---
schema_version: "secwatch.filing_event.v1"
accession: "0001083301-25-000096"
form_type: "8-K"
ticker: "WULF"
cik: "0001083301"
company_name: "TERAWULF INC."
filed_at: "2025-11-10T23:59:59+00:00"
generated_at: "2026-05-16T22:13:04.412203+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# TeraWulf Q3 revenue $50.6M (+87% YoY); signs $17B+ in HPC leases, $5B+ in financings

## Summary
- Revenue $50.6M (+87% YoY) includes $7.2M initial HPC lease revenue; cost of revenue $17.1M.
- Executed 450 MW Fluidstack/Google leases (≈$6.7B) and 72.5 MW Core42 leases (≈$1.1B) at Lake Mariner.
- Formed Abernathy JV (51% stake) for up to 600 MW HPC in Texas; 25-yr lease with $1.3B Google credit enhancement.
- Completed $5B+ in financings: $1.0B 1% conv. notes due 2031, $3.2B 7.75% secured notes due 2030, $1.025B 0% conv. notes due 2032.
- Ended Q3 with $712.8M cash; reaffirms target of 250–500 MW new HPC lease signings annually.

## SEC filing metadata
- accession: 0001083301-25-000096
- form_type: 8-K
- ticker: WULF
- cik: 0001083301
- company_name: TERAWULF INC.
- filed_at: 2025-11-10T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1083301/000108330125000096/0001083301-25-000096-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1083301/000108330125000096/wulf-20251110.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001083301-25-000096
- JSON: https://secwatch.observer/filing/0001083301-25-000096.json
- Plain text: https://secwatch.observer/filing/0001083301-25-000096.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.