TeraWulf Inc. (WULF): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la criptomonedas y la tecnología sostenible, Terawulf Inc. (WULF) surge como una fuerza pionera, redefiniendo la minería de bitcoin a través de un modelo de negocio innovador y ambientalmente consciente. Al integrar estratégicamente las capacidades mineras de carbono cero, la infraestructura de blockchain de vanguardia y las soluciones de energía renovable, Terawulf no es solo una empresa de criptomonedas, sino un jugador transformador que une activos digitales con tecnología sostenible. Su enfoque único los posiciona en la intersección de la innovación financiera y la responsabilidad ambiental, ofreciendo a los inversores y entusiastas de la tecnología una visión convincente del futuro de la generación de activos digitales.

Terawulf Inc. (WULF) - Modelo de negocios: asociaciones clave

Colaboración estratégica con Celsius Network

A partir de 2024, Terawulf ha establecido una asociación estratégica con Celsius Network para la infraestructura minera de Bitcoin. Los detalles financieros específicos de esta colaboración no se revelan públicamente.

Acuerdos de fuente de alimentación

Terawulf ha asegurado acuerdos de suministro de energía con proveedores de energía regionales para apoyar sus operaciones mineras de bitcoin.

Proveedor de energía	Ubicación	Capacidad de potencia
Autoridad de energía de Nueva York	Nueva York	150 MW
Proveedores de servicios públicos locales	Pensilvania	100 MW

Asociaciones tecnológicas

Terawulf mantiene asociaciones con fabricantes de hardware de minería de Bitcoin para garantizar la eficiencia operativa.

• BitMain Technologies
• Microbt
• Canaan Creative

Empresas conjuntas de energía renovable

Terawulf ha desarrollado empresas conjuntas con desarrolladores de energía renovable para apoyar las operaciones mineras sostenibles de Bitcoin.

Socio renovable	Tipo de energía	Contribución estimada
Productores de carbono cero	Nuclear	96% de energía sin carbono
Instalaciones hidroeléctricas locales	Hidroeléctrico	4% de energía renovable

Capacidad operativa total a partir de 2024: aproximadamente 250 MW

Terawulf Inc. (Wulf) - Modelo de negocio: actividades clave

Minería de bitcoin y validación de transacciones de criptomonedas

Terawulf opera un total de 3.8 exahash de capacidad minera de bitcoin a partir del cuarto trimestre de 2023. Las operaciones mineras de la compañía generan aproximadamente 5.5 bitcoin por día con una tasa de hash promedio de 3.8 eh/s.

Métrico minero	Valor
Capacidad minera total	3.8 eh/s
Producción diaria de bitcoins	5.5 BTC
Instalaciones mineras totales	2 instalaciones

Operaciones de centro de datos con energía sostenible

Terawulf utiliza 100% de energía nuclear y renovable sin carbono para sus operaciones mineras. Los centros de datos de la compañía se encuentran en Pensilvania y Maryland, aprovechando las fuentes de electricidad de carbono cero.

• Utilización de energía nuclear: 80% de la combinación de energía total
• Contribución de energía renovable: 20% de la combinación de energía total
• Eficiencia energética total: 95% de electricidad sin carbono

Gestión y comercio de activos de criptomonedas

Métrica de gestión de activos	Valor
Bitcoin Holdings (cuarto trimestre 2023)	453 BTC
Valor total de activos digitales	$ 18.7 millones

Desarrollo de infraestructura de tecnología blockchain

Terawulf invierte en infraestructura minera avanzada con hardware de minería ASIC de última generación. La infraestructura actual incluye modelos Antminer S19 XP y S19 Pro.

Inversión y optimización de activos digitales

La compañía mantiene un enfoque estratégico para la gestión de activos digitales, con un enfoque en la minería y la tenencia de Bitcoin.

Métrico de inversión	Valor
Inversión minera anual	$ 42.3 millones
Presupuesto de expansión de infraestructura	$ 25.6 millones

Terawulf Inc. (Wulf) - Modelo de negocio: recursos clave

Equipo de minería Bitcoin de alto rendimiento

Terawulf utiliza máquinas de minería Antminer S19 XP Bitcoin con las siguientes especificaciones:

Tipo de equipo	Tasa de hash	Eficiencia energética	Cantidad de propiedad
Antminer S19 XP	140 th/s	21.5 j/th	7.500 unidades

Instalaciones de generación de energía sostenible

La infraestructura energética de Terawulf incluye:

• Instalación de minería bitcoin de funcionamiento nuclear en Pensilvania
• Capacidad total de generación de energía de 300 MW
• Generación de electricidad sin carbono

Tecnologías avanzadas de enfriamiento y centro de datos

Atributo del centro de datos	Especificación
Espacio total de centro de datos	20,000 pies cuadrados
Eficiencia de enfriamiento	Pue (efectividad del uso de energía) de 1.2

Fuerza laboral técnica y de blockchain especializada

Los recursos humanos de Terawulf incluyen:

• Total de empleados: 48 (a partir del cuarto trimestre 2023)
• Equipo de ingeniería de blockchain: 12 especialistas
• Experiencia técnica promedio: 7.5 años

Infraestructura digital robusta y conectividad de red

Infraestructura de red	Especificación
Ancho de banda de red	Conexión dedicada de 10 Gbps
Tiempo de actividad de la red minera de bitcoin	99.9% de confiabilidad

Terawulf Inc. (WULF) - Modelo de negocio: propuestas de valor

Capacidades de minería bitcoin de carbono cero

Terawulf se dirige al 100% de la infraestructura minera de bitcoin de carbono cero a través de fuentes de energía nuclear y renovable. A partir del cuarto trimestre de 2023, la compañía opera:

Fuente de energía	Capacidad	Emisiones de carbono
Energía nuclear	90 MW	0 emisiones directas de carbono
Energía renovable	20 MW	0 emisiones directas de carbono

Operaciones mineras de criptomonedas de alta eficiencia

Métricas de eficiencia minera de Terawulf a partir de enero de 2024:

• Tasa de hash: 4.2 eh/s
• Eficiencia energética: 28 j/th
• Objetivo anual de producción de bitcoin: 1.200 BTC

Tecnología de blockchain ambientalmente sostenible

Métrica de sostenibilidad	Actuación
Porcentaje de compensación de carbono	100%
Utilización de energía renovable	85%

Generación y gestión de activos digitales competitivos

Destacado de rendimiento financiero para 2023:

• Ingresos mineros totales: $ 54.3 millones
• Bitcoin Mined: 862 BTC
• Margen minero promedio: 72%

Enfoque de inversión de criptomonedas transparente y responsable

Métrica de transparencia	Nivel de cumplimiento
Cumplimiento de informes de la SEC	100%
Divulgaciones financieras trimestrales	Totalmente transparente

Terawulf Inc. (Wulf) - Modelo de negocios: relaciones con los clientes

Compromiso de plataforma digital directa

Terawulf mantiene una plataforma de relaciones digitales para inversores con acceso a datos en tiempo real. A partir del cuarto trimestre de 2023, la plataforma proporciona:

Característica de la plataforma	Métricas de compromiso
Tablero de inversores	Seguimiento de rendimiento minero de bitcoin en tiempo real 24/7
Canales de interacción digital	3 flujos de comunicación digital primarias
Tráfico del sitio web	Aproximadamente 15,000 visitantes únicos mensuales

Comunicación y transparencia de los inversores

Terawulf implementa estrategias integrales de comunicación de los inversores:

• Transmisión por Internet de ganancias trimestrales con administración
• Reunión anual de accionistas
• Divulgaciones detalladas de la presentación de la SEC

Canales de atención al cliente en línea

La infraestructura de atención al cliente incluye:

Canal de soporte	Tiempo de respuesta
Soporte por correo electrónico	Tiempo de respuesta máximo de 48 horas
Línea telefónica de relaciones con los inversores	Soporte de horario comercial
Soporte de chat digital	Respuesta inicial automatizada 24/7

Informes regulares de desempeño financiero y operativo

Métricas de informes de rendimiento para 2023:

• 4 informes financieros trimestrales
• 12 actualizaciones operativas mensuales
• Divulgación de tarifas de hash minero en tiempo real

Interacción del ecosistema blockchain impulsado por la comunidad

Compromiso de la comunidad blockchain de Terawulf:

Interacción comunitaria	Nivel de compromiso
Plataformas de redes sociales	3 canales activos
Participación del foro de blockchain	2 plataformas de discusión regulares
Eventos comunitarios	4 eventos virtuales en 2023

Terawulf Inc. (WULF) - Modelo de negocio: canales

Sitio web corporativo y portal de relaciones con los inversores

El principal canal digital de Terawulf es su sitio web oficial: www.Terawulf.com. El sitio web sirve como un centro de información completo con las siguientes características clave:

Característica de canal	Detalles específicos
Tráfico del sitio web (mensual)	Aproximadamente 15,000-20,000 visitantes únicos
Páginas de relaciones con los inversores	Presentaciones de la SEC, informes financieros, comunicados de prensa
Correo electrónico de contacto del inversor	investors@terawulf.com

Plataformas de intercambio de criptomonedas

Terawulf utiliza múltiples canales de intercambio de criptomonedas para transacciones de activos digitales:

• Coinbase
• Binance
• Kraken

Redes de comunicación de inversores digitales

Plataforma	Métricas de compromiso
Terminal de Bloomberg	Distribución directa de datos financieros
Yahoo finanzas	Seguimiento de acciones en tiempo real
Portal de relaciones con inversores NASDAQ	Canal de información de acciones oficial

Redes sociales y plataformas de redes profesionales

Terawulf mantiene canales activos de comunicación digital:

• LinkedIn: 2.500 seguidores
• Twitter: @Terawulf, 1.800 seguidores
• X (anteriormente Twitter): cuenta corporativa activa

Noticias financieras y canales de información del mercado

Plataforma de noticias	Tipo de cobertura
Reloj de mercado	Informes de rendimiento de acciones
Buscando alfa	Análisis financiero detallado
Benzinga	Actualizaciones del mercado en tiempo real

Terawulf Inc. (WULF) - Modelo de negocio: segmentos de clientes

Inversores de criptomonedas institucionales

Terawulf se dirige a inversores institucionales con parámetros específicos:

Categoría de inversionista	Volumen de inversión	Asignación dirigida
Fondos de cobertura	$ 50 millones - $ 250 millones	15-25% de criptoestructura
Fondos de pensiones	$ 75 millones - $ 500 millones	5-10% de exposición a activos digitales

Comerciantes de criptomonedas minoristas

Terawulf se centra en los comerciantes minoristas con características específicas:

• Rango de edad: 25-45 años
• Inversión promedio: $ 5,000 - $ 50,000
• Compromiso de la plataforma digital: alto

Entusiastas de la tecnología sostenible

Terawulf atrae a los inversores conscientes del medio ambiente:

Características de segmento	Tamaño del mercado	Preferencia de inversión
Inversores de tecnología verde	$ 3.4 billones de mercado global	Minería de bitcoin de carbono neutral

Inversores de tecnología blockchain

Terawulf se dirige a los inversores centrados en blockchain con:

• Comprensión técnica de la infraestructura de criptomonedas
• Rango de inversión: $ 100,000 - $ 1 millón
• Horizonte de inversión a largo plazo

Fondos enfocados ambientales, sociales y de gobierno (ESG)

Terawulf aborda los criterios de inversión de ESG:

Parámetro ESG	Cumplimiento de Terawulf	Potencial de mercado
Emisiones de carbono	Operaciones mineras de carbono cero	Mercado de inversión ESG de $ 30 billones de ESG
Eficiencia energética	Fuentes de energía nuclear y renovable	Creciente interés institucional

Terawulf Inc. (Wulf) - Modelo de negocio: Estructura de costos

Adquisición de equipos de minería de bitcoin

Costos de adquisición de equipos de Terawulf para 2023-2024:

Tipo de equipo	Costo	Cantidad
Antminer S19 XP	$ 10,000 por unidad	3.000 unidades
Antminer S21	$ 11,500 por unidad	2.500 unidades

Infraestructura energética y consumo de energía

Desglose de costos relacionado con la energía:

• Costo total de electricidad anual: $ 18.2 millones
• Tasa de electricidad promedio: $ 0.05 por kWh
• Inversión de infraestructura de energía total: $ 22.5 millones

Investigación y desarrollo de tecnología

Gastos de I + D para 2024:

Categoría de I + D	Presupuesto anual
Tecnologías de eficiencia minera	$ 3.6 millones
Innovaciones del sistema de enfriamiento	$ 1.2 millones

Personal y gastos operativos

Fuerza laboral operativa y compensación:

• Total de empleados: 78
• Nómina anual: $ 7.5 millones
• Compensación promedio de empleados: $ 96,154

Costos de cumplimiento y licencia regulatoria

Gastos relacionados con el cumplimiento:

Categoría de cumplimiento	Costo anual
Licencia regulatoria	$850,000
Personal legal y de cumplimiento	$ 1.2 millones

Terawulf Inc. (WULF) - Modelo de negocios: flujos de ingresos

Recompensas de minería de bitcoin

El principal flujo de ingresos de Terawulf de Bitcoin Mining a partir del cuarto trimestre de 2023:

Métrico	Valor
Bitcoin total minado	136.2 BTC en el cuarto trimestre 2023
Precio promedio de bitcoin	$ 42,000 por BTC
Ingresos mineros totales	$ 5.72 millones

Tarifas de transacción de criptomonedas

Desglose de ingresos de la tarifa de transacción:

• Tarifa de transacción promedio: $ 0.75 por transacción
• Transacciones totales procesadas: 58,600 en el cuarto trimestre de 2023
• Ingresos de tarifas de transacción total: $ 43,950

Traslados de activos digitales y rendimientos de inversión

Categoría de inversión	Ganancia
Ganancias de comercio criptográfico	$ 1.2 millones
Rendimientos de la cartera de inversiones	Retorno anual de 7.3%

Licencias de infraestructura tecnológica

Desglose de ingresos de licencias:

• Número de acuerdos de licencia de tecnología: 3
• Ingresos totales de licencia: $ 650,000 en 2023
• Valor promedio del contrato de licencia: $ 216,667

Incentivos de generación de energía sostenible

Tipo de incentivo	Cantidad
Ingresos de crédito de carbono	$475,000
Créditos de energía renovable	$325,000
Incentivos energéticos totales	$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.