HPC Pivot

The company’s pivot from pure‑play bitcoin mining to high‑performance computing (HPC) and AI data‑centre infrastructure has brought it to a key inflection point. As of Q3 2025, TeraWulf saw 84 % year‑over‑year growth and posted positive adjusted EBITDA, with a forward P/E of 29.76. Its forward revenue is anchored by $6.7 billion of contracted HPC business and 594 MW under long‑term leases. A $3.2 billion financial backstop backs further expansion, and Google currently holds a 14 % equity stake.