AI-generated · cited to primary sources · not investment advice
TeraWulf Inc. - Common Stock (WULF) Sep 2025 Filing Analysis
Does management do what it says?
Akela is expected to complete construction and deliver premises to Fluidstack in three phases in 2026. — target: 360 MW
“Under the Fluidstack Leases, we will provide a total of more than 360 MW of critical IT load for HPC datacenter operations at the Lake Mariner Datacenter. Akela is expected to complete construction and deliver the premises to Fluidstack in three phases in 2026”
See the full cited Management analysis of TeraWulf Inc. - Common Stock
How durable is the business?
The company's power cost advantage remains strong but saw slight upward pressure, with realized power prices at Lake Mariner rising to $0.047/kWh from $0.038/kWh a year ago. (1 stable)
“The average aggregate realized power prices at the Lake Mariner Campus were $0.047 and $0.059 per kWh during the three and nine months ended September 30, 2025, respectively, and $0.038 and $0.039 per kWh... during the three and nine months ended September 30, 2024.”
See the full cited Business Model analysis of TeraWulf Inc. - Common Stock
What could break the thesis?
The risk is stable but remains a critical bottleneck as the company targets expansion up to 750 MW at Lake Mariner and 400 MW at Cayuga, both requiring further permitting and development. (1 stable)
“The Lake Mariner Campus is built for scalable expansion, with 500 MW and potentially 750 MW with targeted transmission upgrades.”
See the full cited Risk analysis of TeraWulf Inc. - Common Stock
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