TeraWulf
Category: AI Infrastructure
TeraWulf develops and operates fully integrated, sustainable facilities for bitcoin mining and AI/HPC applications. TeraWulf was founded in 2021. The company is led by Paul Prager. Based in Easton, USA. Team size: 51-200. Total funding raised: Completed $6.5 billion in long-term financings during 2025. Latest round: Post-IPO Equity. Key investors include Google, Vanguard Group, BlackRock, State Street, Invesco.
- Founded
- 2021
- Headquarters
- Easton, USA
- Team size
- 51-200
- Total funding
- Completed $6.5 billion in long-term financings during 2025
Value proposition
Provide secure, high-performance, scalable computing infrastructure powered by over 95% zero-carbon energy at industry-low cost through vertical integration of energy assets.
Products and solutions
Sustainable Bitcoin mining, High-Performance Computing (HPC) cloud services, AI data center infrastructure and hosting
Unique value
Vertically integrated infrastructure using over 95% zero-carbon, low-cost energy for power-intensive computing tasks; sustainability-first approach differentiating from traditional data centers.
Target customer
Enterprises requiring high-performance computing (HPC) and AI cloud services, and participants in the Bitcoin mining ecosystem.
Industries served
Cryptocurrency/Digital Assets, Artificial Intelligence (AI), High-Performance Computing (HPC), Data Center Infrastructure
Technology advantage
Ownership and operation of energy infrastructure provides control over energy costs, enabling low-cost operations and alignment with ESG goals for sustainable power sourcing.
How they differentiate
Focus on sustainable, zero-carbon bitcoin mining and ownership/control of energy infrastructure to achieve low-cost operations; reported >91% of power from nuclear, hydro, and solar sources in provided input.
Main competitors
Stronghold Digital Mining, Gryphon Digital Mining, Marathon Digital
Key partnerships
Core42 (a G42 company), Fluidstack, Google, Anthropic, Cumulus Coin, LLC (Nautilus Cryptomine joint venture)
Notable customers
Google, Fluidstack, Core42, Anthropic
Major milestones
Successfully went public on Nasdaq under ticker WULF, Completed $6.5 billion in long-term financings during 2025, HPC lease revenue surpassed bitcoin mining revenue for first time in Q1 2026, Expanded platform to 2.9 GW gross across five sites with acquisitions in Kentucky and Maryland, Signed 20-year, ~401 MW lease with Anthropic at Justified Data Campus (Hawesville, KY), announced July 2026, worth ~$19B in contracted revenue over the initial term (up to $33B with renewal options), Reached ~839 MW of leased/contracted HPC capacity as of Q2 2026 earnings (Aug 2026)
Growth metrics
FY2025: Revenue of $168.5M including $9.7M HPC lease revenue in Q4 2025. Q1 2026: Revenue of $34.0M with $21.0M HPC lease revenue surpassing bitcoin mining for first time. Q2 2026: Revenue of $44.8M with $31.9M HPC lease revenue (~71% of total); 102 MW revenue-generating critical IT capacity at Lake Mariner as of early July 2026; $3.0B cash and restricted cash as of June 30, 2026. Subsequent to quarter-end, signed 20-year, 401 MW lease with Anthropic (~$19B contracted revenue).
Market positioning
Positioned as a leading owner/operator of vertically integrated digital infrastructure for AI and HPC, having completed a fundamental pivot from bitcoin mining to AI/HPC hosting with approximately 839 MW of contracted/leased HPC capacity (including a 20-year, 401 MW lease with Anthropic signed July 2026 worth ~$19B) and HPC revenue now exceeding bitcoin mining revenue.
Geographic focus
Primary operations in the United States with key facilities in New York (Lake Mariner) and Pennsylvania (Nautilus); focus on regions with favorable energy profiles.
Patents and IP
No public patents cited in the provided material; competitive advantage appears to be infrastructure and operational efficiency rather than disclosed patents.
About Paul Prager
Co-Founder, Chairman, and CEO of TeraWulf with three decades of experience in energy infrastructure projects across four continents. Founder of Beowulf Energy LLC. Previously served as an officer in the U.S. Navy.
Also named in
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Official website: https://www.terawulf.com/