Here are 1-3 brief analogies for TeraWulf (WULF):

1. A digital gold miner, similar to Barrick Gold (GOLD), but focused on producing Bitcoin.
2. Like a specialized utility company that generates Bitcoin rather than electricity.
3. A high-tech digital factory, similar to Foxconn, but instead of assembling electronics, they 'manufacture' Bitcoin.

• Bitcoin Mining: TeraWulf operates large-scale data centers to produce new Bitcoin by solving complex cryptographic puzzles using specialized hardware and sustainable energy sources.

TeraWulf (WULF) is a self-mining Bitcoin company. Its primary business activity is the production of Bitcoin through its mining operations. Unlike companies that provide services or sell specific products to a defined customer base, TeraWulf generates revenue by mining Bitcoin, which is then typically sold on the open market or held as an asset.

Therefore, TeraWulf does not have "major customers" in the traditional sense, such as other companies purchasing its services or a direct-to-consumer sales channel for its mined Bitcoin. Its "customer base" is effectively the global market for Bitcoin, comprising a wide range of participants from individual investors to institutional buyers, exchanges, and financial institutions that trade Bitcoin. The company sells its mined Bitcoin into this broad, decentralized market rather than to specific, identifiable major customers.

• Bitmain Technologies Ltd. (Privately held)
• MicroBT (Privately held)

Paul Prager, Co-Founder, Chairman & Chief Executive Officer

Paul Prager co-founded TeraWulf and has served as its Chairman and CEO since February 2021. Prior to TeraWulf, he founded and was the CEO of Beowulf Electricity & Data Inc., a private energy and digital infrastructure company, and its predecessor companies since 1990. He also founded Brooklyn Marine & Oil LLC and previously served as the Chief Executive Officer of Direct Gas. Mr. Prager is also a Co-Founder and Executive Chairman of NovaWulf Digital Management, LP, an investment fund. He has extensive experience in international shipping, commodity trading, and power generation. Mr. Prager is a graduate of the U.S. Naval Academy.

Patrick Fleury, Chief Financial Officer

Patrick Fleury has been the Chief Financial Officer of TeraWulf since May 2022. He brings 22 years of finance experience, including capital markets, principal investing, and advisory roles. Most recently, Mr. Fleury was a founding member of the credit team at Platinum Equity, where he was responsible for public and private credit investments. Before that, he was a Managing Director at Blackstone's global credit platform, GSO Capital Partners. Mr. Fleury began his career in the Global Energy & Power Investment Banking Group at Banc of America Securities, LLC. From January to May 2022, he served as Managing Director of NovaWulf.

Nazar Khan, Co-Founder, Chief Operating Officer & Chief Technology Officer

Nazar Khan is a Co-Founder of TeraWulf and has served as its Chief Operating Officer, Chief Technology Officer, and a Board Member since February 2021. He also serves as Co-Founder and Chief Operating Officer of NovaWulf. For nearly 20 years, from January 2002 to February 2021, Mr. Khan was the Executive Vice President of Beowulf Energy LLC, leading the firm's acquisition and development efforts. Prior to Beowulf, he worked at Evercore Partners Inc. in both investment banking and private equity.

Kerri Langlais, Chief Strategy Officer

Kerri Langlais serves as the Chief Strategy Officer for TeraWulf.

Stefanie Fleischmann, Chief Legal Officer & Secretary

Stefanie Fleischmann holds the position of Chief Legal Officer & Secretary at TeraWulf.

The key risks to TeraWulf's business operations and financial health primarily stem from its highly leveraged financial structure, the inherent volatility of cryptocurrency markets, and the significant execution challenges associated with its strategic pivot to high-performance computing (HPC) and AI infrastructure.

1. High Debt and Liquidity Risk: TeraWulf is operating with a substantial debt load, which poses a significant risk to its financial stability and ability to fund ongoing operations and growth initiatives. The company reported approximately $1.5 billion in total outstanding debt as of September 30, 2025, largely due to its expansion into HPC. This heavy debt burden, coupled with negative operating cash flow, indicates the company is not yet generating sufficient cash internally to cover its day-to-day operations and growth, leading to concerns about liquidity and a "financial tightrope" approach.
2. Bitcoin Price Volatility: Despite a strategic pivot towards HPC and AI, TeraWulf's business still largely relies on Bitcoin mining operations, making its revenue highly susceptible to the volatile price fluctuations of Bitcoin. A significant downturn in Bitcoin's market value would directly impact the value of its self-mined assets and overall revenue, further straining its financial condition and potentially exacerbating its debt challenges.
3. Execution Risk of HPC/AI Pivot and Competition: TeraWulf is undergoing an "aggressive pivot" to become a prominent player in the HPC and AI infrastructure space. This transition is capital-intensive and carries considerable execution risk. The success of this strategy is contingent on factors such as the speed and efficiency of execution, the ability to secure and retain clients for its new services, and navigating an increasingly competitive market for both HPC and cryptocurrency mining. Execution missteps or weaker-than-anticipated demand for AI tenant services could significantly strain free cash flow and undermine the anticipated returns on these substantial investments.

TeraWulf (WULF) operates in two primary addressable markets: Bitcoin mining and High-Performance Computing (HPC) / AI infrastructure leasing.

Bitcoin Mining

The global cryptocurrency mining market was valued at approximately USD 1.55 billion in 2024 and is projected to grow to about USD 2.83 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 7.8% during this period. Another estimate places the global cryptocurrency mining market at USD 2.45 billion in 2024, growing to USD 2.77 billion in 2025, and predicted to surpass USD 8.24 billion by 2034, with a CAGR of 12.90%. For 2025, global cryptocurrency mining revenue is projected to reach USD 20.4 billion, with Bitcoin mining contributing an estimated USD 13.5 billion to this total. The United States held approximately 37% of the global Bitcoin mining activity in 2022, signifying its significant regional market share.

High-Performance Computing (HPC) and AI Infrastructure Leasing

The addressable market for TeraWulf's HPC and AI infrastructure leasing services can be understood through the AI infrastructure market and the data center colocation market.

• Global AI Infrastructure Market: This market was valued between USD 46.15 billion and USD 69.44 billion in 2024. It is projected to reach approximately USD 356.14 billion by 2032, with a CAGR of 29.10%. Another forecast estimates the global AI infrastructure market to reach USD 1248.60 billion by 2032, at a CAGR of 43.50%.
• U.S. AI Infrastructure Market: In the United States, the AI infrastructure market was valued at approximately USD 14.52 billion in 2024 and is projected to grow to around USD 156.45 billion by 2034, at a CAGR of 26.84%. The U.S. accounted for 59% of the global AI infrastructure spending in the first half of 2024.
• Global Data Center Colocation Market: This market was valued between USD 69.41 billion and USD 72.5 billion in 2024. It is estimated to reach approximately USD 185.0 billion by 2033, demonstrating a CAGR of 11.0%.
• U.S. Data Center Colocation Market: The U.S. data center colocation market, based on investment, was valued at USD 24.94 billion in 2024 and is expected to grow to USD 57.32 billion by 2030, with a CAGR of 14.88%.

TeraWulf (WULF) is expected to drive future revenue growth over the next two to three years through several key initiatives, primarily focusing on its strategic pivot towards High-Performance Computing (HPC) and AI hosting, alongside continued optimization of its Bitcoin mining operations and expansion of its sustainable infrastructure.

1. Significant Expansion into High-Performance Computing (HPC) and AI Hosting Services: TeraWulf is making a substantial shift into the higher-margin HPC and AI hosting market. The company has secured long-term agreements, notably with Fluidstack and backed by Google, for multi-billion dollar contracts to provide AI-optimized data center capacity. This includes plans to develop and deliver critical IT load at campuses like Lake Mariner and the new Abernathy campus in Texas. TeraWulf has significantly raised its annual target for new HPC signings, aiming for 250 to 500 megawatts per year, up from previous guidance of 100 to 150 megawatts, reflecting strong customer demand and pipeline advancements.
2. Growth in Bitcoin Mining Capacity and Operational Efficiency: While diversifying, Bitcoin mining remains a core component of TeraWulf's revenue. The company continues to expand its energized Bitcoin-mining capacity at sites like the Lake Mariner Campus, which reported 245 MW of capacity as of Q3 2025. Improvements in operational efficiency, including optimized power costs, also contribute to higher Bitcoin output and revenue generation from its digital asset mining segment.
3. Development of New and Expansion of Existing Data Center Infrastructure through Strategic Partnerships: TeraWulf is actively expanding its digital infrastructure, which is crucial for increasing its capacity for both HPC hosting and Bitcoin mining. Strategic partnerships and joint ventures, such as the one with Fluidstack and Google for the Abernathy HPC campus in Texas, are key to these expansion plans. The company has completed significant long-term financings to support these expansions, allowing for the build-out of new data centers and increased IT load, like the CB-5 expansion at Lake Mariner.
4. Leveraging its Predominantly Zero-Carbon Energy Infrastructure: TeraWulf's commitment to developing, owning, and operating environmentally sustainable, industrial-scale data center infrastructure provides a competitive advantage. This focus on predominantly zero-carbon energy sources positions the company favorably to attract customers seeking low-cost and low-carbon compute solutions for energy-intensive HPC and AI workloads, as well as Bitcoin mining operations.

Share Repurchases

• In October 2024, TeraWulf authorized a share repurchase program for up to $200 million of its common stock through December 31, 2025.
• The company repurchased over $150 million in shares in late 2024 and early 2025 as part of this program.
• A $33 million stock repurchase was executed in Q1 2025.

Share Issuance

• TeraWulf's shares outstanding significantly increased from 0.085 billion in Q4 2021 to approximately 0.351 billion in Q4 2024, with current shares around 391.27 million to 418.68 million as of November 2025.
• In October 2024, TeraWulf issued $500 million in 2.75% convertible notes due 2030 to fund HPC hosting growth.
• In August 2025, the company upsized an offering of convertible senior notes to $1.0 billion (1.00% due 2031) for data center expansion, and later completed a $1.025 billion offering of 0.00% Convertible Notes due 2032 to fund its equity contribution to the Abernathy Joint Venture and enhance liquidity.

Inbound Investments

• In August 2025, Google increased its stake in TeraWulf to 14% from 8%, including a $1.4 billion backstop commitment, bringing Google's total support to $3.2 billion and including warrants for 32.5 million additional shares.
• Google also agreed to backstop $1.8 billion of Fluidstack's lease obligations in exchange for purchase warrants for approximately 41 million shares of TeraWulf common stock (representing around 8% ownership as of August 2025).
• TeraWulf received a $90 million pre-payment from Core42 in Q1 2025.

Outbound Investments

• In 2024, TeraWulf sold its 25% equity interest in Nautilus for $85 million, reinvesting the proceeds into Lake Mariner's HPC capabilities.
• TeraWulf formed the Abernathy Joint Venture with Fluidstack and Google to develop 240 MW of HPC capacity, with potential expansion to 600 MW.
• The company secured up to a 51% ownership interest in a future Fluidstack-led approximately 200 MW project.

Capital Expenditures

• Capital expenditures in the last 12 months (as of November 2025) totaled -$598.83 million.
• TeraWulf's 2025 capital allocation plan includes approximately $300 million for HPC hosting capacity and $60 million for site electrical infrastructure.
• A primary focus of capital expenditures has been expanding into AI and HPC hosting, including the Lake Mariner HPC buildout and delivering over 70 megawatts of capacity between Q1 and Q3 2025, targeting 72.5 megawatts of HPC hosting capacity by the end of Q2 2025.