Terawulf Inc. (WULF): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la crypto-monnaie et de la technologie durable, Terawulf Inc. (WULF) apparaît comme une force pionnière, redéfinissant l'exploitation bitcoin via un modèle commercial innovant et soucieux de l'environnement. En intégrant stratégiquement les capacités d'extraction zéro-carbone, l'infrastructure de blockchain de pointe et les solutions d'énergie renouvelable, Terawulf n'est pas seulement une entreprise de crypto-monnaie, mais un joueur transformateur pontant les actifs numériques avec une technologie durable. Leur approche unique les positionne à l'intersection de l'innovation financière et de la responsabilité environnementale, offrant aux investisseurs et aux amateurs de technologie une vision convaincante de l'avenir de la génération d'actifs numériques.

Terawulf Inc. (WULF) - Modèle commercial: partenariats clés

Collaboration stratégique avec Celsius Network

En 2024, Terawulf a établi un partenariat stratégique avec Celsius Network pour l'infrastructure d'extraction de Bitcoin. Les détails financiers spécifiques de cette collaboration ne sont pas divulgués publiquement.

Accords d'alimentation

Terawulf a conclu des accords d'alimentation avec des fournisseurs d'énergie régionaux pour soutenir ses opérations d'extraction de Bitcoin.

Fournisseur d'énergie	Emplacement	Capacité électrique
New York Power Authority	New York	150 MW
Fournisseurs de services publics locaux	Pennsylvanie	100 MW

Partenariats technologiques

Terawulf maintient des partenariats avec les fabricants de matériel d'extraction de Bitcoin pour assurer l'efficacité opérationnelle.

• Bitmain Technologies
• Microb
• Canaan créatif

Coentreprises d'énergie renouvelable

Terawulf a développé des coentreprises avec des développeurs d'énergies renouvelables pour soutenir les opérations d'extraction de bitcoins durables.

Partenaire renouvelable	Type d'énergie	Contribution estimée
Zéro producteurs de carbone	Nucléaire	96% d'énergie sans carbone
Installations hydroélectriques locales	Hydroélectricité	4% d'énergie renouvelable

Capacité opérationnelle totale en 2024: environ 250 MW

Terawulf Inc. (WULF) - Modèle d'entreprise: Activités clés

Bitcoin Mining et Cryptocurrence Transaction Validation

Terawulf exploite un total de 3,8 Exahash de la capacité d'extraction de Bitcoin au 423 du quatrième trimestre.

Métrique minière	Valeur
Capacité minière totale	3.8 EH / S
Production quotidienne du bitcoin	5,5 BTC
Installations minières totales	2 installations

Opérations de centre de données alimentées par énergie durable

Terawulf utilise 100% d'énergie nucléaire et renouvelable sans carbone pour ses opérations minières. Les centres de données de la société sont situés en Pennsylvanie et au Maryland, tirant parti des sources d'électricité zéro carbone.

• Utilisation de l'énergie nucléaire: 80% du mélange d'énergie total
• Contribution d'énergie renouvelable: 20% du mélange d'énergie total
• Efficacité énergétique totale: 95% d'électricité sans carbone

Gestion et trading des actifs de crypto-monnaie

Métrique de gestion des actifs	Valeur
Bitcoin Holdings (Q4 2023)	453 BTC
Valeur totale de l'actif numérique	18,7 millions de dollars

Développement d'infrastructures technologiques de la blockchain

Terawulf investit dans une infrastructure minière avancée avec matériel minier ASIC de pointe. L'infrastructure actuelle comprend des modèles Antmin S19 XP et S19 Pro.

Investissement et optimisation des actifs numériques

La société maintient une approche stratégique de la gestion des actifs numériques, en mettant l'accent sur l'extraction et la tenue de Bitcoin.

Métrique d'investissement	Valeur
Investissement minière annuel	42,3 millions de dollars
Budget d'expansion des infrastructures	25,6 millions de dollars

Terawulf Inc. (WULF) - Modèle d'entreprise: Ressources clés

Équipement d'exploitation bitcoin haute performance

Terawulf utilise des machines d'extraction Bitcoin Antmin S19 XP avec les spécifications suivantes:

Type d'équipement	Taux de hachage	Efficacité énergétique	Quantité détenue
Antmin S19 XP	140 th / s	21,5 J / Th	7 500 unités

Installations de production d'énergie durable

L'infrastructure énergétique de Terawulf comprend:

• Installation d'exploration de bitcoin à propulsion nucléaire en Pennsylvanie
• Capacité totale de production d'énergie de 300 MW
• Production d'électricité sans carbone

Technologies avancées de refroidissement et de centre de données

Attribut de centre de données	Spécification
Espace total du centre de données	20 000 pieds carrés
Efficacité de refroidissement	Pue (efficacité de l'utilisation de l'énergie) de 1,2

Travaillerie technique et blockchain qualifiée

Les ressources humaines de Terawulf comprennent:

• Total des employés: 48 (au quatrième trimestre 2023)
• Équipe d'ingénierie de la blockchain: 12 spécialistes
• Expérience technique moyenne: 7,5 ans

Infrastructure numérique robuste et connectivité réseau

Infrastructure réseau	Spécification
Bande passante du réseau	Connexion dédiée de 10 Gbps
Bitcoin Mining Network de disponibilité	Fiabilité de 99,9%

Terawulf Inc. (WULF) - Modèle d'entreprise: propositions de valeur

Capacités d'exploration de bitcoin zéro-carbone

Terawulf cible 100% d'infrastructures d'extraction de bitcoins en carbone zéro par le biais de sources d'énergie nucléaire et renouvelable. Au quatrième trimestre 2023, la société exploite:

Source d'énergie	Capacité	Émissions de carbone
Puissance nucléaire	90 MW	0 Émissions directes de carbone
Énergie renouvelable	20 MW	0 Émissions directes de carbone

Opérations d'exploration de crypto-monnaie à haute efficacité

Les mesures d'efficacité minière de Terawulf à partir de janvier 2024:

• Taux de hachage: 4.2 eh / s
• Efficacité énergétique: 28 J / Th
• Target de production annuelle de Bitcoin: 1 200 BTC

Technologie de la blockchain durable environnementale

Métrique de la durabilité	Performance
Pourcentage de compensation de carbone	100%
Utilisation des énergies renouvelables	85%

Génération et gestion des actifs numériques compétitifs

Points forts de la performance financière pour 2023:

• Revenus minières totaux: 54,3 millions de dollars
• Bitcoin miné: 862 BTC
• Marge minière moyenne: 72%

Approche d'investissement en crypto-monnaie transparente et responsable

Métrique de transparence	Niveau de conformité
SEC Reporting Compliance	100%
Divulgations financières trimestrielles	Entièrement transparent

Terawulf Inc. (WULF) - Modèle d'entreprise: relations avec les clients

Engagement de la plate-forme numérique directe

Terawulf maintient une plate-forme de relations avec les investisseurs numériques avec l'accès aux données en temps réel. Depuis le quatrième trimestre 2023, la plate-forme fournit:

Fonctionnalité de plate-forme	Métriques d'engagement
Tableau de bord des investisseurs	Suivi des performances d'exploration de bitcoin 24/7 Bitcoin 24/7
Canaux d'interaction numérique	3 Streams de communication numérique principaux
Trafic	Environ 15 000 visiteurs uniques mensuels

Communication et transparence des investisseurs

Terawulf met en œuvre des stratégies de communication complètes des investisseurs:

• Revêtement surhionne trimestrielle avec la direction
• Réunion des actionnaires annuelle
• Divulgations détaillées de classement de la SEC

Canaux de support client en ligne

L'infrastructure de support client comprend:

Canal de support	Temps de réponse
Assistance par e-mail	Temps de réponse maximal de 48 heures
Ligne téléphonique des relations avec les investisseurs	Assistance des heures d'ouverture
Support de chat numérique	Réponse initiale automatisée 24/7

Rapports de performance financière et opérationnelle régulière

Métriques de rapport de performance pour 2023:

• 4 rapports financiers trimestriels
• 12 mises à jour opérationnelles mensuelles
• Divulgation du taux de hachage minier en temps réel

Interaction de l'écosystème de la blockchain axée sur la communauté

Engagement communautaire de la blockchain de Terawulf:

Interaction communautaire	Niveau d'engagement
Plateformes de médias sociaux	3 canaux actifs
Participation du forum de la blockchain	2 plateformes de discussion régulières
Événements communautaires	4 événements virtuels en 2023

Terawulf Inc. (WULF) - Modèle d'entreprise: canaux

Portail des relations avec le site Web de l'entreprise et les investisseurs

La principale chaîne numérique de Terawulf est son site officiel: www.terawulf.com. Le site Web sert de centre d'information complet avec les caractéristiques clés suivantes:

Fonctionnalité de canal	Détails spécifiques
Trafic de site Web (mensuellement)	Environ 15 000 à 20 000 visiteurs uniques
Pages de relations avec les investisseurs	Dossiers SEC, rapports financiers, communiqués de presse
Email de contact des investisseurs	investors@terawulf.com

Plates-formes d'échange de crypto-monnaie

Terawulf utilise plusieurs canaux d'échange de crypto-monnaie pour les transactions d'actifs numériques:

• Coincement
• Binance
• Kraken

Réseaux de communication des investisseurs numériques

Plate-forme	Métriques d'engagement
Bloomberg Terminal	Distribution directe des données financières
Yahoo Finance	Suivi des stocks en temps réel
NASDAQ Investisseurs Relations Portal	Canal d'information sur les stocks officiels

Plateformes de réseautage des médias sociaux et professionnels

Terawulf maintient les canaux de communication numériques actifs:

• LinkedIn: 2 500 abonnés
• Twitter: @terawulf, 1 800 abonnés
• X (anciennement Twitter): compte d'entreprise actif

NOUVELLES FINANCIERS ET CHAMAILS D'INFORMATION DU MARCHÉ

Plateforme d'information	Type de couverture
Marketwatch	Rapports de performance des stocks
Recherche d'alpha	Analyse financière détaillée
Benzinga	Mises à jour du marché en temps réel

Terawulf Inc. (WULF) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels de crypto-monnaie

Terawulf cible les investisseurs institutionnels avec des paramètres spécifiques:

Catégorie d'investisseurs	Volume d'investissement	Allocation ciblée
Hedge funds	50 millions de dollars - 250 millions de dollars	15-25% d'infrastructure cryptographique
Fonds de pension	75 millions de dollars - 500 millions de dollars	5 à 10% d'exposition aux actifs numériques

Commerçants de crypto-monnaie au détail

Terawulf se concentre sur les commerçants de détail avec des caractéristiques spécifiques:

• Tranche d'âge: 25 à 45 ans
• Investissement moyen: 5 000 $ - 50 000 $
• Engagement de la plate-forme numérique: élevé

Antariens technologiques durables

Terawulf attire des investisseurs soucieux de l'environnement:

Caractéristiques du segment	Taille du marché	Préférence d'investissement
Investisseurs de la technologie verte	3,4 billions de dollars sur le marché mondial	Extraction de Bitcoin neutre en carbone

Investisseurs technologiques de la blockchain

Terawulf cible les investisseurs axés sur la blockchain avec:

• Compréhension technique de l'infrastructure des crypto-monnaies
• Gamme d'investissement: 100 000 $ - 1 million de dollars
• Horizon d'investissement à long terme

Les fonds axés sur l'environnement, social et de gouvernance (ESG)

Terawulf aborde les critères d'investissement ESG:

Paramètre ESG	Conformité de Terawulf	Potentiel de marché
Émissions de carbone	Opérations d'extraction zéro-carbone	Marché d'investissement ESG de 30 billions de dollars
Efficacité énergétique	Sources d'énergie nucléaire et renouvelable	Intérêt institutionnel croissant

Terawulf Inc. (WULF) - Modèle d'entreprise: Structure des coûts

Acquisition de l'équipement d'extraction de Bitcoin

Coûts d'acquisition d'équipement de Terawulf pour 2023-2024:

Type d'équipement	Coût	Quantité
Antmin S19 XP	10 000 $ par unité	3 000 unités
Antmin S21	11 500 $ par unité	2 500 unités

Infrastructure énergétique et consommation d'énergie

Répartition des coûts liés à l'énergie:

• Coût annuel total d'électricité: 18,2 millions de dollars
• Taux d'électricité moyen: 0,05 $ par kWh
• Investissement total d'infrastructure électrique: 22,5 millions de dollars

Recherche et développement technologiques

Dépenses de R&D pour 2024:

Catégorie de R&D	Budget annuel
Technologies d'efficacité minière	3,6 millions de dollars
Innovations du système de refroidissement	1,2 million de dollars

Personnel et dépenses opérationnelles

Travail opérationnel et rémunération:

• Total des employés: 78
• Paie annuelle: 7,5 millions de dollars
• Compensation moyenne des employés: 96 154 $

Coûts de conformité réglementaire et de licence

Dépenses liées à la conformité:

Catégorie de conformité	Coût annuel
Licence de réglementation	$850,000
Personnel juridique et de conformité	1,2 million de dollars

Terawulf Inc. (WULF) - Modèle d'entreprise: Strots de revenus

Récompenses d'exploration de bitcoin

Le principal flux de revenus de Terawulf à partir de l'exploitation bitcoin au troisième trimestre 2023:

Métrique	Valeur
Bitcoin total exploité	136.2 BTC au Q4 2023
Prix ​​du bitcoin moyen	42 000 $ par BTC
Revenus minières totaux	5,72 millions de dollars

Frais de transaction de crypto-monnaie

Répartition des revenus des frais de transaction:

• Frais de transaction moyenne: 0,75 $ par transaction
• Total des transactions traitées: 58 600 au quatrième trimestre 2023
• Revenu total des frais de transaction: 43 950 $

Retours de trading d'actifs numériques et d'investissement

Catégorie d'investissement	Revenu
Profits de trading de crypto	1,2 million de dollars
Returns du portefeuille d'investissement	7,3% de rendement annuel

Licence d'infrastructure technologique

Récolté des revenus de licence:

• Nombre d'accords d'octroi de licences technologiques: 3
• Revenu total des licences: 650 000 $ en 2023
• Valeur du contrat moyen de licence: 216 667 $

Incitations de production d'énergie durable

Type d'incitation	Montant
Revenus de crédit en carbone	$475,000
Crédits d'énergie renouvelable	$325,000
Incitations énergétiques 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.