$WULF targets 250-500 MW of latest HPC signatures every year and plans to mine Bitcoin till no less than the top of 2026.
The next visitor publish is from bitcoinminingstock.io, A public market intelligence platform that gives information on corporations uncovered to Bitcoin mining and crypto treasury methods. First printed by Cindy Feng on November 13, 2025.
It is earnings season once more, and plenty of corporations have introduced fascinating updates, however TeraWulf’s Q3 2025 convention name caught my consideration. Not due to the income numbers, however as a result of it alerts what could possibly be the following working mannequin for Bitcoin miners. Beneath all of the speak about AI/HPC, leasing, and gigawatts, some miners come to gentle vitality infrastructure supplier In the direction of the AI period.
Let’s break it down.
Growth of transaction measurement
Inked by TeraWulf in August 2 HPC lease agreements With Fluidstack, that is a complete of 360 MW. These offers introduced one thing new to the mining sector: Google. Tech giants backstopped leasing and positioned institutional belief in constructing crypto infrastructure that was beforehand thought-about speculative.
In November, TeraWulf reported greater than 520 MW of whole contracted HPC IT workload. This is among the largest scales we now have ever seen within the Bitcoin mining area, and it occurred inside a number of months.
Of observe is the 72.5MW Core42 leasesigned late final 12 months and nonetheless a part of the combination. However that’s fluid stack who got here out as a key companion On this play. Past the lease scale, the 2 corporations have entered right into a partnership (together with credit score enhancement from Google). three way partnership We collectively developed the Abernathy web site. 240MW HPC campus, with growth potential as much as 600 MW.
This can be a refined level, however necessary shift: Slightly than leasing land and area to hyperscalers, TeraWulf is now co-building.
Three way partnership in Texas
Abernathy’s three way partnership is completely different construction From what we have seen within the trade. The deal features a 25-year lease with Fluidstack (longer than typical AI leases) and is backed by $1.3 billion in credit score enhancement from Google. TeraWulf retains as much as 51% management and the correct to take part within the development of an extra 200 MW led by Fluidstack.
This multi-layered strategy, consisting of land possession, lease constructions, shopper partnerships, and entry to hyperscalar credit, supplies one thing uncommon in mining: long-term visibility.
Curiously, this wasn’t even WULF’s thought. CEO Paul Prager stated in an earnings name that it was Google that requested Abernathy to anchor the three way partnership. This remark reveals how hyperscalers suppose. Overlook mining labels, what issues is grid entry, execution historical past, and web site management. Prefer it or not, WULF has all three of these issues.
Focusing on 250-500 MW of latest HPC contracts per 12 months
Maybe the boldest second of the third quarter convention name was when TeraWulf elevated its annual aim for HPC contracts. Beforehand, it was directed as 100-150 MW per 12 months; New goal is 250-500MW per 12 months. If realized, this may equate to an annual income improve of between $465 million and $930 million (assuming a calculation of $1.86 million/MW).
TeraWulf screenshot Investor presentation (10 pages)
Though execution dangers stay, administration expressed robust confidence in reaching these targets, citing greater than 150 websites evaluated final 12 months and an expanded improvement/acquisition crew. Whereas a number of the $5.2 billion in funding has been earmarked to help these expansions, capital wants stay steep, particularly for purpose-built HPC information facilities (which conservatively vary from $8 million to $11 million per MW).
In comparison with conventional miners that chase hashrate and halving cycles, this mannequin goals for steady income primarily pushed by shopper demand quite than block rewards.
The way forward for Bitcoin mining enterprise
HPC is a brand new frontier for the corporate, however Bitcoin mining stays Fundamental income contributors right this moment. In Q3, TeraWulf self-mined 377 BTC (down from 485 BTC in Q2) because it decommissioned previous mining models and commenced reallocating infrastructure to HPC.
Future developments at Mariner Lake, a significant hub the place the transition to HPC is in full swing, are as follows: Targeted solely on AI/HPC. The corporate revealed that No new Bitcoin mining infrastructure is being constructed Until it helps dual-use performance.
Nonetheless, TeraWulf stated it intends to mine Bitcoin “no less than till the top of 2026.”
This strategy isn’t distinctive, however it units a transparent sign. Some miners might have talked about AI pivots, however TeraWulf hardcoded it into site-level methods, capital funding priorities, and annual KPIs.
remaining ideas
TeraWulf’s third quarter does not simply characterize a win for Reese, it additionally factors to a attainable path for different Bitcoin miners to comply with within the AI period. Slightly than merely leasing infrastructure, the corporate leverages what it already controls (land, energy, challenge execution) to type long-term capital-based partnerships. In doing so, we secured a multi-billion greenback HPC/AI dedication and de-risked our roadmap. The query is not whether or not miners can entice AI offers, however whether or not miners are ready to scale shortly. Few individuals have the assets to repeat this technique, however the market is watching to see who makes the following transfer.
