WULF

HPC & Data Center Expansion and Digital Infrastructure

Cluster Description

This cluster includes commitments related to expanding and building high-performance computing (HPC) capacity, data center lease agreements, digital infrastructure buildouts, and technological enhancements. In cases where similar commitments appear across documents, the most recent version (e.g., from August 2025) is used to update or override earlier details.

Commitments

• 2025-08-08: Deliver 72.5 MW of gross HPC hosting infrastructure to Core42, with plans for revenue recognition from HPC hosting starting in Q3 2025 and further expansion targeting 200–250 MW by the end of 2026.
• 2025-05-05: Expand Lake Mariner Facility’s capacity to support HPC workloads, including delivery of 72.5 MW HPC colocation capacity and building out advanced supporting infrastructure (e.g., liquid cooling systems and Tier 3 redundancy).
• 2025-05-09: Initiate HPC infrastructure buildout efforts, secure additional HPC customers for 200–250 MW operational capacity, and begin financing processes for the HPC data center buildout.
• 2025-03-03: Secure and expand HPC hosting capacity at Lake Mariner with an initial 72.5 MW allocation and plans for further digital infrastructure investments, including a long-term data center lease with Core42.
• 2025-02-28: (Q4 2024 results) Execute long-term data center lease agreements for 72.5 MW and drive artificial intelligence–driven HPC hosting initiatives targeting 100–150 MW annually under extended contracts.
• 2024-12-23: Commit to delivering over 70 MW of turn-key data center infrastructure for G42’s Core42 operations, coupled with customizing data halls for GPU clusters and long-term lease arrangements.
• 2024-11-14: Launch a digital infrastructure and third-party colocation initiative to support HPC workloads with plans for construction of colocation facilities, anticipated expansion of data center capacity (approximately 178 MW additional capacity), and execution of new ground leases.
• 2024-10-04 & 2024-10-03: Construct and secure long-lead items for the 20 MW CB-1 facility (with a follow-on CB-2 facility of 50 MW) at Lake Mariner to support HPC/AI workloads.

Bitcoin Mining & Mining Infrastructure Enhancement

Cluster Description

This cluster covers commitments focused on bitcoin mining operations, including asset buildouts, miner refresh programs, capacity expansions, operational improvements, and integration of mining facilities. More recent commitments (e.g., energizing Miner Building 5 and optimization initiatives) supersede earlier iterations where applicable.

Commitments

• 2025-05-09: Complete the energization of Miner Building 5, increasing total capacity to 245 MW and achieving a hash rate of 12.2 EH/s, as part of the strategy to boost self-mining capabilities.
• 2025-05-09: Optimize the self-mining platform following the energization, aimed at enhancing operational efficiency and Bitcoin production.
• 2025-01-03: Proceed with construction of Miner Building 5 (MB-5) targeting mid Q1 2025 completion, contributing to increased bitcoin mining capacity (noting earlier targets of approximately 195 MW capacity).
• 2024-12-03 & 2024-10-03: Advance miner refresh programs—including the replacement of legacy mining equipment (S19 XP models) and restoration initiatives—to improve hash rate and operational efficiency.
• 2024-09-04: Finalize projects such as the completion of the 2 MW ‘WULF Den’ proof-of-concept and maintain overall operational mining infrastructure capacity, while engaging in demand response activities to optimize power costs.

Financing, Capital Allocation, and Share Repurchase Initiatives

Cluster Description

This cluster comprises commitments related to financial strategy including capital raising through convertible notes, designated share repurchase programs, debt elimination, and overall capital allocation measures to support both operational growth and shareholder value. In instances of duplicate programs, the most recent directives (e.g., from 2025 and late 2024 offerings) take precedence.

Commitments

• 2025-05-09 & 2025-03-03: Initiate financing for expansion projects, including a target of approximately $300 million in project financing for the HPC data center buildout.
• 2025-02-28 & 2024-11-12: Execute strategic share repurchase programs with commitments running through December 2025 (up to $200 million), including repurchases that have been executed in stages (e.g., $33 million repurchased in 2025).
• 2024-10-25, 2024-10-24, 2024-10-23 & 2024-10-16: Complete convertible senior notes offerings (ranging from $350 million to $425 million) with associated use of proceeds for share repurchases, capped call transactions, and general corporate purposes, as well as implementing measures to mitigate dilution.
• 2024-11-12 & 2024-08-12: Focus on overall capital allocation through initiatives including a capital raise (e.g., securing $500 million in convertible notes financing) and elimination of legacy debt to support long-term strategic flexibility.

Sustainability, Environmental, and Energy Efficiency

Cluster Description

This cluster captures the company’s commitments to enhancing sustainability and energy efficiency, such as transitioning to zero-carbon energy sources, engaging in demand response programs, and optimizing power capacity utilization. Newer commitments update earlier versions by reinforcing sustainable practices aligned with operational expansion.

Commitments

• 2025-05-05 & 2024-11-14: Operate predominantly on zero-carbon energy sources to support both bitcoin mining and HPC operations, reinforcing TeraWulf’s environmentally responsible strategy.
• 2025-08-08: Secure interconnection approval to draw 500 MW (with plans to increase to 750 MW) from the grid, ensuring scalability while managing environmental impacts.
• 2025-05-09 & 2024-08-14: Enhance participation in demand response programs to optimize energy consumption and reduce power costs, with specific initiatives recording curtailments and expected cost savings.
• 2024-10-03 & 2024-09-04: Commitment to sustainable energy practices underpins the redeployment of resources and the operational target to integrate sustainable, low-cost, and zero-carbon energy approaches across facilities.

Corporate Development, Investor Relations, and Strategic Integration

Cluster Description

This cluster includes commitments that drive corporate strategic development, such as acquisitions, executive appointments, cost guidance, and investor outreach programs. These initiatives are designed to streamline operations, improve governance, and position the company for long-term growth. Where integration or new appointments occur, these supersede previously standalone initiatives.

Commitments

• 2025-05-27: Acquire Beowulf Electricity & Data LLC to streamline corporate structure, enhance operational efficiency, and improve investor appeal by eliminating related-party structures.
• 2024-11-21 & 2024-10-16: Enhance corporate leadership and investor engagement through key appointments (e.g., Chief Operating Officer Sean Farrell and Director of Investor Relations John Larkin) to drive operational excellence and transparent communications.
• 2025-01-03 & 2024-11-12: Maintain robust cost guidance and strategic growth initiatives, including capital raising efforts and debt elimination (e.g., elimination of legacy term loan debt as of late 2024) to maximize shareholder value.
• 2024-10-10 & 2024-10-04: Formalize long-term strategic partnerships via ground lease agreements (e.g., a new 35-year plus optional extension lease at Lake Mariner) and data center lease agreements, securing stable revenue streams to underpin future expansion.