---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-102858"
form_type: "8-K"
ticker: "WULF"
cik: "0001083301"
company_name: "TERAWULF INC."
filed_at: "2025-10-28T23:59:59+00:00"
generated_at: "2026-05-17T01:51:55.392114+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# TeraWulf forms $9.5B JV with Fluidstack for 168 MW AI compute; Q3 revenue up 84% YoY

## Summary
- JV to build 168 MW HPC campus in Abernathy, TX; TeraWulf owns 51%, total project cost $8-10M/MW.
- 25-year lease yields ~$9.5B contracted revenue to JV; Google backstops $1.3B of lease obligations.
- Preliminary Q3 2025 revenue $48-52M (+84% YoY); adjusted EBITDA $15-19M vs $6M in Q3 2024.
- Exclusive right to partner on next ~168 MW Fluidstack-led project; platform now >510 MW contracted.
- Growth strategy: targeting 250-500 MW additional contracted critical IT load per year.

## SEC filing metadata
- accession: 0001104659-25-102858
- form_type: 8-K
- ticker: WULF
- cik: 0001083301
- company_name: TERAWULF INC.
- filed_at: 2025-10-28T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1083301/000110465925102858/0001104659-25-102858-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1083301/000110465925102858/tm2529509d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-102858
- JSON: https://secwatch.observer/filing/0001104659-25-102858.json
- Plain text: https://secwatch.observer/filing/0001104659-25-102858.txt

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