![[terawulf_logo.svg|300]] Website: [terawulf.com](https://www.terawulf.com) ### Introduction TeraWulf, founded in 2021, is a digital asset technology company focused on sustainable Bitcoin mining and high-performance computing (HPC) infrastructure, with headquarters in Easton, Maryland. The company was established by a team with deep expertise in energy infrastructure, including founders Paul Prager, who serves as CEO, and Nazar Khan, the CTO. While specific employee counts are not publicly available in the latest data, TeraWulf operates as a publicly traded company under the ticker symbol WULF on the Nasdaq exchange. TeraWulf's mission centers on leading the digital energy transition by building and operating environmentally clean digital infrastructure for Bitcoin mining, artificial intelligence (AI), and HPC applications. The company emphasizes a sustainability-first approach, leveraging decades of energy expertise to address the growing computational demands of modern technologies. Since its inception, TeraWulf has positioned itself as a key player in the intersection of energy and digital assets, with a focus on scalable, efficient operations in the United States [About Us | TeraWulf](https://www.terawulf.com/about). ### Key Products and Technology TeraWulf's primary focus is on digital infrastructure for Bitcoin mining and HPC, with specific facilities and operational metrics highlighted in their public updates: - **Lake Mariner Facility (Bitcoin Mining and HPC Hosting)** - **Type**: Bitcoin mining and HPC data center - **Technical Specifications**: As of December 2024, the facility has an installed self-mining capacity of 9.7 EH/s (exahashes per second) for Bitcoin mining, with additional capacity for over 70 MW of HPC infrastructure. Historically, the facility has achieved up to 98% mining fleet utilization, as reported in April 2024 updates [TeraWulf X Post](https://x.com/TeraWulfInc/status/1786007097928220765). - **Energy Source**: Primarily sourced from sustainable and low-cost power, with power costs averaging around $0.035-$0.042/kWh for Bitcoin mining, depending on the month and excluding benefits from demand response programs [TeraWulf X Post](https://x.com/TeraWulfInc/status/1842179832106389919). - **Key Differentiators**: Focus on environmentally clean operations, low power costs, and dual-purpose infrastructure that supports both Bitcoin mining and AI/HPC workloads. - **Development Stage**: Fully operational, with ongoing expansions for additional capacity and HPC leasing agreements. - **Target Customers**: Bitcoin mining community, AI and HPC clients such as Core42, and other data-intensive industries. - **Nautilus Cryptomine Facility (Bitcoin Mining)** - **Type**: Bitcoin mining facility - **Technical Specifications**: Plans to expand capacity by 50 MW in 2025, as noted in SEC filings, although current operational hashrate specifics are less detailed in recent public data [SEC Filing](https://investors.terawulf.com/sec-filings/all-sec-filings/content/0001083301-24-000072/wulf-20231231.htm). - **Energy Source**: Emphasis on sustainable energy sources, though specific details on fuel type or power mix are not fully disclosed in recent updates. - **Key Differentiators**: Scalable design with a focus on integrating sustainable energy practices. - **Development Stage**: Operational with planned expansions for 2025. - **Target Customers**: Bitcoin mining ecosystem and potential future HPC clients. ### Regulatory and Licensing Status As a Bitcoin mining and digital infrastructure company, TeraWulf does not fall under the purview of nuclear regulatory bodies like the NRC. Instead, its regulatory focus involves compliance with local zoning laws, environmental regulations, and energy usage agreements. A significant recent milestone includes securing zoning approval for its Lake Cayuga site in New York, which will enable a 138 MW data center by 2026, expanding to 400 MW by 2027. This approval is seen as a key derisking event for future infrastructure growth [Posts on X](https://x.com/HelloLumerin/status/2003491067295928824). There are no specific [[Federal|federal]] regulatory hurdles akin to nuclear licensing, but TeraWulf must navigate state and local permissions for energy-intensive operations. Upcoming milestones include the operational rollout of the Lake Cayuga site and potential additional zoning or environmental approvals for other planned expansions. The timeline for commercial deployment of new capacity at Lake Cayuga is estimated for the first half of 2026 for initial phases [Posts on X](https://x.com/HelloLumerin/status/2001663884470444539). Information on other regulatory aspects remains limited in public sources and may require further review of local filings. ### Team and Leadership TeraWulf's leadership team combines expertise in energy infrastructure and financial strategy, key to its operations in digital asset mining and HPC: - **Paul Prager (CEO and Chairman)**: Co-founder with over 30 years of experience in energy infrastructure development and operations. Prager also oversees Beowulf Electricity & Data Inc., which supports TeraWulf’s facility management. - **Nazar Khan (CTO and COO)**: Co-founder with extensive experience in energy project development, focusing on sustainable infrastructure for digital assets. - **Patrick Fleury (CFO)**: Joined in May 2022, bringing decades of experience in energy, power, and financial advisory, enhancing TeraWulf’s strategic financial planning [SEC Filing](https://investors.terawulf.com/sec-filings/all-sec-filings/content/0001157523-22-001121/a52814835ex99_1.htm). Verified X handles for individuals are not publicly highlighted in the sourced data, though the company account is active as [@TeraWulfInc](https://x.com/TeraWulfInc). ### Funding and Financial Position TeraWulf has secured significant funding to support its infrastructure growth. Key financial highlights include: - **Total Funding**: In December 2025, TeraWulf, in a joint venture with [[FluidStack|Fluidstack]], secured $1.275 billion for a 368 MW AI/HPC facility, backed by Google, set for completion in H1 2026 [Posts on X](https://x.com/HelloLumerin/status/2001663884470444539). Earlier funding includes a $25 million equity raise in April 2022 and incremental debt and equity commitments of $100 million in June 2022 [SEC Filing](https://investors.terawulf.com/sec-filings/all-sec-filings/content/0001157523-22-001121/a52814835ex99_1.htm). - **Market Cap and Stock Performance**: As a public company (WULF), TeraWulf’s market cap and recent stock performance data are available via financial platforms, though exact figures vary. Recent posts note volatility, with a 10% plunge reported on December 18, 2025, tied to concerns over AI capex slowdowns [Posts on X](https://x.com/SHA256News/status/2001536656403300540). - **Key Investors**: Aurelius Capital recently invested $5.1 million in WULF shares, reflecting institutional interest [Posts on X](https://x.com/SHA256News/status/2002667637973619164). - **Revenue Status**: Q3 2025 revenue surged 87% year-over-year to $50.6 million, driven by Bitcoin price rallies, mining expansion, and $7.2 million from HPC operations [Posts on X](https://x.com/Cointelegraph/status/1988132315818541314). ### Recent News and Developments | Date | Event | Details | |---------------|--------------------------------------------|-----------------------------------------------------------------------------------------------| | Dec 18, 2025 | AI/HPC Financing with [[FluidStack|Fluidstack]] | Secured $1.275 billion for a 368 MW AI/HPC facility with Fluidstack, backed by Google, for H1 2026 completion [Posts on X](https://x.com/HelloLumerin/status/2001663884470444539). | | Dec 17, 2025 | Lake Cayuga Zoning Approval | Secured zoning for a 138 MW data center in NY, expanding to 400 MW by 2027, a key derisking event [Posts on X](https://x.com/HelloLumerin/status/2003491067295928824). | | Nov 11, 2025 | Q3 Revenue Surge | Reported 87% year-over-year revenue increase to $50.6 million, driven by Bitcoin prices and HPC [Posts on X](https://x.com/Cointelegraph/status/1988132315818541314). | | Oct 28, 2025 | Q3 Financial Results | Preliminary results show strong growth from HPC hosting and mining momentum [TeraWulf Press Release](https://investors.terawulf.com/news-events/press-releases/detail/120/terawulf-reports-preliminary-third-quarter-2025-financial). | | Jan 3, 2025 | December 2024 Operations Update | Self-mined 158 Bitcoin, achieved 9.7 EH/s capacity, and secured 70 MW HPC leases with Core42 [Posts on X](https://x.com/TeraWulfInc/status/1875291599015702620). | ### Partnerships and Collaborations - **Fluidstack (AI/HPC Joint Venture)**: Secured $1.275 billion for a 368 MW facility, reinforcing TeraWulf’s pivot to AI infrastructure alongside Bitcoin mining. This partnership, backed by Google, enhances market positioning in high-demand compute sectors [Posts on X](https://x.com/HelloLumerin/status/2001663884470444539). - **Core42 (HPC Leasing)**: Leased over 70 MW of digital infrastructure for HPC at Lake Mariner, diversifying revenue streams beyond mining [Posts on X](https://x.com/TeraWulfInc/status/1875291599015702620). - **Talen Energy (Asset Sale)**: Sold a stake in a 200 MW facility for $92 million, with proceeds reinvested into AI and Bitcoin mining infrastructure, showcasing strategic capital reallocation [Posts on X](https://x.com/coingecko/status/1842050417213243833). ### New Hampshire Relevance TeraWulf’s operations, while not currently based in [[New Hampshire]], could have relevance for the state’s energy and compute needs. Its proximity to the Northeast US, with facilities like Lake Cayuga in New York, positions it within a feasible range for regional energy grid contributions, such as ISO-NE, which serves New Hampshire. The company’s focus on low-cost, sustainable power aligns with potential interest near existing infrastructure like [[Seabrook Station]], though no direct connections to nuclear energy are noted. TeraWulf’s technology readiness, with operational facilities and planned expansions by 2026-2027, could fit NH deployment timelines for data center or industrial compute loads, particularly for AI and HPC applications. This aligns with NH legislative initiatives like HB 710, which may encourage advanced energy solutions, though TeraWulf’s primary focus on Bitcoin mining might face scrutiny under energy usage policies. Potential applications include powering data centers or supporting grid stability via demand response programs. There is no direct evidence of NH-specific interest or projects, but the Northeast focus suggests possible future exploration. ### Competitive Position TeraWulf competes with other publicly traded Bitcoin miners such as [[MARA|Marathon Digital Holdings]] and [[[[Riot Platforms]]]]. Its unique advantage lies in its dual focus on Bitcoin mining and AI/HPC infrastructure, diversifying revenue as mining costs rise (e.g., $55,950 per Bitcoin in Q3 2024 per CoinShares) [Posts on X](https://x.com/Cointelegraph/status/1871458404624912394). Compared to Marathon, which focuses heavily on mining scale, TeraWulf’s HPC pivot offers resilience against crypto volatility. However, risks include high capex in AI infrastructure potentially straining finances if demand falters, a concern not as pronounced for pure-play miners like Riot. TeraWulf’s sustainable energy emphasis provides a competitive edge in regulatory-friendly markets. ### Closing Note TeraWulf is at a pivotal stage, balancing operational Bitcoin mining with a strategic shift to AI/HPC infrastructure, showing strong revenue growth and a promising yet capital-intensive trajectory. *Report generated December 24, 2025*