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TeraWulf
Capacity landlordMiner pivotNASDAQ:WULFTeraWulf is a capacity landlord that began as a bitcoin miner based in Easton, United States, founded in 2021. It is publicly listed (NASDAQ:WULF).
Capacity, contracted839 MWas disclosed
Capacity, operating102 MWonline
Market cap$6.18Bmarket cap, 9 Nov 2026
Compute deals on record9$38.9B confirmed contract value
Key facts
| Classification | Capacity landlord, miner pivotHow types are assigned |
| Status | Listed, NASDAQ:WULF |
| Headquarters | Easton, United States |
| Founded | 2021 |
| Founders | Paul Prager (Beowulf Energy)XNazar Khan (Beowulf Energy) |
| Capacity and backlog | TeraWulf reported 839 MW of contracted critical IT (102 MW operating, 737 MW under construction) and about $27 billion of contracted revenue (Q3 2026 results, 6 November 2026): 438 MW at Lake Mariner, New York, for Fluidstack (378 MW) and Core42 (60 MW), and 401 MW at the Justified Data campus in Hawesville, Kentucky, leased to Anthropic for 20 years (about $19 billion) and ready for service from late 2027 to Q2 2028. At its Muskie campus in Kentucky, contracted power was increased from 500 MW to 1,000 MW, subject to approval by the Kentucky Public Service Commission; the company reaffirmed a target of contracting 250 to 500 MW of additional critical IT capacity a year (Q3 2026 results). |
| Named customers | Anthropic, Fluidstack, Core42, Google (credit backstop) |
| Latest financing | Google credit backstop for project financing (Anthropic lease), 4 Nov 2026 |
| Investors named | Google (backstop/warrants) |
| Debt and financing | At 30 September 2026 TeraWulf had $3.03 billion of long-term debt and $2.12 billion of convertible notes (Q3 2026 results). Google backstops about $3.2 billion of Fluidstack lease obligations at Lake Mariner and provides credit support for the Hawesville project financing (4 November 2026). After the quarter TeraWulf increased its revolving credit commitments from $250 million to $400 million, and it received $250 million in cash for its 50.1% interest in the Abernathy joint venture (Q3 2026 results). |
| Website | terawulf.com |
| Profiles and work | X @TeraWulfIncLinkedInYouTubeHow links are checked, checked 10 Nov 2026 |
Compute deals and financings
| Date | Counterparty | Role | Type | Value | Capacity | Status | Source · checked |
|---|---|---|---|---|---|---|---|
| 4 Nov 2026 | Google Cloud | Buyer | Backstop | $19B | 401 MW | Confirmed | sec.gov debt financing supporting approximately $19 billion of contracted lease commitments with Anthropic, PBCchecked 9 Nov 2026 |
| 6 Jul 2026 | Anthropic | Provider | Colocation lease | $19B | 401 MW | Confirmed | sec.gov The lease is expected to generate approximately $19 billion of contracted revenue over the initial lease term.checked 9 Nov 2026 |
| 28 Oct 2025 | Fluidstack | Provider | Joint venture | $9.5B | 168 MW | Confirmed | sec.gov The 25-year hosting commitment represents approximately $9.5 billion in contracted revenue to the joint venture.checked 9 Nov 2026 |
| 28 Oct 2025 | Google Cloud | Buyer | Backstop | $1.3B | 168 MW | Confirmed | sec.gov Google backstops $1.3 billion of Fluidstack's long-term lease obligations in support of project debtchecked 9 Nov 2026 |
| 16 Oct 2025 | Morgan Stanley (sole bookrunner); 144A investors | Buyer | Debt financing | $3.2B | — | Confirmed | sec.gov has priced a $3.2 billion offering (the “Offering”) of 7.750% senior secured notes due 2030 (the “Notes”) at par.checked 9 Nov 2026 |
| 18 Aug 2025 | Fluidstack | Provider | Colocation lease | $6.7B | 160 MW | Confirmed | sec.gov Represents $6.7 Billion in Contracted Revenue, with Potential to Reach $16 Billion with Lease Extensionschecked 9 Nov 2026 |
| 14 Aug 2025 | Fluidstack | Provider | Colocation lease | $3.7B | 200 MW | Confirmed | sec.gov The agreements represent approximately $3.7 billion in contracted revenue over the initial 10-year termschecked 9 Nov 2026 |
| 14 Aug 2025 | Google Cloud | Buyer | Backstop | $1.8B | 200 MW | Confirmed | |
| 23 Dec 2024 | Core42 (G42) | Provider | Colocation lease | undisclosed | 60 MW | Confirmed | investors.terawulf.com Critical IT capacity is as follows: 2 MW for the Wulf Den, 16 MW for CB-1, and 42 MW for CB-2.checked 9 Nov 2026 |
Latest posts on X
The most recent posts from @TeraWulfInc, the X account of TeraWulf, quoted as posted. Replies and reposts are left out. How posts are selected.
Building the infrastructure of tomorrow means investing in the communities of today. Together with @AnthropicAI, we’re proud to support local first responders in Hancock County through the donation of new fire trucks. As we advance the development of our sites, our commitment extends beyond the infrastructure we build to the people and communities that make that progress possible - because meaningful progress isn’t measured only by what we build, but by the impact we leave behind. This is how we roll 🐺 $WULF
View the post on X · With 1 image
Join us for our Third Quarter 2026 Earnings Call, starting soon at 8 am ET 🐺 investors.terawulf.com/news-events/ir-cal…
ICYMI this weekend: our CEO @PaulBPrager joined Liz Claman on Fox Business to break down why $WULF is fundamentally different from the #neocloud model. The discussion covered WULF's energy-first infrastructure strategy, long-term contracted cash flows, investment-grade counterparties, and the 20-year agreement with @AnthropicAI in Kentucky. His core point: WULF isn’t taking risk on the GPU or TPU. We secure the power, build the infrastructure, and deliver the capacity. Which is really a modern version of what our team has been doing for the past 30 years. Watch the full interview below…
Read the full post on X · With video
checked 10 Nov 2026
Is TeraWulf publicly traded?
Yes. TeraWulf is listed as NASDAQ:WULF. Its market capitalisation was $6.18B on 9 Nov 2026. Company filings are the primary source for its capacity, backlog and debt figures.
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Other capacity landlords on the ledger
| Company | Status | Contracted | Operating | Valuation / market cap |
|---|---|---|---|---|
| RRiot Platforms | NASDAQ:RIOT | 1.15 GW | — | $6.63B |
| GGalaxy Digital | NASDAQ:GLXY | 526 MW | 133 MW | $5.67B |
| HHut 8 | NASDAQ:HUT | 949 MW | — | $6.84B |
| AApplied Digital | NASDAQ:APLD | 1.41 GW | 250 MW | $5.06B |
| CCore Scientific | NASDAQ:CORZ | 1.1 GW | 485 MW | $4.1B |
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