TeraWulf (US:WULF)2025-08-14 12:00HPC Infrastructure and Capacity - TeraWulf expects to deploy 150-200 MW of new HPC capacity per year[4] - The company has 1,150 MW of scalable capacity across purpose-built sites[4] - 800-850 MW of capacity is available for future contracts across two sites[5,9] - Cayuga site unlocks 400 MW of scalable HPC capacity[11] - Total capacity is 1,150 MW (gross), with 750 MW at Lake Mariner and 400 MW at Cayuga[36] Key Contracts and Financial Highlights - TeraWulf has a 10-year, $3.7 billion hyperscale lease with Fluidstack, with Google backstopping $1.8 billion of Fluidstack's lease obligations[11,12] - The company has a contract with Core42 for 72.5 MW, which is expected to be online in 2025[5] - Q2 2025 revenue was $47.6 million, with a non-GAAP adjusted EBITDA of $14.5 million[24] - End of period hash rate reached 12.2 EH/s, representing a 53% increase year-over-year[24] - Bitcoin mined in Q2 2025 totaled 485, implying 5.3 BTC per day, up 29% quarter-over-quarter[24] Financial Position - Cash and cash equivalents totaled $90 million at the end of Q2 2025[24] - Net debt was $410 million, including $500 million in convertible notes issued in October 2024[24] - The company projects a fixed operating cost range of $84–$94 million for 2025[38]