Terawulf Inc. (Wulf): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da criptomoeda e tecnologia sustentável, a Terawulf Inc. (Wulf) surge como uma força pioneira, redefinindo a mineração de bitcoin por meio de um modelo de negócios inovador e ambientalmente consciente. Ao integrar estrategicamente recursos de mineração de carbono zero, infraestrutura de blockchain de ponta e soluções de energia renovável, a Terawulf não é apenas uma empresa de criptomoeda, mas um jogador transformador que preenche os ativos digitais com tecnologia sustentável. Sua abordagem única os posiciona na interseção da inovação financeira e da responsabilidade ambiental, oferecendo aos investidores e entusiastas da tecnologia uma visão convincente do futuro da geração de ativos digitais.

Terawulf Inc. (Wulf) - Modelo de Negócios: Parcerias -Chaves

Colaboração estratégica com a Celsius Network

A partir de 2024, a Terawulf estabeleceu uma parceria estratégica com a Celsius Network para a infraestrutura de mineração de Bitcoin. Os detalhes financeiros específicos dessa colaboração não são divulgados publicamente.

Acordos de fornecimento de energia

A Terawulf garantiu acordos de fornecimento de energia com os provedores regionais de energia para apoiar suas operações de mineração de Bitcoin.

Provedor de energia	Localização	Capacidade de energia
Autoridade de energia de Nova York	Nova Iorque	150 MW
Provedores de serviços públicos locais	Pensilvânia	100 mw

Parcerias de tecnologia

O Terawulf mantém parcerias com os fabricantes de hardware de mineração de Bitcoin para garantir a eficiência operacional.

• Tecnologias Bitmain
• Microbt
• Canaã Criativo

Joint ventures de energia renovável

A Terawulf desenvolveu joint ventures com desenvolvedores de energia renovável para apoiar operações sustentáveis ​​de mineração de Bitcoin.

Parceiro renovável	Tipo de energia	Contribuição estimada
Zero produtores de carbono	Nuclear	96% de energia livre de carbono
Instalações hidrelétricas locais	Hidrelétrica	4% de energia renovável

Capacidade operacional total em 2024: aproximadamente 250 MW

Terawulf Inc. (Wulf) - Modelo de Negócios: Atividades -chave

Validação de transação de mineração e criptomoeda de bitcoin

O Terawulf opera um total de 3,8 exahash da capacidade de mineração de bitcoin a partir do quarto trimestre 2023. As operações de mineração da empresa geram aproximadamente 5,5 bitcoin por dia com uma taxa média de hash de 3,8 EH/s.

Métrica de mineração	Valor
Capacidade total de mineração	3.8 EH/S.
Produção diária de bitcoin	5.5 BTC
Total de instalações de mineração	2 instalações

Operações de data centers sustentáveis ​​de energia

Terawulf utiliza 100% de energia nuclear e renovável sem carbono por suas operações de mineração. Os data centers da empresa estão localizados na Pensilvânia e Maryland, alavancando fontes de eletricidade com carbono zero.

• Utilização de energia nuclear: 80% do mix de energia total
• Contribuição energética renovável: 20% do mix de energia total
• Eficiência energética total: 95% de eletricidade sem carbono

Gerenciamento e negociação de ativos de criptomoeda

Métrica de gerenciamento de ativos	Valor
Bitcoin Holdings (Q4 2023)	453 BTC
Valor do ativo digital total	US $ 18,7 milhões

Desenvolvimento de infraestrutura de tecnologia blockchain

Terawulf investe em infraestrutura avançada de mineração com hardware de mineração ASIC de última geração. A infraestrutura atual inclui os modelos Antminer S19 XP e S19 Pro.

Investimento de ativos digitais e otimização

A empresa mantém uma abordagem estratégica para o gerenciamento de ativos digitais, com foco na mineração e manutenção do Bitcoin.

Métrica de investimento	Valor
Investimento anual de mineração	US $ 42,3 milhões
Orçamento de expansão da infraestrutura	US $ 25,6 milhões

Terawulf Inc. (WULF) - Modelo de negócios: Recursos -chave

Equipamento de mineração de bitcoin de alto desempenho

O Terawulf utiliza máquinas de mineração Antminer S19 XP Bitcoin com as seguintes especificações:

Tipo de equipamento	Taxa de hash	Eficiência de poder	Quantidade de propriedade
Antminer S19 XP	140 th/s	21.5 J/th	7.500 unidades

Instalações de geração de energia sustentável

A infraestrutura energética da Terawulf inclui:

• Instalação de mineração de bitcoin com alimentação nuclear na Pensilvânia
• Capacidade total de geração de energia de 300 MW
• Geração de eletricidade sem carbono

Tecnologias avançadas de resfriamento e data center

Atributo do data center	Especificação
Espaço total de data center	20.000 pés quadrados
Eficiência de resfriamento	PUE (eficácia do uso de energia) de 1.2

Força de trabalho de engenharia técnica e de blockchain qualificada

Os recursos humanos de Terawulf incluem:

• Total de funcionários: 48 (a partir do quarto trimestre 2023)
• Equipe de engenharia de blockchain: 12 especialistas
• Experiência técnica média: 7,5 anos

Infraestrutura digital robusta e conectividade de rede

Infraestrutura de rede	Especificação
Largura de banda de rede	10 Gbps conexão dedicada
Rede de mineração de bitcoin tempo de atividade	99,9% de confiabilidade

Terawulf Inc. (Wulf) - Modelo de Negócios: Proposições de Valor

Recursos de mineração de bitcoin zero carbono

O Terawulf tem como alvo 100% de infraestrutura de mineração de bitcoin zero-carbono por meio de fontes de energia nuclear e renovável. A partir do quarto trimestre 2023, a empresa opera:

Fonte de energia	Capacidade	Emissões de carbono
Potência nuclear	90 MW	0 emissões de carbono direto
Energia renovável	20 mw	0 emissões de carbono direto

Operações de mineração de criptomoedas de alta eficiência

As métricas de eficiência de mineração de Terawulf em janeiro de 2024:

• Taxa de hash: 4,2 EH/S
• Eficiência energética: 28 J/th
• Alvo de produção anual de Bitcoin: 1.200 BTC

Tecnologia Blockchain ambientalmente sustentável

Métrica de sustentabilidade	Desempenho
Porcentagem de compensação de carbono	100%
Utilização de energia renovável	85%

Geração e gerenciamento de ativos digitais competitivos

O desempenho financeiro destaca para 2023:

• Receita total de mineração: US $ 54,3 milhões
• Bitcoin Minerado: 862 BTC
• Margem de mineração média: 72%

Abordagem transparente e responsável de investimento de criptomoeda

Métrica de transparência	Nível de conformidade
SEC Relatórios conformidade	100%
Divulgações financeiras trimestrais	Totalmente transparente

Terawulf Inc. (Wulf) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto da plataforma digital

O Terawulf mantém uma plataforma de relações com investidores digitais com acesso a dados em tempo real. A partir do quarto trimestre 2023, a plataforma fornece:

Recurso da plataforma	Métricas de engajamento
Painel de investidores	Rastreamento de desempenho de mineração de bitcoin 24/7 em tempo real
Canais de interação digital	3 fluxos primários de comunicação digital
Tráfego do site	Aproximadamente 15.000 visitantes únicos mensais

Comunicação e transparência dos investidores

O Terawulf implementa estratégias abrangentes de comunicação de investidores:

• Webcast trimestral de ganhos com gerenciamento
• Reunião Anual dos Acionistas
• Divulgações detalhadas da SEC

Canais de suporte ao cliente online

A infraestrutura de suporte ao cliente inclui:

Canal de suporte	Tempo de resposta
Suporte por e -mail	Tempo de resposta máxima de 48 horas
Linha telefônica de relações com investidores	Suporte de horário comercial
Suporte de bate -papo digital	Resposta inicial automatizada 24/7

Relatórios regulares de desempenho financeiro e operacional

Métricas de relatórios de desempenho para 2023:

• 4 relatórios financeiros trimestrais
• 12 atualizações operacionais mensais
• Divulgação da taxa de hash de mineração em tempo real

Interação do ecossistema de blockchain orientado pela comunidade

Engajamento da comunidade Blockchain da Terawulf:

Interação da comunidade	Nível de engajamento
Plataformas de mídia social	3 canais ativos
Participação do Fórum Blockchain	2 plataformas de discussão regulares
Eventos da comunidade	4 eventos virtuais em 2023

Terawulf Inc. (Wulf) - Modelo de Negócios: Canais

Site corporativo e portal de relações com investidores

O canal digital principal da Terawulf é seu site oficial: www.terawulf.com. O site serve como um hub de informação abrangente com os seguintes recursos importantes:

Recurso do canal	Detalhes específicos
Tráfego do site (mensalmente)	Aproximadamente 15.000 a 20.000 visitantes únicos
Páginas de relações com investidores	Registros da SEC, relatórios financeiros, comunicados de imprensa
Email de contato com investidores	investors@terawulf.com

Plataformas de troca de criptomoedas

O Terawulf utiliza vários canais de troca de criptomoedas para transações de ativos digitais:

• Coinbase
• Binance
• Kraken

Redes de comunicação de investidores digitais

Plataforma	Métricas de engajamento
Terminal Bloomberg	Distribuição de dados financeiros direta
Finanças do Yahoo	Rastreamento de ações em tempo real
Portal de Relações com Investidores da NASDAQ	Canal de informações de ações oficiais

Mídias sociais e plataformas de redes profissionais

Terawulf mantém canais de comunicação digital ativos:

• LinkedIn: 2.500 seguidores
• Twitter: @TerAwulf, 1.800 seguidores
• X (anteriormente Twitter): conta corporativa ativa

Notícias financeiras e canais de informação de mercado

Plataforma de notícias	Tipo de cobertura
Marketwatch	Relatórios de desempenho de ações
Buscando alfa	Análise financeira detalhada
Benzinga	Atualizações de mercado em tempo real

Terawulf Inc. (Wulf) - Modelo de Negócios: Segmentos de Clientes

Investidores institucionais de criptomoeda

A Terawulf tem como alvo investidores institucionais com parâmetros específicos:

Categoria de investidores	Volume de investimento	Alocação direcionada
Fundos de hedge	US $ 50 milhões - US $ 250 milhões	15-25% de infraestrutura de criptografia
Fundos de pensão	US $ 75 milhões - US $ 500 milhões	5-10% de exposição de ativos digitais

Traders de criptomoedas de varejo

O Terawulf se concentra nos comerciantes de varejo com características específicas:

• Faixa etária: 25-45 anos
• Investimento médio: US $ 5.000 - US $ 50.000
• Engajamento da plataforma digital: alto

Entusiastas da tecnologia sustentável

Terawulf atrai investidores ambientalmente conscientes:

Características do segmento	Tamanho de mercado	Preferência de investimento
Investidores de tecnologia verde	US $ 3,4 trilhões de mercado global	Mineração de bitcoin neutra em carbono

Blockchain Technology Investors

O Terawulf tem como alvo investidores focados em blockchain com:

• Entendimento técnico da infraestrutura de criptomoeda
• Faixa de investimento: US $ 100.000 - US $ 1 milhão
• Horizonte de investimento de longo prazo

Fundos ambientais, sociais e de governança (ESG)

Terawulf aborda os critérios de investimento ESG:

Parâmetro ESG	Conformidade de Terawulf	Potencial de mercado
Emissões de carbono	Operações de mineração com zero carbono	Mercado de investimentos ESG de US $ 30 trilhões
Eficiência energética	Fontes de energia nuclear e renovável	Crescente interesse institucional

Terawulf Inc. (Wulf) - Modelo de negócios: estrutura de custos

Aquisição de equipamentos de mineração de bitcoin

Custos de aquisição de equipamentos da Terawulf para 2023-2024:

Tipo de equipamento	Custo	Quantidade
Antminer S19 XP	US $ 10.000 por unidade	3.000 unidades
Antminer S21	US $ 11.500 por unidade	2.500 unidades

Infraestrutura energética e consumo de energia

Redução de custos relacionados à energia:

• Custo anual total de eletricidade: US $ 18,2 milhões
• Taxa média de eletricidade: US $ 0,05 por kWh
• Investimento total de infraestrutura de energia: US $ 22,5 milhões

Pesquisa e desenvolvimento de tecnologia

Despesas de P&D para 2024:

Categoria de P&D	Orçamento anual
Tecnologias de eficiência de mineração	US $ 3,6 milhões
Inovações do sistema de refrigeração	US $ 1,2 milhão

Pessoal e despesas operacionais

Força de trabalho operacional e compensação:

• Total de funcionários: 78
• Folha de pagamento anual: US $ 7,5 milhões
• Compensação média dos funcionários: US $ 96.154

Custos regulatórios de conformidade e licenciamento

Despesas relacionadas à conformidade:

Categoria de conformidade	Custo anual
Licenciamento regulatório	$850,000
Equipe legal e de conformidade	US $ 1,2 milhão

Terawulf Inc. (Wulf) - Modelo de negócios: fluxos de receita

Recompensas de mineração de Bitcoin

O fluxo de receita principal da Terawulf da Bitcoin Mining a partir do quarto trimestre 2023:

Métrica	Valor
Bitcoin total extraído	136.2 BTC no quarto trimestre 2023
Preço médio de Bitcoin	US $ 42.000 por BTC
Receita total de mineração	US $ 5,72 milhões

Taxas de transação de criptomoeda

Repartição da receita da taxa de transação:

• Taxa de transação média: US $ 0,75 por transação
• Total de transações processadas: 58.600 no quarto trimestre 2023
• Receita total das taxas de transação: US $ 43.950

Retornos de negociação de ativos digitais e investimentos

Categoria de investimento	Receita
Lucros de negociação criptográfica	US $ 1,2 milhão
Retornos do portfólio de investimentos	7,3% de retorno anual

Licenciamento de infraestrutura de tecnologia

Recutação de receita de licenciamento:

• Número de acordos de licenciamento de tecnologia: 3
• Receita total de licenciamento: US $ 650.000 em 2023
• Valor médio do contrato de licenciamento: US $ 216.667

Incentivos de geração de energia sustentável

Tipo de incentivo	Quantia
Receita de crédito de carbono	$475,000
Créditos energéticos renováveis	$325,000
Incentivos energéticos totais	$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.