Business Overview - TeraWulf expects to lease 250-500 MW critical IT load of new HPC capacity per year[6] - The company has contracted 594 MW for HPC Colocation and ~130 MW for Bitcoin Mining[6] - TeraWulf achieved an energy cost of $0047/kWh in 3Q25[6] HPC Expansion - 60 MW is contracted to Core42 (online 2025/2026)[8] - 366 MW is contracted to Fluidstack (expected online 2026)[8] - 168 MW Abernathy JV is expected online in 2026[8] Financial Highlights - TeraWulf announced a $32 billion senior secured green notes offering due 2030 with a 7750% coupon[18, 19] - Gross HPC Lease Revenue reached $72 million in Q3 2025[42] - The company ended Q3 2025 with a hash rate of 116 EH/s, a 53% year-over-year increase[42] Capacity and Pipeline - Total capacity is 1390 MW (gross), including 750 MW at Lake Mariner, 400 MW at Cayuga, and 240 MW at Abernathy[41] - Leased critical capacity is 594 MW, with 60 MW to Core42 in 2025, 366 MW to Fluidstack in 2026, and 168 MW to Abernathy in 2026[41] - The future critical IT capacity pipeline is 750 – 1500 MW[41]