WULF · Updated
TeraWulf
TeraWulf develops and operates data center campuses powered largely by low-carbon electricity, used for AI and high-performance computing tenants and for Bitcoin mining. In its latest fiscal year (ended 31 December 2025) it reported revenue of $168.5 million and a net loss of $661.4 million, according to its 10-K filed on 27 February 2026. Bet The Decade has covered TeraWulf in 1 episode, most recently “TeraWulf Isn't a Neocloud — It's the AI Power Landlord (WULF Thesis)” (29 October 2026).
Business description summarized from 10-K (Item 1, Business), filed 2026-02-27. Figures: SEC EDGAR, retrieved 5 November 2026.
Not investment advice. Educational content and opinion only. The author may hold shares in companies discussed. Disclosure
Key data
| Field | Value | Source |
|---|---|---|
| Legal name (SEC) | TERAWULF INC. | SEC EDGAR, CIK 0001083301 |
| Ticker · exchange | WULF · Nasdaq | SEC submissions data |
| Industry (SEC SIC) | Finance Services | SEC EDGAR company profile |
| Incorporated in | DE | SEC EDGAR company profile |
| Revenue, latest fiscal year | $168.5 million · 1 January 2025 to 31 December 2025 | 10-K filed 2026-02-27 · XBRL us-gaap:Revenues = 168,455,000 USD |
| Net income (loss), latest fiscal year | -$661.4 million · 1 January 2025 to 31 December 2025 | 10-K filed 2026-02-27 · XBRL us-gaap:NetIncomeLoss = -661,416,000 USD |
| Revenue, latest reported quarter | $44.8 million · 1 April 2026 to 30 June 2026 | 10-Q filed 2026-08-05 · XBRL us-gaap:Revenues = 44,767,000 USD |
| Cash and cash equivalents | $2.62 billion · as of 30 June 2026 | 10-Q filed 2026-08-05 · XBRL us-gaap:CashAndCashEquivalentsAtCarryingValue = 2,619,191,000 USD |
| Latest annual report | 10-K for period ending 31 December 2025 | Filed 2026-02-27 |
| Latest quarterly report (10-Q) | 10-Q for period ending 30 June 2026 | Filed 2026-08-05 |
SEC EDGAR
- All filingsSEC EDGAR · CIK 0001083301sec.gov
- Annual reports10-K filingssec.gov
- Quarterly / current10-Q filingssec.gov
- XBRL dataCompany facts (JSON)data.sec.gov
FAQ
What does TeraWulf do?
TeraWulf develops and operates data center campuses powered largely by low-carbon electricity, used for AI and high-performance computing tenants and for Bitcoin mining.
Sources: sec.gov/Archives/edgar/data/1083301/000108330126000031/wulf-20251231.htm
Where can I read TeraWulf's official filings?
TeraWulf files with the US Securities and Exchange Commission under CIK 0001083301. Its annual and quarterly reports are on SEC EDGAR.
Sources: sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001083301
Is TeraWulf still a Bitcoin miner?
Mining still appears in results, but company communications emphasize conversion to contracted HPC/AI infrastructure as the primary future driver.
Sources: investors.terawulf.com/
How does TeraWulf make money from AI?
Primarily by leasing power-ready data-center capacity to AI/HPC tenants under multi-year contracts (company investor materials describe 10–20 year HPC lease structures).
Sources: sec.gov/Archives/edgar/data/1083301/000108330126000162/terawulfq22026investorpr.
How is WULF different from IREN or CoreWeave?
IREN emphasizes owning GPUs (AI Cloud); CoreWeave rents GPU clusters; TeraWulf’s materials stress power sites and landlord-style HPC leases. Category lines blur—check each company’s latest 10-K/10-Q.
Sources: sec.gov/Archives/edgar/data/1083301/000108330126000162/terawulfq22026investorpr.
What should learners watch next?
Delivery schedules on contracted halls, power interconnection progress, and the mining-to-HPC revenue mix in upcoming filings. Not financial advice.
Sources: investors.terawulf.com/
Episodes
Themes: AI Power
Page status: Complete. Last updated 5 November 2026.