WULF

1. Entity Frequency and Category Focus

Increase in Organizations

Fluidstack

• Prominent across August–October 2025 via a 168 MW AI compute joint venture and expanded leases at Lake Mariner (CB-3/CB-4, new CB-5).
• Contracted revenue tied to Fluidstack deployments increased from approximately $3.7 billion (Aug 14) to $6.7 billion (Aug 18), and to $9.5 billion in JV contracted revenue (Oct 28/29).Shift observed: Core customer anchor for AI/HPC growth; multi-year, multi‑site expansion visibility.

Google (Google LLC)

• Backstopping Fluidstack obligations: increased support from $1.8 billion (Aug 14) to $3.2 billion pro forma (Aug 18), plus additional $1.3 billion backing for the 168 MW JV (Oct 28).
• Provided pledged warrants as collateral for $3.2 billion senior secured notes (Oct 14/16).Shift observed: Elevated strategic and credit support, reducing counterparty financing risk and improving project bankability.

WULF Compute LLC; La Lupa Data LLC; Akela Data Holdings LLC; Akela Data LLC

• Introduced/featured as obligors/guarantors in the $3.2 billion 7.750% senior secured notes due 2030 (Oct 14/16).Shift observed: Expanded financing stack anchored at asset-level subsidiaries to fund large-scale data center expansion.

Nasdaq; Globe Newswire; Qualified Institutional Buyers (QIBs)

• Recurrent in all financing releases (Aug–Oct 2025), including Rule 144A deals.Shift observed: Continued reliance on private institutional markets for rapid balance sheet scaling.

Increase in People

Patrick Fleury (CFO); Paul Prager (CEO); César Maklary (Fluidstack President)

• Frequent spokespersons across results and partnership/JV announcements.Shift observed: Management and partner leadership visibility aligned with financing and HPC expansion milestones.

Increase in Locations

Abernathy, Texas; Lake Mariner (Barker, New York); Easton, Maryland

• Abernathy introduced as a new data center campus funded by recent convertibles (Oct 29/31).
• Lake Mariner remains the hub for AI‑optimized builds including CB‑3/CB‑4 and CB‑5 (160 MW), with repositioning to HPC workloads (Oct 28).Shift observed: Dual‑campus scale‑out strategy (NY + TX) with TX as incremental growth vector.

Increase in Financial Terms

$3.2 billion 7.750% senior secured notes due 2030

• Par pricing; first‑priority liens; collateral includes Fluidstack lockbox and pledged Google warrants (Oct 14/16).Shift observed: Significant leverage addition to fund Lake Mariner expansion.

$1.025 billion 0.00% Convertible Senior Notes due 2032

• Closed at $1.025 billion (including $125 million option) with net proceeds of approximately $999.7 million (Oct 31); initial pricing at $900 million with 37.5% premium; conversion rate 50.1567 shares per $1,000 (implied $19.9375 price) (Oct 29).Shift observed: Non‑cash coupon capital to fund Abernathy build; potential future dilution tied to stock performance.

Increase in Products and Technologies

High‑Performance Computing (HPC) hosting; AI compute; Liquid‑cooled GPU clusters

• Lake Mariner repositioned for HPC; 168 MW JV for next‑gen GPUs; delivery target in H2 2026 (Oct 28/29).Shift observed: Clear pivot from bitcoin‑centric operations to AI/HPC data center platform at multi‑hundred‑MW scale.

2. New vs. Receding Entities

New Entities

Abernathy, Texas (Data Center Campus)

• Convertible proceeds earmarked for construction (Oct 29/31).Shift observed: New growth site enabling geographic diversification and incremental MW growth.

WULF Compute LLC; La Lupa Data LLC; Akela Data Holdings LLC; Akela Data LLC

• Financing entities/guarantors in the secured notes structure (Oct 14/16).Shift observed: Financing architecture optimized for project‑level collateralization.

Fluidstack USA I Inc. (designated lockbox account)

• Part of collateral package for $3.2 billion secured notes (Oct 14/16).Shift observed: Structured cash sweep mechanisms signaling lender protections.

Receding Entities

Nautilus Cryptomine

• Material in 2024–H1’25 filings and transactions; absent from the most recent October releases.Shift observed: Reduced emphasis as HPC/AI hosting relationships take precedence.

Core42 / G42; Dell

• Key in 2024–early 2025 HPC announcements; limited/no mention in late‑October 2025 financings and JV update.Shift observed: Focus shifted toward Fluidstack/Google‑backed deployments.

Capped Call Transactions

• Prominent in 2025‑Aug 1.00% 2031 converts; not present in 0.00% 2032 converts (Oct).Shift observed: Changed convert structure implies different dilution management approach.

Bitcoin‑specific Entities (miners/models)

• Frequent in earlier filings; minimal presence in latest October releases.Shift observed: Strategic communication pivots to AI/HPC capacity and financing.

3. Financial and Quantitative Shifts

Increased/Reduced Capital Structure and Liquidity

$3.2 billion 7.750% senior secured notes (due 2030)

• Par pricing; collateralized by first‑priority liens and pledged Google warrants; closing expected Oct 23 (Oct 16).Shift observed: Higher fixed‑rate interest burden for growth capex; enhances near‑term funding certainty but elevates leverage risk.

$1.025 billion 0.00% Convertible Notes (due 2032)

• Net proceeds approximately $999.7 million; 37.5% conversion premium; initial conversion price ~$19.94 (Oct 29/31).Shift observed: Non‑cash coupon reduces immediate cash outflow; potential dilution if shares exceed conversion thresholds; redemption permitted if stock ≥130% of conversion price for 20/30 days.

Revenue and Profitability Trajectory

Quarterly Revenue and EBITDA

• Q3’25 preliminary revenue $48–$52 million vs. Q3’24 $27 million; Adjusted EBITDA $15–$19 million vs. $6 million (Oct 28).Shift observed: Accelerating top‑line and EBITDA as HPC contracts ramp.

Contracted Capacity and Revenue

Contracted critical IT load

• Now >510 MW with goal to add 250–500 MW per year (Oct 28/29/31).Shift observed: Visible multi‑year capacity pipeline supports sustained growth narrative.

AI Compute JV with Fluidstack

• 168 MW JV; $9.5 billion contracted revenue over 25 years; $1.3 billion Google lease‑backing; 51% WULF ownership; next ~168 MW option (Oct 28/29).Shift observed: Long‑duration, investment‑grade‑backed cash flow profile; staged delivery H2’26 introduces construction and timing risk.

Bitcoin Mining Economics (context, older period)

Self‑mining and costs

• Earlier 2025 filings show high power cost per BTC and declining mined volume; minimal presence in latest releases.Shift observed: Diminishing reliance on BTC economics; strategic re‑weighting toward contracted HPC hosting.

4. Product/Technology Development

HPC/AI Hosting Platform (Lake Mariner, Abernathy; CB‑3/CB‑4/CB‑5; JV GPU Clusters)

• Lake Mariner repositioned to HPC hosting; CB‑5 adds 160 MW liquid‑cooled, high‑density workloads; dual 345 kV lines and sustainable water cooling (Aug 18; Oct 28).
• JV introduces next‑gen GPU clusters for foundation models; H2’26 delivery target; AI compute/HPC infrastructure scaled to multi‑hundred MWs (Oct 28/29).
• Abernathy campus construction funded by 2032 converts expands geographic redundancy and capacity headroom (Oct 29/31).Shift observed: Company transitions to a vertically integrated, low‑carbon AI/HPC data center developer/operator with long‑tenor, contracted revenue streams; execution risk centers on delivery schedules, supply chain (GPUs, electrical/mechanical), and interconnection timelines.

5. Relational Changes Between Entities

Strategic JV and Long‑Term Hosting

TeraWulf – Fluidstack – Google

• 168 MW AI compute JV (WULF 51%); $9.5 billion contracted revenue over 25 years; $1.3 billion Google backing for Fluidstack leases; option for next ~168 MW; no WULF equity/warrants issued for JV (Oct 28/29).Shift observed: Deepened, multi‑asset partnership with strengthened credit support; enhances financing capacity and revenue durability.

Secured Financing and Collateral Structure

TeraWulf (via WULF Compute) – Noteholders – Google – Fluidstack USA I Inc.

• $3.2 billion secured notes with first‑priority liens on project assets; pledged Google warrants and a designated Fluidstack USA I Inc. lockbox as collateral; completion guarantees by TeraWulf (Oct 14/16).Shift observed: Lender protections and sponsor support improve financing terms but increase obligations and completion risk accountability.

Capital Markets Relationships

TeraWulf – Morgan Stanley – QIBs

• Morgan Stanley as sole bookrunner on secured notes; repeat Rule 144A placements for converts to QIBs (Aug–Oct).Shift observed: Reinforced access to institutional debt capital for rapid scale.

Customer/Contract Evolution (older to newer)

Core42/G42; Dell (earlier 2024–H1’25) to Fluidstack/Google (H2’25 focus)

• Earlier HPC deals (Core42/Dell) gave way to emphasis on Fluidstack/Google‑backed, larger‑scale commitments in late 2025.Shift observed: Consolidation around anchor counterparties with stronger backstops and larger MW footprints.