TeraWulf pivoted from bitcoin mining to a power-backed AI infrastructure strategy by acquiring 100% of Beowulf Electricity & Data and securing long-term control of 400MW at the Cayuga coal facility. The company also signed a 450MW lease with Fluidstack supported by Google credit, with warrants that could elevate Google to the largest shareholder and define the platform approach.

In Q4, TeraWulf reported revenue of $35.8M, down from $50.6M a year earlier, driven by lower bitcoin production, while HPC lease revenue increased to $9.7M. Full-year revenue reached $168.5M, offset by a GAAP net loss of $661.4M due to non-cash fair-value adjustments, leaving the balance sheet with $3.7B in cash and restricted cash to fund contracted development without additional equity.

Execution of the Wolf Compute and Core42 campuses remains on schedule, with Wolf Den and CB1 generating revenue in Q4, CB2A operational and CB2B expected online in March. Standardized building designs for CB3–CB5 will raise IT capacity from 162MW to 168MW per building, adding 12MW campus-wide and about $200M of incremental lease revenue, with CB3 slated for mid-May and CB4–CB5 targeted for late 2026.

TeraWulf is advancing site development in Kentucky and Maryland, with strong demand at the Hawesville location and data-room engagement from major hyperscalers for a 10–15 year lease under negotiation. At Morgantown, the plan calls for up to 500MW of generation, 250MW of battery storage and 500MW of data center load per phase, with routine FERC approval expected within three to six months.