TeraWulf owns, develops, and operates large-scale data center infrastructure focused on high-performance computing (HPC) workloads, primarily AI and machine learning. TeraWulf builds purpose-built, liquid-cooled facilities and leases capacity to tenants — hyperscalers and enterprise customers — under long-term contracts typically running 10 to 25 years. Revenue is driven by megawatts of critical IT load contracted and rent per megawatt, with site-level margins targeted at approximately 85%. TeraWulf also operates a legacy bitcoin mining business at the same sites, though management views this as a transitional business, with capital and capacity expected to shift progressively to HPC hosting. TeraWulf currently operates two active campuses: Lake Mariner in Barker, New York (a former coal plant with contracted HPC buildout of 438 MW underway) and Abernathy in Abernathy, Texas (a 50.1%-owned joint venture with Fluidstack, fully pre-leased at 168 MW). TeraWulf also holds an 80-year ground lease at a third site in Lansing, New York, capable of supporting up to 400 MW, with first delivery targeted for 2027. Current HPC tenants include Core42 and Fluidstack, whose lease obligations are backstopped by Google — a credit enhancement that has enabled TeraWulf to secure over $3.2B in senior secured project financing. TeraWulf's growth model targets contracting 250–500 MW of new HPC capacity annually, using a build-lease-finance-recycle model centered on brownfield industrial sites with existing power infrastructure.