WULF

TeraWulf began as a Bitcoin miner built around a key insight: the best mining sites would be the best AI data center sites, because both need the same thing — cheap, abundant power. The company secured its position at Lake Mariner, a campus on the shores of Lake Ontario built on the site of a former 700MW Somerset coal-fired power plant in Western New York. The location benefits from proximity to nuclear and hydroelectric generation (NYISO grid), cool lakeside climate that reduces cooling costs, and existing high-voltage electrical infrastructure.

The pivot from mining to AI hosting began in earnest in 2024-2025. TeraWulf signed a series of long-term hosting agreements: Core42 (G42's AI subsidiary) committed to over 72.5MW of GPU-optimized capacity at Lake Mariner (~$1.1B in contracted revenue over 10 years), and Fluidstack partnered on the Abernathy HPC campus in Texas — a 168MW facility under a 25-year lease with Google credit enhancement, with delivery targeted for H2 2026.

In February 2026, TeraWulf dramatically expanded its footprint by acquiring a former Century Aluminum smelter in Hawesville, Kentucky (approximately 480MW of existing power availability, 250+ buildable acres) and a site in Maryland. These acquisitions doubled the company's pipeline from 1.3GW to 2.8GW across five sites. TeraWulf selected Fluor Corporation for preconstruction on the Kentucky site, targeting a $3B data center campus. The company also completed a $900M equity raise in April 2026 to fund these expansions.

The combined platform now stands at 642.5MW of contracted capacity with 2.2GW of owned pipeline capacity. Management targets 250-500MW of new contracted capacity annually — a disciplined approach relative to peers making larger individual bets.