TERAWULF INC.

Overview

TeraWulf is a U.S.-focused digital infrastructure company that develops and operates data centers for high-performance computing (HPC), including AI, machine learning and cloud workloads, alongside a Bitcoin-mining business. Its stated mission is to deliver scalable digital infrastructure for the next generation of AI and HPC. The company identifies operations and projects in states including New York and Texas.[1]+3

The business is transitioning toward HPC: for fiscal 2025, digital-asset mining generated 90% of revenue and HPC leases 10%. Total revenue was $168.5 million for fiscal 2025.[5][6] [1]+6

Products & services

TeraWulf’s offerings include high-density colocation for high-performance computing (HPC) and AI workloads. Its data-center leases provide customers with facility space, power delivery, physical security and maintenance; power is passed through to HPC customers without markup.[7]+2

The company also operates Bitcoin-mining equipment and provides hash-computation services to a mining-pool operator, receiving digital assets for processing blockchain transactions. Its miners use ASIC chips designed for SHA-256, and mining operations focus exclusively on Bitcoin.[10][11]

For the six months ended June 30, 2026, HPC lease revenue was $52.954 million, or 67% of total revenue, while digital-asset revenue was $25.825 million, or 33%.[12] The filings describe infrastructure and services rather than branded end-user hardware or software products.[10][7] [7]+6

Geographic presence

TeraWulf’s operating footprint is in the United States. Its Lake Mariner Data Campus in Barker, New York, is the operating site; as of June 2026 it had 145 MW of bitcoin-mining capacity and 81 MW of energized high-performance computing (HPC) capacity. The company is also developing further HPC capacity at Lake Mariner and a site in Lansing, New York.[13]+3

The company’s development pipeline extends to Kentucky, Maryland and Texas. Projects include the Justified campus in Hawesville, Kentucky; Muskie in Grayson, Kentucky; a proposed Chesapeake/Morgantown campus in Maryland; and the Abernathy HPC campus in Texas, a joint venture project. These are development projects, not operating campuses.[17]+5 TeraWulf’s principal executive office is in Easton, Maryland. Its reviewed disclosures do not provide revenue by country or region, or an employee breakdown by geography.[23][24] [13]+11

Business segments

TeraWulf reports two operating and reportable segments: HPC Leasing and Digital Asset Mining. For the six months ended June 30, 2026, HPC Leasing generated $52.954 million, or approximately 67% of reported segment revenue; Digital Asset Mining generated $25.825 million, or approximately 33%.[10][25]

HPC Leasing provides high-density colocation for third-party high-performance computing workloads, earning revenue from datacenter-space leases and related power delivery, physical security, and maintenance. Digital Asset Mining provides hash-computation services to a mining pool using the company’s digital infrastructure and equipment, in return for digital assets.[10]

The percentages above are based on reported segment revenue for the first half of 2026; the filing also reports segment profit, but does not present segment assets because the chief operating decision-maker does not use segment assets or liabilities to assess performance or allocate resources. HPC Leasing became a separately reported segment in the third quarter of 2025; before then, the company reported one segment, Digital Asset Mining.[25]+2 [10]+3

Company history

TeraWulf was formed in Delaware in February 2021, with Paul B. Prager and Nazar M. Khan as co-founders.[28][4] In June 2021, its predecessor agreed to combine with publicly traded IKONICS Corporation; the transaction closed in December, and TeraWulf began trading on Nasdaq under the ticker WULF.[29][30]

The company began mining at its Lake Mariner facility in New York in March 2022.[31] Its Nautilus joint-venture facility in Pennsylvania began mining in 2023.[32] In December 2024, TeraWulf announced an agreement to provide data-center infrastructure at Lake Mariner for Core42, marking a significant expansion into high-performance computing and AI hosting.[33][34] In 2026, it acquired the Justified Data Campus and the Muskie data campus in eastern Kentucky as part of its expansion of data-center infrastructure.[35]+2

Sources

• TERAWULF INC. — Full financial report (2025 Y)
  6 citations

  [1][2][3][5][6][11]
• www.terawulf.com[4]
• TERAWULF INC. — Full financial report (2026 Q 2)
  18 citations

  [7][8][9][10][12][13][14][15][16][17][18][19][21][22][25][26][27][35]
• investors.terawulf.com[20]
• investors.terawulf.com[23]
• investors.terawulf.com[24]
• TERAWULF INC. — Full financial report (2021 Y)[28][29]
• investors.terawulf.com[30]
• TERAWULF INC. — Transcript (2022 Y)[31]
• TERAWULF INC. — Full financial report (2022 Y)[32]
• TERAWULF INC. — Press release (2025 Q 1)[33]
• investors.terawulf.com[34]
• TERAWULF INC. — Transcript (2026 Q 2)[36]
• investors.terawulf.com[37]