WULF

1. Entity Frequency and Category Focus

Sustained pivot from bitcoin self‑mining toward AI/HPC hosting, financed by larger, lower‑coupon convertibles and anchored by new hyperscale‑grade customers.

Increase in Organizations

Fluidstack

• Appears repeatedly in Aug 2025 with 200+ MW 10‑year hosting agreements and a 160 MW CB‑5 lease at Lake Mariner; total contracted load ~360 MW after CB‑5.Shift observed: Emergence as a cornerstone AI/HPC customer driving multi‑year visibility.

Google

• Provides $1.4 billion incremental backstop (total $3.2 billion pro forma) to support project debt; receives 32.5 million warrants; ~14% pro forma equity.Shift observed: Strategic capital support and alignment, de‑risking tenant financing and signaling ecosystem validation.

Cayuga Operating Company LLC

• Long‑term (80‑year) ground lease for the Cayuga site (Lansing, NY) enabling up to 400 MW digital infrastructure with 138 MW low‑cost, predominantly zero‑carbon power.Shift observed: Expansion of developable power/capacity footprint beyond Lake Mariner.

Core42 (G42)

• Continues as an AI/HPC customer (72.5 MW delivery plus options); fewer mentions in Aug 2025 versus Fluidstack/Google.Shift observed: Remains important but relatively less prominent than Fluidstack/Google in latest releases.

Increase in Financial Terms

$1.0 billion 1.00% Convertible Senior Notes due 2031

• Upsized from $400 million proposed to $850 million priced, then to $1.0 billion with greenshoe fully exercised; net proceeds ~$975.2 million; capped calls funded $100.6 million with cap price $18.76 (100% premium to $9.38).Shift observed: Larger, lower‑coupon capital stack to fund accelerated AI/HPC buildout and hedge dilution via capped calls.

Contracted revenue: $6.7 billion to up to $16 billion

• Aug 14: ~$3.7 billion contracted (potential $8.7 billion) from Fluidstack; Aug 18: $6.7 billion contracted (potential up to $16 billion) with CB‑5.Shift observed: Rapid escalation in long‑term revenue commitments tied to incremental capacity/leasing.

Increase in Products and Technologies

AI‑optimized, liquid‑cooled HPC infrastructure (CB‑1/CB‑2/CB‑3/CB‑4/CB‑5)

• New CB‑5 (160 MW) for high‑density, liquid‑cooled workloads; campus features dual 345 kV lines, sustainable/closed‑loop water cooling, Tier‑3‑like redundancy, ultra‑low‑latency connectivity.Shift observed: Scale and technical sophistication rising to attract/retain hyperscale AI tenants.

Increase in Locations

Lake Mariner (Western NY) and Cayuga (Lansing, NY)

• Lake Mariner: ~360 MW contracted for Fluidstack post CB‑5; Cayuga: 80‑year lease to unlock 400 MW potential, $0.05/kWh power target plus planned 67 MW solar and 800 MWh storage.Shift observed: Concentration of growth in Upstate NY with abundant, low‑carbon power and grid interconnection advantages.

People (Executive/Operator Visibility)

Paul Prager, Nazar Khan, Patrick Fleury, Sean Farrell, Kerri Langlais

• Frequent mentions tied to strategy, operations, capital markets, and development.Shift observed: Stable leadership cadence; operations bench (COO) visibly engaged as AI/HPC scales.

2. New vs. Receding Entities

New Entities

Fluidstack

• 200+ MW 10‑year hosting + 160 MW CB‑5 lease; ~360 MW total contracted load at Lake Mariner.Shift observed: Key AI customer underpinning multi‑year revenue pipeline.

Google

• $1.4 billion incremental backstop (total $3.2 billion) and warrants; ~14% pro forma equity.Shift observed: Strategic financing partner, lowering counterparty/financing risk for projects.

Cayuga Operating Company LLC / Riesling Power / CBRE Capital Advisors, Inc.

• Entities linked to the Cayuga expansion and financing advisory.Shift observed: Institutionalizes site expansion and funding pathways.

2031 Convertible Notes (1.00%)

• Supersede prior focus on 2030 notes; larger size, lower coupon, deeper capped call.Shift observed: Optimized cost of capital for growth.

Receding Entities

Nautilus Cryptomine / Talen Energy

• Monetized 25% JV stake for $92 million in late 2024; fewer mentions in 2025 updates.Shift observed: Capital recycled from legacy mining JV to AI/HPC growth.

Bitmain S19/S21 miner models

• Still referenced but less central in 2025 narrative versus AI/HPC facilities.Shift observed: Mining remains, but messaging pivots toward AI hosting.

2030 Convertible Notes (2.75%)

• Still outstanding (~$500 million debt noted mid‑2025), but overshadowed by 2031 issuance.Shift observed: Liability stack extended/augmented with cheaper paper.

3. Financial and Quantitative Shifts

Increased/Reduced Capital Raising

$1.0 billion 1.00% Convertible Senior Notes due 2031

• Net proceeds ~$975.2 million; capped calls funded $100.6 million at $18.76 cap; conversion price ~$12.43 (32.5% premium).Shift observed: Material liquidity to fund data center expansion with managed dilution risk.

Increased/Reduced Contracted Revenue

Fluidstack/Google‑linked AI hosting contracts

• Contracted revenue to $6.7 billion, potential up to $16 billion with extensions (Aug 18); supersedes prior ~$3.7 billion and ~$8.7 billion (Aug 14).Shift observed: Step‑function improvement in revenue visibility; reduces reliance on bitcoin price cycles.

Increased/Reduced Capacity and Project Pipeline

Lake Mariner CB‑5 (160 MW) and total ~360 MW for Fluidstack; Cayuga 400 MW potential

• CB‑5 operations targeted second half 2026; Cayuga power 138 MW with $0.05/kWh target; AI/HPC footprint expanding rapidly.Shift observed: Multi‑site runway for scale; power price discipline preserved.

Increased/Reduced Liquidity and Leverage

Cash and debt trajectory

• Q2 2025: cash $90.0 million, working capital $(52.2) million, total debt ~$500 million (2030 notes); subsequent 2031 notes add $1.0 billion principal.Shift observed: Near‑term liquidity tightness addressed by Aug 2025 raise; leverage elevated but partly offset by capped calls and contracted NOI.

Increased/Reduced Mining Economics

Self‑mined BTC and power costs

• Q2 2025: 485 BTC mined; power cost per BTC $45,555 (vs $22,954 Q2 2024); Q1 2025 cost per BTC $66,084.Shift observed: Mining cost inflation and lower output underscore rationale for AI/HPC mix shift.

Ambiguities flagged:* Q1 2025 power price reported as $0.801/kWh appears inconsistent with other disclosures (~$0.042–$0.078/kWh). Likely a decimal or extraction error.* “Expected Site NOI Margins: 85% (implies ~$315 million annually)” is context‑light; the implied dollar figure may assume a specific base not fully detailed.

4. Product/Technology Development

AI/HPC Campus Buildout: CB‑1, CB‑2, CB‑3, CB‑4, CB‑5; WULF Den; Liquid Cooling; Tier‑3‑like Redundancy

• CB‑1 (20 MW) and CB‑2 (50 MW): initial AI/HPC builds; delivery for Core42 and expansion for Fluidstack.
• CB‑5 (160 MW): purpose‑built for high‑density, liquid‑cooled AI workloads; dual 345 kV lines; sustainable/closed‑loop water cooling; ultra‑low‑latency networking.
• WULF Den: POC for GPU‑dense hosting; informs larger builds.
• Power/cooling stack aligned to GPU clusters (Dell IR5000, PowerEdge XE9680L noted with Core42).Shift observed: Rapid standardization on liquid‑cooled, high‑density AI architectures to capture hyperscale demand; technology narrative now central vs. ASIC‑only mining.

5. Relational Changes Between Entities

Customer Leases and Capacity Commitments

TeraWulf Inc. – Fluidstack

• 200+ MW, 10‑year AI hosting plus CB‑5 (160 MW); total contracted load ~360 MW at Lake Mariner.Shift observed: Anchor AI customer underpinning multi‑year utilization.

Strategic Financing/Support

TeraWulf Inc. – Google

• $1.4 billion incremental backstop (total $3.2 billion pro forma) for project debt; 32.5 million warrants; ~14% pro forma equity.Shift observed: De‑risks financing and signals strategic validation; introduces equity‑linked upside for Google.

Site Control and Power Enablement

TeraWulf Inc. – Cayuga Operating Company LLC

• 80‑year ground lease; 400 MW digital infrastructure potential; 138 MW low‑cost power; plan for 67 MW solar and 800 MWh storage.Shift observed: Secures long‑duration development runway with attractive power economics.

Portfolio Optimization

TeraWulf Inc. – Talen Energy/Nautilus Cryptomine

• Monetized 25% Nautilus JV stake for $92 million (late 2024).Shift observed: Reallocates capital from legacy mining JV to AI/HPC growth.

Capital Markets and Hedging

TeraWulf Inc. – Initial Purchasers/Option Counterparties

• $1.0 billion 2031 convertible notes under Rule 144A; capped call counterparties at $18.76 cap.Shift observed: Lower‑coupon funding with structured dilution management aligned to higher share price thresholds.