TeraWulf Inc. is an American digital infrastructure company that develops, owns, and operates vertically integrated data centers powered by sustainable energy sources. The company's business is centered on two main areas: proprietary bitcoin mining and providing hosting services for high-performance computing (HPC) and artificial intelligence (AI) applications. ^{[4] [6]}

Overview

TeraWulf positions itself as an energy infrastructure company applying its expertise to the development and operation of data centers. ^[6] Headquartered in Easton, Maryland, the company's strategy is built on a vertically integrated model, which it presents as a key competitive advantage. This approach involves designing, building, and operating its own facilities, giving it significant control over its infrastructure and access to power. The company's stated mission is to

"design, build, and operate state-of-the-art infrastructure that fuses advanced computing technologies with sustainable energy." ^[4]

A core element of TeraWulf's identity is its focus on utilizing low-cost, low-carbon power sources, aiming to lead in what it terms the "global energy transition." ^[4] This "energy-first" approach is rooted in the background of its leadership, which includes experience in the independent power producer (IPP) sector. The company emphasizes that its combination of access to prime locations with sustainable power, deep energy expertise, and full vertical integration makes it a notable entity in the digital infrastructure field. An associate of the company, identified as Nazarkhan, stated,

"TeraWulf has built something that’s hard to replicate. Access to prime sites with low-cost, low-carbon power, decades of energy and infrastructure expertise, and full vertical integration... That combination makes us leaders in digital infrastructure." ^[6]

TeraWulf is a publicly traded company listed under the stock ticker symbol WULF. ^[4]

History

The company's corporate social media presence was established in June 2021 with the creation of its official X (formerly Twitter) account. ^[6] In early 2025, TeraWulf engaged in a series of corporate communications related to its financial performance and industry presence. On January 14, 2025, the company announced its planned participation in upcoming investor and industry conferences. This was followed by a February 19 announcement scheduling a conference call to review its financial results for the fourth quarter and full fiscal year of 2024. The company officially reported these results on February 28, 2025. On March 24, 2025, TeraWulf announced its participation in additional industry events. ^[4]

Later in 2025, the company's public communications shifted to highlight its operational developments and strategic focus on the AI and HPC sectors. On September 17, 2025, TeraWulf shared a testimonial from a senior project manager at its customer, Core42.ai, related to a facility collaboration. On September 22, CEO Paul B. Prager appeared on the CNBC program "Power Lunch" to discuss the energy requirements of the growing AI industry. The following day, on September 23, 2025, the company provided a public construction update on its CB-2 facility, which is being developed to support HPC and AI applications. ^[6]

Business Model and Segments

TeraWulf's operations are structured into two primary business segments that leverage its integrated infrastructure. ^[4]

WULF Mining

This segment encompasses the company's proprietary bitcoin mining operations. TeraWulf utilizes its own data center infrastructure and power resources to mine bitcoin for its own account. This vertical integration allows the company to manage operational costs and efficiencies directly, from power procurement to computational output. ^[4]

WULF Compute

The WULF Compute division focuses on providing data center solutions and hosting services for external clients, particularly in the high-growth sectors of High-Performance Computing (HPC) and Artificial Intelligence (AI). This segment capitalizes on the increasing demand for computational power from these industries by offering its sustainably powered infrastructure as a service to other companies. ^{[4] [6]}

Technology and Infrastructure

The company's core competency lies in the development and management of large-scale, energy-efficient data center infrastructure. Its strategy emphasizes the fusion of advanced computing technology with sustainable and reliable energy sources. ^[4]

Sustainable Energy Focus

A primary differentiator for TeraWulf is its stated commitment to powering its facilities with sustainable, low-carbon energy. The company's public messaging frequently highlights its goal of operating "sustainably powered data centers" and its role in the broader energy transition. This focus is intended to provide a low and stable cost of power, which is a critical input for energy-intensive operations like bitcoin mining and HPC. By securing access to these power sources, the company aims to achieve a competitive advantage in operational costs and environmental impact. ^{[4] [6]}

Facilities

TeraWulf operates and develops multiple data center sites in the United States.

CB-2 Facility

As of September 2025, TeraWulf's CB-2 facility was under construction. The company announced that this expansion is planned to add an additional 50 MW of gross capacity to its portfolio. The infrastructure at the CB-2 site is specifically designed to support the demanding power and cooling requirements of HPC and AI applications. ^[6]

Upstate New York AI Facility

TeraWulf has also developed a dedicated AI facility in Upstate New York. This data center was built in partnership with its customer, Core42.ai, to meet their specific HPC and AI infrastructure needs. The company has shared video tours and testimonials related to this facility, showcasing its capabilities in building custom solutions for clients in the AI sector. ^[6]

Team

The leadership team at TeraWulf includes individuals with backgrounds in the energy and power development sectors.

Paul B. Prager serves as the Chief Executive Officer (CEO) of TeraWulf. He has described himself as a "former IPP guy," referencing his experience in the Independent Power Producer industry, which focuses on developing and operating power generation facilities. Prager acts as a public spokesperson for the company, articulating its strategy and vision. In a September 2025 appearance on CNBC, he commented on the unique qualifications of companies with energy backgrounds to meet the infrastructure demands of AI, stating, "On a long-term basis, there's nobody better at developing power facilities than the United States - particularly former IPP guys like TeraWulf." ^[6]

Partnerships

TeraWulf collaborates with companies in the AI and HPC industries, providing them with data center infrastructure. Its most prominently mentioned customer is Core42.ai, an AI and HPC company associated with the entity G42. The partnership involved TeraWulf building a dedicated AI facility for Core42.ai in Upstate New York. In September 2025, TeraWulf promoted this collaboration by sharing a testimonial from Doug Colvin, a Senior Project Manager at Core42.ai. ^[6]

Financial Information

TeraWulf Inc. is a publicly traded company, and its shares are listed on the stock market under the ticker symbol WULF. The company maintains a dedicated investor relations portal that provides financial information, corporate presentations, and tools such as a "Cost-to-Mine Calculator" for investors. TeraWulf regularly reports its financial results and provides operational updates through press releases and conference calls, as demonstrated by its announcements in early 2025 regarding its fourth quarter and full-year 2024 earnings. ^[4]

In September 2025, reports revealed that TeraWulf is seeking $3 billion in debt financing to expand its Bitcoin mining and data center operations. The financing effort is being arranged by Morgan Stanley and could begin as early as October. This move highlights TeraWulf’s ambitions to scale its infrastructure and strengthen its position in the competitive Bitcoin mining industry.

The company’s pursuit of such a large-scale capital raise underscores growing demand for energy-intensive mining operations and the strategic role of institutional partners in supporting expansion within the crypto sector. ^[7]