TeraWulf (WULF) ☆

TeraWulf began as a bitcoin miner at Lake Mariner, on the site of a retired coal-fired plant in Barker, New York, and is becoming a developer and landlord of AI data-centre campuses. At the end of 2025, the 10-K says, its two campuses "have contracted 522 MW of critical IT load". The leases behind that figure are Core42 (60 MW, an initial ten-year term) and Fluidstack (378 MW, with Google credit support) at Lake Mariner, and a 168 MW, 25-year Fluidstack lease at the Abernathy, Texas joint venture, in which it holds 50.1 percent. In 2026 it moved further. By the Q2 2026 release it had 102 MW of revenue-generating capacity and 336 MW under construction at Lake Mariner, and HPC leasing was about 71 percent of revenue. It also signed a 20-year Anthropic lease for about 401 MW at its Justified campus in Kentucky, worth "approximately $19 billion of contracted revenue over the initial term", and agreed to sell its 50.1 percent Abernathy stake for "approximately $530 million". In Kentucky it is securing power ahead of tenants. The Justified power agreement was approved by the Kentucky Public Service Commission in August, Muskie's contracted power was raised to 1 GW, and delivery of its second 500 MW phase was brought forward to 2029, subject to Kentucky Public Service Commission approval (2026-10-05). The 10-K claims that in-house energy expertise "provides meaningful differentiation relative to many data center developers", but that is the company's own view. The documented constraints are a concentrated tenant base, credit backstops that switch on only at lease commencement, customer agreements that "may prohibit us from providing HPC hosting and colocation services to certain third parties, including competitors of existing HPC data center customers", no patents, and a history of operating losses. TeraWulf is rated as having no moat yet: its contracted, partly delivered capacity with credit-supported tenants is contracted revenue, and it is not protected from the well-capitalized rivals that are bidding for the same power and the same customers.

评级: 无

TeraWulf's case for a moat rests on long-term, credit-supported leases on power it controls, and only part of that capacity is delivered. Its 2025 Form 10-K (filed 2026-02-27) says its HPC arrangements are "structured as long-term data center leases, typically with base terms ranging from 10 to 25 years, contractual escalators, and renewal and contraction options", and that "Certain projects benefit from investment-grade credit support". Google backstops Fluidstack's obligations under the Fluidstack leases. In the Q2 2026 release (2026-08-05, https://investors.terawulf.com/news-events/press-releases/detail/144/terawulf-reports-second-quarter-2026-results) the company reported "$31.9 million of HPC lease revenue, representing approximately 71% of total revenue", with 102 MW of revenue-generating critical IT capacity at Lake Mariner. It also reported a 20-year Anthropic lease for about 401 MW that "represents approximately $19 billion of contracted revenue over the initial term". Power is being contracted ahead of tenants: on 2026-10-05 the company said Kentucky Power had agreed to raise contracted capacity at its Muskie campus "from 500 megawatts ("MW") to 1 gigawatt ("GW")". The limits are also in the 10-K. Its competitors include REITs, independent developers, hyperscalers, infrastructure funds and converted miners. It says "We depend on significant customers for our HPC data centers", that backstops "are only effective following the commencement of the relevant lease", and that "The Company does not currently hold patents". Long leases are the standard form in this market, and with 102 MW in service against far more under contract, they are contracted revenue rather than a demonstrated advantage over rivals, so the band is none.

类型: 无

No moat source is demonstrated yet. Switching costs are the most likely candidate, from long leases on purpose-built, liquid-cooled halls. The 10-K says Lake Mariner "incorporates advanced liquid-cooling systems, redundant electrical architectures, and scalable mechanical and network infrastructure optimized for high-density GPU deployments", leased under terms of "10 to 25 years". The only cited sign of a tenant expanding in place is small: the Q2 2026 10-Q says that in July 2026 the company "amended certain of the Fluidstack HPC Leases to increase the aggregate contracted critical IT load under two leases from 162 MW to 168 MW". The Anthropic lease has "an initial term of 20 years commencing upon delivery of the applicable leased premises, with two options to extend the initial term by five years each". Controlled power reinforces the position but is not exclusive. The 10-K says competition "is primarily centered on securing and developing high-power sites, accessing reliable and cost-competitive electricity, and attracting capital", which rivals with capital can also do. Intellectual property is not a source: the company holds no patents.

领先地位: 快速追随者

No independent share or rank was found. The 10-K says the company competes with "data center real estate investment trusts (REITs), independent data center developers, hyperscalers, infrastructure funds, and, in certain cases, digital asset miners with infrastructure suitable for HPC conversion". With 102 MW of revenue-generating critical IT capacity in service (Q2 2026 release), TeraWulf is small next to established operators. It has, however, won Fluidstack, Core42 and Anthropic as tenants and "reaffirms target of contracting 250–500 MW of incremental critical IT capacity annually". That is a fast follower.

定价权: 中等

The leases escalate and pass costs through: the 10-K cites "contractual escalators", and the Q2 2026 10-Q says operating costs "are passed through to the customers, generally with a mark-up". Against that, to obtain Google's backstop of Fluidstack's lease obligations, the company issued Google warrants "to purchase a total of 73,580,000 shares of Common Stock for an exercise price of $ 0.01 per share of Common Stock" (Q2 2026 10-Q). That gave value away to secure credit support. The 10-K lists the competitive factors as "site availability, power availability and economics, execution capability, access to capital, and customer relationships" and claims no price premium. Escalating long-term rents without evidence of a premium are moderate pricing power.

基于所引来源做出的人工整理护城河判断。 来源：sec.gov

与其他公司对比…

产业链位置

层级: datacenters, power & cooling

• 上游（供应商）： —
• 下游（客户）： —
• 竞争对手： Core Scientific

TeraWulf supplies powered, liquid-cooled critical IT capacity to AI compute tenants (Fluidstack with Google credit support, Core42 and Anthropic) from campuses where it controls land, interconnection and power contracts. Bitcoin mining at Lake Mariner is a legacy load.

由这家公司已映射的供应链关系及其所属产业层级推导而来。

信号贡献 编辑先验

护城河先验在长周期（约 6 个月）上投出 +0.01 票，权重为 0.20——该周期上的群体判断是 bearish（得分 -0.50，信念度 66）。

编辑先验——主观、未经回测。它有界（±0.6）、低置信度，且从不对短周期与中周期投票。 查看它究竟如何投票 →

产品线

产品与服务，附编辑判定的市场份额区间与技术壁垒区间——这些是与所引依据绑定的定性判断，绝非杜撰的数字。

你正在看的是什么

这些图表绘制的是 TeraWulf 在其 SEC 申报文件中已申报的利润表、现金流量表与资产负债表（截至 2026-08-05）。每一个数字都是申报原值 XBRL——没有任何一项是预估。

在已申报的区间内，FY2025 净亏损 $661.4M。

我们的模型在中周期上对这只股票偏向 Low-confidence · Neutral——这是对市场方向的判断，不是对盈利的预测。查看“信号”标签。

申报文件

• 2025Q4 · 申报于 2026-08-05 来源：sec.gov
• 2026Q2 · 申报于 2026-08-05 来源：sec.gov
• 2025Q2 · 申报于 2026-08-05 来源：sec.gov
• 2025Q3 · 申报于 2026-08-05 来源：sec.gov
• 2026Q1 · 申报于 2026-05-08 来源：sec.gov

关键比率与同业对比

正在与同业比较…

机构持有人（13F, 2026Q2）

TradingPilot 计算的列（占 13F 比例、占流通股比例）由申报原值推导而来；只有名称、股数与金额是申报原值。