secwatch.observer — SEC 8-K summary
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Issuer:     TERAWULF INC. (WULF)
CIK:        0001083301
Form:       8-K
Filed at:   2025-10-28T23:59:59+00:00
Accession:  0001104659-25-102858
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1083301/000110465925102858/0001104659-25-102858-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1083301/000110465925102858/tm2529509d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-102858

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer