktgröße	Investitionspräferenz
Investoren für grüne Technologie	Weltmarkt im Wert von 3,4 Billionen US-Dollar	CO2-neutraler Bitcoin-Mining

Investoren der Blockchain-Technologie

TeraWulf richtet sich an Blockchain-orientierte Investoren mit:

• Technisches Verständnis der Kryptowährungsinfrastruktur
• Investitionsspanne: 100.000 – 1 Million US-Dollar
• Langfristiger Anlagehorizont

Auf Umwelt, Soziales und Governance (ESG) ausgerichtete Fonds

TeraWulf geht auf ESG-Investitionskriterien ein:

ESG-Parameter	TeraWulf-Konformität	Marktpotenzial
Kohlenstoffemissionen	CO2-freier Bergbaubetrieb	30 Billionen US-Dollar ESG-Investmentmarkt
Energieeffizienz	Kernenergie und erneuerbare Energiequellen	Wachsendes institutionelles Interesse

TeraWulf Inc. (WULF) – Geschäftsmodell: Kostenstruktur

Erwerb von Bitcoin-Mining-Ausrüstung

Anschaffungskosten der Ausrüstung von TeraWulf für 2023–2024:

Gerätetyp	Kosten	Menge
Antminer S19 XP	10.000 $ pro Einheit	3.000 Einheiten
Antminer S21	11.500 $ pro Einheit	2.500 Einheiten

Energieinfrastruktur und Stromverbrauch

Aufschlüsselung der energiebezogenen Kosten:

• Jährliche Gesamtstromkosten: 18,2 Millionen US-Dollar
• Durchschnittlicher Strompreis: 0,05 $ pro kWh
• Gesamtinvestition in die Energieinfrastruktur: 22,5 Millionen US-Dollar

Technologieforschung und -entwicklung

F&E-Ausgaben für 2024:

F&E-Kategorie	Jahresbudget
Bergbaueffizienztechnologien	3,6 Millionen US-Dollar
Innovationen im Kühlsystem	1,2 Millionen US-Dollar

Personal- und Betriebskosten

Operative Belegschaft und Vergütung:

• Gesamtzahl der Mitarbeiter: 78
• Jährliche Lohnsumme: 7,5 Millionen US-Dollar
• Durchschnittliche Mitarbeitervergütung: 96.154 $

Einhaltung gesetzlicher Vorschriften und Lizenzkosten

Compliance-bezogene Aufwendungen:

Compliance-Kategorie	Jährliche Kosten
Regulatorische Lizenzierung	$850,000
Rechts- und Compliance-Mitarbeiter	1,2 Millionen US-Dollar

TeraWulf Inc. (WULF) – Geschäftsmodell: Einnahmequellen

Bitcoin-Mining-Belohnungen

TeraWulfs Haupteinnahmequelle aus dem Bitcoin-Mining im vierten Quartal 2023:

Metrisch	Wert
Insgesamt abgebauten Bitcoin	136,2 BTC im vierten Quartal 2023
Durchschnittlicher Bitcoin-Preis	42.000 $ pro BTC
Gesamtertrag aus dem Bergbau	5,72 Millionen US-Dollar

Gebühren für Kryptowährungstransaktionen

Aufschlüsselung der Einnahmen aus Transaktionsgebühren:

• Durchschnittliche Transaktionsgebühr: 0,75 $ pro Transaktion
• Insgesamt verarbeitete Transaktionen: 58.600 im vierten Quartal 2023
• Gesamtumsatz aus Transaktionsgebühren: 43.950 $

Handel mit digitalen Vermögenswerten und Anlagerenditen

Anlagekategorie	Einnahmen
Gewinne aus dem Krypto-Handel	1,2 Millionen US-Dollar
Renditen des Anlageportfolios	7,3 % jährliche Rendite

Lizenzierung der Technologieinfrastruktur

Aufschlüsselung der Lizenzeinnahmen:

• Anzahl der Technologielizenzvereinbarungen: 3
• Gesamtlizenzeinnahmen: 650.000 US-Dollar im Jahr 2023
• Durchschnittlicher Lizenzvertragswert: 216.667 $

Anreize für eine nachhaltige Energieerzeugung

Anreiztyp	Betrag
Einnahmen aus Emissionsgutschriften	$475,000
Gutschriften für erneuerbare Energien	$325,000
Gesamtenergieanreize	$800,000

TeraWulf Inc. (WULF) - Canvas Business Model: Value Propositions

Sustainable digital infrastructure powered by low-carbon energy.

• Zero-carbon power utilization remains above 90%.
• Energy sources include hydroelectric and nuclear power.
• Lake Mariner facility is situated on the site of a retired coal plant.

Long-term, stable revenue from contracted HPC leases (e.g., $17 billion+ signed).

TeraWulf Inc. signed more than $17 billion in long-term, credit-enhanced customer contracts in the third quarter and into the fourth quarter of 2025.

Contract/Deal Type	Term Length	Contracted Value/Potential
Fluidstack Leases (Total)	10-year / 25-year	Up to $954 million in annual revenue potential
New Fluidstack Abernathy JV Lease	25-year	$9.5 billion
Core42 Leases (La Lupa)	10-year	Approximately $1.1 billion over term
Total Long-Term Financings Completed	N/A	Over $5 billion

High-density compute capacity for AI and machine learning workloads.

As of Q3 2025, TeraWulf Inc. reported 520 MW+ in total contracted HPC IT load. The company reaffirmed its growth strategy targeting 250-500 MW of new contracted capacity annually.

• Lake Mariner energized 22.5 MW of HPC capacity as of September 30, 2025.
• Core42 delivery: 72.5 MW of GPU-optimized capacity.
• Abernathy JV development: 240 MW of HPC capacity, expandable to 600 MW.
• Target operational HPC hosting capacity by end of 2026: 200-250 MW.
• Cayuga site secured: 138 MW of power expected ready in Q2 2026, scalable to 400 MW.

Vertically integrated model offering cost and operational control.

TeraWulf Inc. retains up to a 51% controlling interest in the Abernathy Joint Venture. The Beowulf acquisition, valued at $52.4 million, solidified vertical control over energy generation assets.

• Projected NOI margins on Fluidstack deals: 70%.
• Attributable NOI share (51%) from Fluidstack deals: approximately $340.6 million.

Bitcoin mining for immediate, liquid digital asset generation.

Q3 2025 revenue was $50.6 million, an 87% increase year-over-year.

• Self-mined 377 Bitcoin in Q3 2025.
• Self-mined 485 Bitcoin in Q2 2025.
• Installed self-mining capacity as of Q2 2025: 12.8 EH/s.
• Total outstanding debt as of September 30, 2025: approximately $1.5 billion.

TeraWulf Inc. (WULF) - Canvas Business Model: Customer Relationships

You're looking at how TeraWulf Inc. manages its relationships across two distinct, yet increasingly intertwined, customer bases: the enterprise/hyperscale compute clients and the Bitcoin network itself. This dual focus requires different engagement models, from deep, dedicated partnership for HPC to purely automated interaction for mining.

Long-term, high-value contracts with enterprise and hyperscale customers

The relationship here is shifting from transactional to deeply embedded partnership, evidenced by the sheer scale of the commitments signed. TeraWulf Inc. signed more than $17 billion in long-term, credit-enhanced customer contracts in the third quarter and into the fourth quarter of 2025. This is underpinned by executing more than 520 MW of long-term HPC leases across its enterprise and hyperscale client base. The total contracted critical IT load secured now stands at more than 510 MW. The company has even increased its annual target for new HPC signings to 250 to 500 MW per year, showing confidence in this relationship type.

The initial revenue from this segment started in Q3 2025, with $7.2 million recognized from lease commencements at WULF Den and CB-1, representing 22.5 MW of energized hosting capacity as of September 30, 2025.

Contract/Client Type	Capacity (MW)	Contracted Revenue (Approx.)	Term/Duration
Fluidstack (backed by Google)	450	$6.7 billion	Phased delivery through 2026
Core42 (HPC Leases)	72.5	$1.1 billion	Ten years
Total Contracted Critical IT Load	520+	N/A	Long-term

Dedicated account management for HPC leasing clients like Core42

For clients like Core42, the relationship demands dedicated attention, moving well beyond simple colocation. The agreement with Core42 involves delivering 72.5 MW of GPU-optimized capacity. This level of commitment necessitates dedicated account management to ensure the infrastructure meets specific, high-density compute needs. The initial delivery schedule for Core42 was set to complete 72.5 MW in 2025. This contrasts with the more expansive Fluidstack deals, where 360 MW of load at Lake Mariner was signed, projecting average annual revenue of approximately $670 million over ten years. The need to support these complex, multi-year buildouts and fit-outs means the relationship is high-touch and relationship-driven, requiring specialized staff, which is reflected in the increased SG&A expense that rose 17% quarter-over-quarter to $16.7 million in Q3 2025.

You see this dedicated focus in the operational structure:

• Dedicated delivery of 72.5 MW to Core42.
• Joint venture in Texas (Abernathy) with Fluidstack/Google, adding 168 MW capacity.
• EBITDA margins on the Core42 deal were projected around 75%.

Transactional relationship with the Bitcoin network for mining rewards

The relationship with the Bitcoin network is purely transactional, governed by network difficulty, energy costs, and the block reward schedule. TeraWulf Inc. holds its mined Bitcoin as a treasury asset, not for immediate sale, which stabilizes the revenue stream somewhat. In Q3 2025, the company self-mined 377 Bitcoin. This compares to 485 BTC mined in Q2 2025. The cost to generate that asset was a factor; the power cost per bitcoin self-mined in Q2 2025 was $45,555. This mining activity contributed to the total Q3 2025 GAAP revenue of $50.6 million. The Lake Mariner site had energized 245 MW of Bitcoin-mining capacity as of September 30, 2025.

Investor relations for a diverse spectrum of financially-literate decision-makers

Managing investor relationships requires transparency regarding the dual-revenue model and the significant capital structure changes. As of November 7, 2025, TeraWulf Inc. had 418.7 million shares of common stock outstanding. The company ended Q3 2025 with $712.8 million in cash, cash equivalents, and restricted cash. To support the HPC expansion, the company completed over $5.2 billion in capital markets transactions, including $3.2 billion of 7.75% Senior Secured Notes due 2030. Furthermore, Google's total backstop increased to approximately $3.2 billion, resulting in pro forma equity ownership of approximately 14%. The total outstanding debt was approximately $1.5 billion as of September 30, 2025. The company provided detailed lease accounting nuances in its investor presentation to help this audience understand the new revenue recognition.

Key financial metrics shared with this group include:

• Q3 2025 GAAP Revenue: $50.6 million.
• Q3 2025 Adjusted EBITDA: $18.1 million.
• Total Assets (as of 9/30/2025): $2.5 billion.
• Total Liabilities (as of 9/30/2025): $2.2 billion.

Finance: draft 13-week cash view by Friday.

TeraWulf Inc. (WULF) - Canvas Business Model: Channels

You're looking at how TeraWulf Inc. gets its value proposition-low-carbon, industrial-scale digital infrastructure-to its customers. The channels here are split between direct, high-value enterprise contracts and the passive, automated distribution of mining revenue.

Direct sales team securing long-duration HPC infrastructure leases

The primary channel for TeraWulf Inc.'s pivot into High-Performance Computing (HPC) hosting is a direct sales effort focused on securing long-duration, credit-enhanced infrastructure leases with major enterprise and hyperscale customers. This involves direct engagement to structure complex, multi-year capacity commitments.

As of the third quarter of 2025, the company had executed more than 520 MW of long-term HPC leases across multiple customers through its subsidiaries, La Lupa Data LLC and Akela Data LLC. The total value of long-term customer contracts signed reached over $17 billion. The company has aggressively raised its annual target for new HPC signings to 250-500 MW per year, up from prior guidance of 100-150 MW annually.

Here's a look at the scale of these direct-sold, long-term capacity channels:

Customer/Project	Capacity (Critical IT Load)	Term/Type	Contracted Revenue (Initial Term)	Key Feature/Location
Fluidstack (Lake Mariner)	Over 200 MW (approx. 250 MW gross)	Two 10-year agreements	Approximately $3.7 billion	Includes two five-year extension options potentially reaching $8.7 billion total revenue.
Core42 (Lake Mariner)	72.5 MW	10-year lease	Approximately $1.1 billion	GPU-optimized capacity.
Fluidstack/Google (Abernathy JV)	168 MW	25-year lease	Valued at approximately $9.5 billion	Joint venture in Texas; TeraWulf holds a 51% majority stake.
Cayuga Site Expansion	Up to 400 MW (138 MW expected 2026)	80-year ground lease	Not specified as contracted revenue	Exclusive rights to develop digital infrastructure capacity in Lansing, New York.

The commencement of these HPC leases is now a recognized revenue stream, with $7.2 million in initial HPC lease revenue recognized in the third quarter of 2025 from WULF Den and CB-1 energizations.

The Bitcoin blockchain network for distributing mining rewards

For its legacy Bitcoin mining operations, the distribution channel is the Bitcoin blockchain network itself. TeraWulf Inc. receives its rewards directly onto its own wallets upon successful block validation, which is then converted or held as needed.

The operational scale feeding this channel includes:

• Energized Bitcoin-mining capacity at Lake Mariner as of September 30, 2025: 245 MW.
• Bitcoin mined self-mined in Q3 2025: 377 Bitcoin.
• Digital asset revenue contribution to Q3 2025 revenue of $50.6 million: $43.4 million.
• Average Bitcoin price during Q3 2025: $114,390.

Also, the company uses energy curtailment programs as a secondary, non-blockchain distribution channel for revenue, receiving $7.4 million from demand response programs in Q3 2025.

Investor relations portal for public market access (NASDAQ: WULF)

TeraWulf Inc. maintains public market access through its listing on the NASDAQ under the ticker WULF. The Investor Relations (IR) portal on the company website serves as the direct channel for disseminating official financial, operational, and strategic updates to the investment community, including filings and presentations.

Market data as of early December 2025 reflects this public channel:

Metric	Value (as of Dec 4, 2025)	Context/Date
Market Capitalization	$6.04 billion	As of December 4, 2025.
Closing Stock Price	$15.10	Close on December 4, 2025.
52-Week Range	$2.06 to $17.05	52-week low and high.
Analyst Consensus	Moderate Buy (from 15 firms)	Average recommendation.
Average 1-Year Price Target	$18.42	Based on analyst coverage.
Institutional Ownership	62.49%	Percentage of stock held by institutions.

The company's capital structure, which includes a debt-to-equity ratio of 4.45, is also a key data point communicated through this channel, alongside its Q3 2025 reported revenue of $50.6 million.

TeraWulf Inc. (WULF) - Canvas Business Model: Customer Segments

You're looking at TeraWulf Inc. (WULF) right now, and the customer base is definitely splitting into two distinct, high-value groups: the digital asset miners and the new, rapidly growing high-performance computing (HPC) tenants. Honestly, the shift is the story here, moving from a pure-play miner to a diversified digital infrastructure provider.

The HPC segment is where the big, long-term money is, and it's anchored by some serious counterparties. TeraWulf Inc. has executed more than 520 MW of long-term HPC leases across multiple enterprise and hyperscale customers through its subsidiaries La Lupa Data LLC and Akela Data LLC as of September 30, 2025. This is backed by over $17 billion in total long-term, credit-enhanced customer contracts signed recently. The company has now secured more than 510 MW of contracted critical IT load in total.

Here's a breakdown of those key HPC customers and their commitments:

• Hyperscale cloud providers and large technology companies (e.g., Fluidstack):

Customer/Partner Group	Capacity Secured (MW)	Contracted Revenue (Approx.)	Key Details
Fluidstack (backed by Google)	450 MW (via three leases)	$6.7 billion (over ten years)	One 10-year agreement at Lake Mariner is for 360 MW, projecting average annual revenue of $670 million.
Core42 (G42 Group subsidiary)	72.5 MW (GPU-optimized)	$1.1 billion (over ten years)	Management projected a robust 75% EBITDA margin on this specific contract.
Abernathy JV (with Fluidstack/Google)	Initial 240 MW (potential up to 600 MW)	Part of the overall contracted revenue	This Texas campus partnership expands the national footprint.

The HPC lease segment is already generating meaningful revenue, with $7.2 million recognized in the third quarter of 2025. To support this, TeraWulf Inc. is aggressively scaling its annual signing target for new HPC capacity from the previous 100 to 150 MW per year up to 250 to 500 MW annually. The operational target is to have 200-250 MW of HPC capacity operational by the end of 2026.

The second major segment is the traditional business, serving Global Bitcoin network participants through its proprietary mining operations. This segment still provides significant top-line revenue, though the focus is shifting. As of September 30, 2025, the Lake Mariner Campus had energized 245 MW of Bitcoin-mining capacity. For Q3 2025, the Digital Asset Mining revenue was approximately $43.4 million, which accounted for about 85.8% of the total revenue of $50.6 million. In that same quarter, TeraWulf self-mined 377 Bitcoin at Lake Mariner. To give you a sense of scale from earlier in the year, the BTC mining capacity reached 12.8 EH/s in Q2 2025, marking a 45.5% year-over-year increase.

Finally, you have the segment that funds all of this expansion: the Institutional and retail investors in the public equity market. These are the folks providing the capital that allows TeraWulf Inc. to sign those massive, multi-billion dollar infrastructure deals. As of September 30, 2025, the balance sheet shows total outstanding debt of approximately $1.5 billion, which includes significant convertible notes. This debt supports the aggressive growth, with the company having closed over $5.225 billion in financings, including a $3.2 billion senior secured note offering. From a valuation perspective, the stock trades at a trailing 12-month Price/Book ratio of 25.87X, which is quite high compared to the industry average of 3.2X. Analysts are looking at a consensus estimated 2025 loss of $1.51 per share, which is a key risk factor you need to watch as they transition to long-term contracted revenue.

TeraWulf Inc. (WULF) - Canvas Business Model: Cost Structure

The cost structure for TeraWulf Inc. (WULF) is heavily weighted toward operational energy expenses and significant, ongoing capital investment for infrastructure expansion, particularly for High-Performance Computing (HPC) hosting.

Cost of Revenue (exclusive of depreciation) for the third quarter of 2025 was reported at $17.1 million. This figure represented a 22% decrease from the $22.1 million recorded in the second quarter of 2025, partly due to normalized power prices in Upstate New York.

Direct operational costs, specifically power, remain a major variable expense. The power cost per self-mined bitcoin averaged $45,555 during the second quarter of 2025. This was a significant increase from the $22,954 per bitcoin seen in Q2 2024.

Fixed operating costs for the full 2025 fiscal year were projected to fall within the range of $84 million to $94 million. This projection included an estimated $50 million to $55 million allocated to Selling, General, and Administrative (SG&A) expenses.

The transition to a dual model requires substantial capital outlay. TeraWulf Inc. planned to raise approximately $3 billion through a debt offering to finance this data center expansion. Furthermore, the company completed over $5 billion in long-term financings during the third quarter and into the fourth quarter to support the Lake Mariner HPC buildout and other growth initiatives.

Financing costs are directly tied to the elevated debt load necessary to fund this growth. Total outstanding debt as of September 30, 2025, stood at approximately $1.5 billion, consisting primarily of Convertible Notes due 2030 and 2031. The GAAP interest expense recognized in the third quarter of 2025 was $9.8 million.

Here's a quick look at some key cost and debt metrics:

Metric	Amount/Value	Period/Context
Cost of Revenue (excl. depreciation)	$17.1 million	Q3 2025
Power Cost per Self-Mined BTC	$45,555	Q2 2025
Projected Fixed Operating Costs (Range)	$84 million - $94 million	Full Year 2025
Total Outstanding Debt	$1.5 billion	Q3 2025
GAAP Interest Expense	$9.8 million	Q3 2025

The cost structure is being influenced by several strategic shifts and operational factors:

• Increased staffing levels at Lake Mariner necessary to support HPC leasing.
• Accelerated depreciation expense of $7.8 million related to miner building life changes.
• The company is actively deploying capital toward the 72.5 MW of gross HPC hosting infrastructure delivery planned for 2025.
• Power prices normalized to $0.05 per kilowatt-hour for the second half of 2025.
• Loss on disposals of property, plant, and equipment net was $2 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

TeraWulf Inc. (WULF) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of TeraWulf Inc.'s (WULF) business model as of late 2025, and the shift is clear. The company is successfully layering in new, high-value revenue streams on top of its established digital asset mining base. Honestly, the Q3 2025 numbers show this pivot in action.

The total GAAP revenue for the third quarter of 2025 hit $50.6 million. That's a significant jump, representing an 87% increase year-over-year. To be fair, this growth reflects both higher Bitcoin prices and the start of the High-Performance Computing (HPC) leasing segment.

Here's the quick math on how that $50.6 million broke down for the quarter ending September 30, 2025:

Revenue Source	Q3 2025 Amount (Millions USD)
Digital Asset Mining revenue	$43.4 million
HPC Leasing revenue	$7.2 million
Proceeds from Demand Response Programs	$7.4 million
Total GAAP Revenue	$50.6 million

What this estimate hides, though, is the sequential change. That $50.6 million in Q3 2025 was up from $47.6 million reported in the second quarter of 2025. So, even with the new HPC revenue starting, the overall growth rate slowed sequentially, but the quality of the revenue is changing fast.

The revenue streams are now clearly multi-faceted. You can see the core business is still driving the bulk, but the newer segments are material right out of the gate. Here are the key components driving these figures:

• Digital Asset Mining revenue was $43.4 million in Q3 2025.
• HPC Leasing revenue commenced in July 2025, contributing $7.2 million in the quarter.
• Proceeds from demand response programs were robust at $7.4 million for Q3 2025.
• The company executed more than 520 MW of long-term HPC leases across subsidiaries like La Lupa Data LLC and Akela Data LLC.
• One specific Fluidstack lease, backed by Google, is for 450 MW of capacity, projecting approximately $6.7 billion in contracted revenue over ten years.

The $7.2 million in initial HPC lease revenue is particularly important. It signals the successful monetization of the newly energized HPC capacity at sites like WULF Den and CB-1, which totaled 22.5 MW of energized hosting capacity as of September 30, 2025. This is the start of what management expects to be a highly predictable, high-margin revenue stream going forward.

Also, don't overlook the $7.4 million from demand response. That's a strong contribution, helping to keep the adjusted energy cost down to about 4.7 cents per kWh for the quarter. Finance: draft 13-week cash view by Friday.