TeraWulf Secures 6GW of AI Power Contracts, Targets $1.7B Revenue
WULF•Analysts initiated Outperform coverage on TeraWulf, highlighting its 30-gigawatt power portfolio and 6 GW contracted to hyperscalers across 17 deals totaling over $110 billion. They forecast TeraWulf’s AI revenue climbing from $14 million in 2025 to $1.7 billion by 2030 with EBITDA margins near 84%.
1. Outperform Coverage Initiated
Coverage highlights an Outperform rating on TeraWulf, reflecting its evolution from Bitcoin mining to AI power infrastructure under a strategic partnership with Fluidstack and Google.
2. Power Portfolio and Contracts
TeraWulf’s power portfolio spans 30 GW built via brownfield acquisitions, with 6 GW already contracted across 17 deals valued at more than $110 billion with hyperscale customers including Google, Amazon, Microsoft, Nvidia and CoreWeave.
3. Revenue and Margin Projections
Forecasts indicate AI revenue rising from $14 million in 2025 to $1.7 billion by 2030, supported by take-or-pay long-term contracts that secure stable cash flows and drive targeted EBITDA margins near 84%.
4. Financing and Colocation Model
Project financing now covers 75–85% of construction costs at interest rates below contract yields, enhancing the attractiveness of TeraWulf’s colocation model for investors seeking predictable, long-term returns.
