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TeraWulf Inc.
Information Technology · IT Services
Power-backed AI compute through long-term hyperscale data center leases. WULF holds ~770 MW of contracted/permitted capacity across Lake Mariner + Cayuga with zero-carbon energy (nuclear PPA at Cayuga, hydro/grid at Lake Mariner) - the scarce input in the AI buildout.
Core42 (G42 subsidiary) anchors 200+ MW at Lake Mariner; Fluidstack lease + $GOOGL backstop adds ~200 MW more. Mining cash flow funds the AI conversion without dilution drag of pure-play neoclouds.
(1) Power is the bottleneck - WULF has interconnect + permits that take 4-7yr to replicate; (2) Core42 + Fluidstack/$GOOGL leases convert BTC volatility into fixed-tenor lease cash flow at data-center multiples; (3) Cayuga nuclear adjacency is rare among miners - fits hyperscaler net-zero PPAs; (4) Mining segment still generates EBITDA to self-fund capex; (5) Re-rate optionality from miner multiple (~8x) to DC landlord multiple ($DLR/$EQIX ~20x).
(1) Execution risk - liquid-cooled GPU buildout is new to WULF; (2) Hyperscaler tenant concentration (Core42 + Fluidstack ~ majority of AI capacity); (3) BTC cash flow halves with each halving cycle, narrowing the funding bridge; (4) Capex per MW for AI-ready buildout is 3-5x mining shells; (5) $IREN, $CIFR, $CORZ, $APLD all pivoting the same direction - power-PPA scarcity is the only moat.
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