WULF

High-Performance Computing and Data Center Infrastructure Expansion

Cluster Description

This cluster groups commitments related to expanding, financing, and operationalizing HPC and data center assets. It includes capacity build‐outs, customer and lease initiatives, and advanced infrastructure developments. More recent commitments (e.g. from May 2025) update and supersede earlier details regarding facility buildout and leasing.

Commitments

• (2025‑05‑05) Expand the Lake Mariner Facility to support both bitcoin mining and HPC workloads—with near‐term capacity upgrades targeting up to 500 MW (and potential extension to 750 MW).
• (2025‑05‑05) Deliver 72.5 MW of HPC colocation capacity under a data center lease agreement with Core42, with revenue recognition as data halls become operational in 2025.
• (2025‑05‑09) Deploy 72.5 MW of gross HPC hosting infrastructure to Core42 as part of a broader scalable HPC buildout scheduled for completion during 2025.
• (2025‑05‑09) Secure additional HPC customers to achieve 200–250 MW operational capacity by year‑end 2026.
• (2025‑05‑09) Initiate financing for the initial HPC data center buildout, a critical step to fund the company’s expansion initiatives.
• (2025‑05‑09) Scale liquid‑cooled HPC infrastructure—including dedicated buildings (CB‑1 and CB‑2 scheduled for Q3 and Q4 2025)—and actively pursue leasing additional HPC hosting capacity at Lake Mariner.

Bitcoin Mining Operations & Efficiency Improvement

Cluster Description

This cluster encompasses commitments focused on bitcoin mining capacity enhancements and operational efficiency improvements. It includes facility energization, miner optimization programs, and sustainable mining operations. Recent milestones in 2025 build on and update earlier infrastructure and efficiency initiatives.

Commitments

• (2025‑05‑09) Complete energization of Miner Building 5, increasing total mining capacity to 245 MW and achieving a self‑mining hash rate of 12.2 EH/s.
• (2025‑05‑09) Optimize the self‑mining platform immediately post‑energization to improve operational efficiency and Bitcoin production.
• (2025‑05‑09) Continue to maximize the value of megawatts through scalable, sustainable infrastructure—supporting leadership in sustainable bitcoin mining following Miner Building 5’s energization.

Financial Strategy & Capital Allocation

Cluster Description

This cluster collects commitments focused on managing capital, funding expansion, and enhancing shareholder value through financial instruments such as convertible notes, share repurchase programs, and strategic debt management. Recent 2025 initiatives align with and, in some cases, supersede earlier financing and share repurchase announcements.

Commitments

• (2025‑05‑09) Return capital to shareholders through a stock repurchase program—$33 million repurchased in 2025 as part of a $200 million common stock repurchase authorization.
• (2025‑02‑28) Execute strategic asset monetization and a share repurchase program to enhance financial flexibility; prior commitments totaling approximately $200 million in share repurchases are reaffirmed.
• (2024‑10‑25 to 2024‑10‑23) Raise funds via convertible notes offerings (across multiple documents) to support capped call transactions, share repurchases, strategic acquisitions, and expansion of data center infrastructure—all integral to the company’s capital allocation strategy.
• (2024‑11‑12 and earlier) Previous share repurchase and debt reduction initiatives provide foundational support; these have been updated by the more recent 2025 commitments.

Sustainability & Energy Efficiency Initiatives

Cluster Description

Commitments in this cluster relate to operating using predominantly clean, zero‑carbon energy sources and improving environmental performance. The sustainability agenda spans both bitcoin mining and broader digital infrastructure operations. Recent statements update and strengthen the company’s zero‑carbon operating targets.

Commitments

• (2025‑05‑05) Operate predominantly on zero‑carbon energy sources by sourcing 100% of power from a Zone A grid known for low‑cost, zero‑carbon energy—ensuring environmentally responsible operations.
• (2024‑11‑14 and earlier) Earlier commitments to sustainable bitcoin mining and energy efficiency continue, with targets to drive long‑term sustainability within data center and mining operations.
• (2024‑08‑14) Maintain a commitment to sustainable energy practices with an emphasis on using zero‑carbon energy (with current operations running at approximately 95% zero‑carbon).

Corporate Restructuring, Acquisitions & Leadership

Cluster Description

This cluster includes commitments aimed at strategic corporate restructuring, acquisitions, and enhanced leadership to support integrated operations and accelerated growth. Recent acquisitions and leadership appointments update earlier restructuring strategies.

Commitments

• (2025‑05‑27) Acquire Beowulf Electricity & Data LLC to streamline the corporate structure, enhance operational efficiency, eliminate related‑party disclosures, and improve access to capital markets—the most recent commitment supersedes earlier integration details.
• (2025‑05‑09) Pursue full integration of Beowulf into TeraWulf, further streamlining operations and aligning incentives, though note that the acquisition announcement from 2025‑05‑27 serves as the definitive update.
• (2024‑11‑21) Appoint Sean Farrell as Chief Operating Officer to enhance operational excellence and drive the expansion of HPC and AI data center capabilities.

Investor Relations & Stakeholder Communication

Cluster Description

This cluster brings together commitments focused on transparent communication, investor engagement, and proactive financial disclosures. These initiatives ensure consistent dialogue with stakeholders and reflect the company’s commitment to effective capital market communication.

Commitments

• (2024‑10‑29) Conduct an earnings conference call (scheduled for November 12, 2024) to transparently communicate financial results, ensuring stakeholders are well informed.
• (2024‑08‑01) Announce additional earnings conference calls (e.g. for Q2 2024), reinforcing the commitment to open investor dialogue.
• (2024‑10‑16) Appoint John Larkin as Director of Investor Relations to enhance investor engagement and communication effectiveness as the company executes its growth plans.