TeraWulf began as a bitcoin mining firm but is rapidly repositioning itself as a provider of AI-driven high-performance computing (HPC) infrastructure. The company operates low-carbon mining and HPC sites in New York and Pennsylvania and is now developing one of its largest campuses in Abernathy, Texas. Earlier this month it formed a $9.5 billion joint venture with Google-backed Fluidstack to supply next-generation AI compute capacity, pushing Google’s pro-forma ownership in TeraWulf to 14% through a 10-year, $3.7 billion agreement signed in July. In September, TeraWulf outlined a broader $3 billion debt-financing plan to expand its data-center footprint across North America. Financially, the firm reported 102% year-over-year revenue growth in May but still posted widening net losses as it pours capital into HPC buildouts. The pivot from pure crypto mining to diversified compute services has helped lift investor interest, though the company remains highly leveraged and capital-intensive. Shares slipped about 5% on announcement of the latest financing but had jumped 25% when the Fluidstack JV was unveiled.

Total raised

$700M

Funding rounds

3

Latest round

Convertible Note

Latest activity

Oct 2025