TeraWulf
Nasdaq-listed former bitcoin miner converting its Lake Mariner (NY) campus into HPC/AI data centers leased to Fluidstack with Google backstops; Google holds ~14% pro forma equity.
www.terawulf.com · Record collected 25 Sept 2026
Profile from NeoCloud Observatory research (snapshot 2026-09-25); every figure links to its original source.
Profile
- Headquarters
- Not yet recorded
- Founded
- Not yet recorded
- Ownership
- public · Nasdaq: WULF
- Operating regions
- North America
- Deployment model
- wholesale datacenter capacity, bitcoin mining
- GPU vendors
- Not yet recorded
- GPU generations
- Not yet recorded
- Networking
- Not yet recorded
- Storage
- Not yet recorded
- Cooling
- Not yet recorded
- Energy strategy
- controlled — Owns site with grid interconnection.
- Platform / control plane
- Not yet recorded
- Business model
- 10-year leases.
- Differentiation
- Not yet recorded
Capacity register
Each sourced figure with its maturity and MW type. Figures of different types are not added together.
No sourced capacity figures recorded.
Projects
| Project | Location | Status | Capacity |
|---|---|---|---|
| Lake Mariner HPC campus CB-3 delivered; CB-4 commissioning H2 2026; CB-5 phased from early 2027. Participants: null (tenant), Google (financier). Source: NeoCloud Observatory research. Source: SEC EDGAR — TeraWulf Q2 2026 earnings release (8-K) | Barker, New York, United States | partially operational | 360 MW (it load, contracted) |
Disclosed customer contracts
| Customer | Value | Basis | Term | Date | Status & source |
|---|---|---|---|---|---|
| Fluidstackneocloud | — | Total contract value | — | 18 Aug 2025 | expanded Source: TeraWulf — TeraWulf Announces Fluidstack Expansion with 160 MW CB-5 Lease |
| Fluidstackneocloud | — | Total contract value | 10 yr | 14 Aug 2025 | signed Source: TeraWulf — TeraWulf Signs 200+ MW, 10-Year AI Hosting Agreements with Fluidstack |
Financing & M&A
| Date | Type | Amount | Detail |
|---|---|---|---|
| 10 Aug 2026 | debt | $3.2B | TeraWulf — Google backstop (cumulative) Google total backstop ~$3.2B; ~14% pro forma equity ownership. Source: SEC EDGAR — TeraWulf Q2 2026 earnings release (8-K) |
Neocloud Observatory
Evidence-scored analysis
Category G · Adjacent Provider · data quality 69.9/100 · snapshot 25 Sept 2026
Capacity by maturity (MW)
Each stage is reported separately and never added together. Announced GPUs never count as operational.
- Operational 102 MW
- Under construction 336 MW
- Contracted 360 MW
- Secured Unknown
- Announced Unknown
- Stated pipeline Unknown
- Company target Unknown
- GPUs operational
- Unknown
- GPUs contracted
- Unknown
- GPUs announced
- Unknown
Financial position
- Annualised revenue
- Unknown
- Revenue growth (YoY)
- Unknown
- Backlog
- Unknown
- Disclosed contract value
- Unknown
- Valuation
- Unknown
- Equity raised (captured)
- Unknown
- Debt raised (captured)
- Unknown
- Total debt (reported)
- Unknown
- Hyperscaler credit supportnot cash raised
- $3.2B
Scorecard
score-v1.0 · 0–100 · scores with under 34% evidence coverage stay empty
Business Model Quality 68 evidence coverage 60%
- contracted revenue model: 80 (weight 0.4) — long-term contracted model
- model diversity: 44 (weight 0.2) — wholesale_datacenter_capacity, bitcoin_mining
- margin: unknown (weight 0.25) — no margin data
- software upside: unknown (weight 0.15) — 0 software layers
Capital Access Insufficient evidence evidence coverage 15%
- total capital raised: unknown (weight 0.3) — UNKNOWN equity+debt captured
- raised last 12m: unknown (weight 0.25) — UNKNOWN in 12m
- valuation: unknown (weight 0.2) — no valuation UNKNOWN
- strategic backers: 90 (weight 0.15) — NVIDIA/AMD investor or hyperscaler credit support
- cost of debt: unknown (weight 0.1) — no rate disclosed
Competitive Moat Insufficient evidence evidence coverage 30%
- physical control: 95 (weight 0.3) — power/land/DC control
- software depth: unknown (weight 0.25) — 0 software layers
- contracted lock in: unknown (weight 0.25) — backlog/contract value UNKNOWN
- operational reputation: unknown (weight 0.2) — not rated
Concentration Risk (higher = riskier) Insufficient evidence evidence coverage 20%
- top customer share: unknown (weight 0.8) — UNKNOWN
- few customers: 80 (weight 0.2) — 1 disclosed customers
Customer Diversification 20 evidence coverage 40%
- top customer share: unknown (weight 0.6) — concentration UNKNOWN
- distinct customers: 20 (weight 0.4) — 1 disclosed customer relationships
Customer Quality 40 evidence coverage 50%
- hyperscaler or lab: 40 (weight 0.5) — 1 disclosed customers
- contracted value: unknown (weight 0.5) — disclosed contract value UNKNOWN
Execution Risk (higher = riskier) 57 evidence coverage 70%
- build to operating ratio: 89 (weight 0.45) — 696 MW to build vs 102 MW operating
- soft pipeline share: 0 (weight 0.25) — 0 MW secured/announced/speculative
- organisational youth: unknown (weight 0.3) — founded UNKNOWN
Financial Durability Insufficient evidence evidence coverage 10%
- revenue scale: unknown (weight 0.3) — annualised revenue UNKNOWN (n/a)
- net margin: unknown (weight 0.2) — no margin data
- cash: unknown (weight 0.2) — cash UNKNOWN
- backlog coverage: unknown (weight 0.2) — no backlog/revenue
- public disclosure: 80 (weight 0.1) — public company (audited)
Financial Risk (higher = riskier) Insufficient evidence evidence coverage 0%
- losses: unknown (weight 0.3) — no margin data
- debt to revenue: unknown (weight 0.3) — no debt/revenue data
- reliance on new capital: unknown (weight 0.25) — n/a
- revenue scale inverse: unknown (weight 0.15) — revenue UNKNOWN
Geographic Position 29 evidence coverage 100%
- countries: 18 (weight 0.6) — United States
- sovereign positioning: 45 (weight 0.4) — no sovereign positioning
GPU Supply Position Insufficient evidence evidence coverage 0%
- gpu fleet and contracted: unknown (weight 0.4) — 0 GPUs operational+contracted
- vendor relationship: unknown (weight 0.3) — no strategic vendor tie evidenced
- latest generation: unknown (weight 0.3) — no GPU model data
Growth Momentum 36 evidence coverage 45%
- revenue growth yoy: unknown (weight 0.4) — no growth data
- capacity momentum: 64 (weight 0.25) — 696 MW contracted/under construction
- recent major events: 0 (weight 0.2) — 0 major confirmed events in 180d
- capital raised 12m: unknown (weight 0.15) — raised UNKNOWN in 12m
Infrastructure Execution 53 evidence coverage 100%
- delivered projects: 100 (weight 0.4) — 1/1 tracked projects (partially) operational
- operational share of hard mw: 13 (weight 0.4) — 102 of 798 hard MW operational
- building now: 40 (weight 0.2) — 0 under construction
Management Execution 41 evidence coverage 100%
- delivered capacity: 50 (weight 0.5) — 102 MW delivered to date
- milestones 180d: 0 (weight 0.3) — 0 confirmed major milestones (180d)
- disclosure discipline: 80 (weight 0.2) — public reporting cadence
Operational Capacity 47 evidence coverage 65%
- operational mw: 47 (weight 0.65) — 102 MW operational (company-level (it_load))
- operational gpus: unknown (weight 0.35) — operational GPUs UNKNOWN
Power Pipeline Quality 81 evidence coverage 100%
- weighted pipeline mw: 65 (weight 0.5) — ladder-weighted 623 MW
- hard share: 100 (weight 0.3) — 100% of stated MW is operational/under construction/contracted
- physical power control: 95 (weight 0.2) — physical-layer control 95/100
Software Platform Maturity Insufficient evidence evidence coverage 0%
- software layers: unknown (weight 0.5) — none evidenced
- software control: unknown (weight 0.25) — software-layer control 0/100
- independent rating: unknown (weight 0.25) — not rated
Strategic Partnerships 90 evidence coverage 40%
- vendor equity: unknown (weight 0.4) — no vendor equity evidenced
- hyperscaler ties: 90 (weight 0.4) — hyperscaler customer or credit backstop
- exemplar or rating: unknown (weight 0.2) — n/a
Technical Differentiation 25 evidence coverage 70%
- differentiators: 25 (weight 0.7) — controls power/land
- independent rating: unknown (weight 0.3) — not rated
Technical Strength Insufficient evidence evidence coverage 0%
- independent rating: unknown (weight 0.45) — not rated
- exemplar cloud: unknown (weight 0.15) — n/a
- fabric evidence: unknown (weight 0.15) — fabric UNKNOWN
- stack documentation: unknown (weight 0.25) — 0 technology layers evidenced
Vertical Integration Insufficient evidence evidence coverage 0%
- stack control: unknown (weight 1) — 5 of 12 layers evidenced; 7 UNKNOWN
Career Opportunity 55 evidence coverage 44%
- growth momentum: 36 (weight 0.2) — Growth Momentum
- capital access: unknown (weight 0.15) — Capital Access
- technical strength: unknown (weight 0.12) — Technical Strength
- software platform maturity: unknown (weight 0.12) — Software Platform Maturity
- power pipeline quality: 81 (weight 0.1) — Power Pipeline Quality
- geographic position: 29 (weight 0.06) — Geographic Position
- strategic partnerships: 90 (weight 0.08) — Strategic Partnerships
- hiring: unknown (weight 0.07) — open roles (public boards)
- inv financial risk: unknown (weight 0.1) — 100 - financial risk
Data Quality 70 evidence coverage 29%
- dq coverage: unknown (weight 0) — 0.294
- dq avg confidence: unknown (weight 0) — 0.926
- dq primary source pct: unknown (weight 0) — 1.0
- dq freshness days: unknown (weight 0) — 0
- dq conflicts: unknown (weight 0) — 0
- dq missing count: unknown (weight 0) — 12
Worth Investigating? (not investment advice) 51 evidence coverage 80%
- growth momentum: 36 (weight 0.18) — Growth Momentum
- technical differentiation: 25 (weight 0.12) — Technical Differentiation
- customer quality: 40 (weight 0.12) — Customer Quality
- power pipeline quality: 81 (weight 0.12) — Power Pipeline Quality
- capital access: unknown (weight 0.12) — Capital Access
- strategic partnerships: 90 (weight 0.1) — Strategic Partnerships
- technical strength: unknown (weight 0.08) — Technical Strength
- infrastructure execution: 53 (weight 0.08) — Infrastructure Execution
- operational capacity: 47 (weight 0.08) — Operational Capacity
- novelty bonus: 0 (weight 0.3) — company ≤3 years old
Overall Scale Potential 61 evidence coverage 65%
- power pipeline quality: 81 (weight 0.3)
- capital access: unknown (weight 0.25)
- customer quality: 40 (weight 0.2)
- operational capacity: 47 (weight 0.15)
- vertical integration: unknown (weight 0.1)
Overall Survival Probability (5y, %) 67 evidence coverage 8%
- model: unknown (weight 1) — logistic(durability, capital access, customer quality, risks)
Forecasts (rule-based, P10–P90)
| Horizon | Operational MW | Annualised revenue |
|---|---|---|
| 12 months | 481 MW (325 MW–620 MW) | Unknown |
| 24 months | 656 MW (534 MW–762 MW) | Unknown |
| 36 months | 727 MW (622 MW–798 MW) | Unknown |
| 60 months | 752 MW (674 MW–798 MW) | Unknown |
Stored in an immutable prediction ledger and scored against reported outcomes when they fall due. Predictions, not facts.
Outcome probabilities
| Outcome | 12 mo | 24 mo | 36 mo | 60 mo |
|---|---|---|---|---|
| Remain independent | 77% | 57% | 38% | 5% |
| Acquired | 11% | 21% | 30% | 44% |
| Merge | 3% | 6% | 9% | 14% |
| Fail | 9% | 17% | 24% | 36% |
| Acquire another company | 8% | 15% | 22% | 34% |
| Financial distress | 8% | 15% | 22% | 34% |
| Major cloud scale (≥2 GW operational or ≥$10B revenue) | 0% | 0% | 0% | 0% |
| Remain niche | 91% | 83% | 76% | 64% |
| Strategic pivot | 20% | 25% | 30% | 40% |
| Exit AI infrastructure | 6% | 12% | 18% | 30% |
Ownership outcomes (independent, acquired, merge, fail) sum to 100% at each horizon; the others are independent events.
Vertical-integration stack
- energy CONTROLLED Owns site with grid interconnection. (inferred)
- land OWNED (inferred)
- data center OWNED (inferred)
- power cooling OWNED (inferred)
- gpu hardware THIRD PARTY Tenant-owned. (inferred)
- network UNKNOWN No evidence captured (unknown)
- storage UNKNOWN No evidence captured (unknown)
- bare metal UNKNOWN No evidence captured (unknown)
- orchestration UNKNOWN No evidence captured (unknown)
- cloud api UNKNOWN No evidence captured (unknown)
- ai platform UNKNOWN No evidence captured (unknown)
- managed ai UNKNOWN No evidence captured (unknown)
Not yet sourced: revenue, revenue run rate, valuation, gpu count, cash, backlog, employees, profile.hq country, profile.ceo, profile.founded year, tech stack, stack control.
Timeline
-
10 Aug 2026 · debt
TeraWulf — Google backstop (cumulative) Google total backstop ~$3.2B; ~14% pro forma equity ownership.
Source: SEC EDGAR — TeraWulf Q2 2026 earnings release (8-K) -
10 Jul 2026 · fact
TeraWulf delivers CB-3, revenue-generating IT reaches 102 MW
Source: SEC EDGAR — TeraWulf Q2 2026 earnings release (8-K) -
14 Aug 2025 · fact
TeraWulf signs 200+ MW 10-year AI hosting agreements with Fluidstack (Google backstop)
Source: TeraWulf — TeraWulf Signs 200+ MW, 10-Year AI Hosting Agreements with Fluidstack
Recent coverage
Updated 1 Nov 2026, 11:54 UTC
- 8 Oct 2026 Data Centre
Amended Kentucky Power deal lifts TeraWulf’s Muskie campus to 1 GW
TeraWulf Inc, an owner, developer, and operator of large-scale digital infrastructure, has announced that it will be increasing contracted power capacity at its Muskie Data Campus in Eastern Kentucky on the back of an amended electric service agreement with Kentucky Power, an American Electric Power company.…
W.Media