TeraWulf (WULF) Investor presentation summary

Strategic rationale

• Expands contracted infrastructure into a second high-value market, enhancing geographic diversification.

• Validates a repeatable model of securing long-duration power, anchoring tenants, and high-margin leases.

• Increases platform scale while maintaining development control and operational leadership.

• Establishes line of sight to 168 MW in 2026 and rights to future phases at Abernathy and with the same counterparty.

• Reinforces reputation as a preferred developer/operator for Tier-1 AI tenants.

Transaction overview

• Joint venture with Fluidstack for a 168 MW critical IT data center in Abernathy, Texas.

• 51% ownership, with $9.5 billion in contracted revenues over a 25-year term.

• Expected average NOI margin of ~70% over the lease life.

• Google provides a $1.3 billion backstop supporting Fluidstack's lease obligations.

• Build cost estimated at $8–10 million per critical MW.

Compelling economics

• Project expects ~$380 million average annual contracted revenue.

• Anticipated to generate ~$260 million average annual site NOI, reflecting a ~70% margin.

• Modified gross lease structure with annual escalators and power costs fully passed through to tenants.

• Capex per MW of critical IT load is $8–10 million.