What TeraWulf reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
TeraWulf maintains its principal corporate offices in Easton, Maryland and New York, New York. The Company considers its current office space adequate for its existing operations.
The rest of Item 2
Lake Mariner Data Campus
TeraWulf owns and operates the Lake Mariner Data Campus, a high-performance digital infrastructure campus located in Barker, New York, on the site of a former coal-fired power plant. The campus began sustainably mining bitcoin in March 2022 and, as of December 31, 2025 the Lake Mariner Data Campus operated 245 MW of legacy bitcoin mining capacity and had 18 critical IT MW of HPC capacity. The campus is undergoing phased expansion to support additional HPC contracted deployments with gross capacity of approximately 500 MW in the near term, with potential expansion to approximately 750 MW subject to additional approvals from the NYISO.
The Lake Mariner Data Campus operates under a lease agreement with Somerset Operating Company, LLC (“Somerset”), a company controlled by TeraWulf’s CEO. Under the agreement, the Lake Mariner Data Campus leases approximately 157 acres in Niagara County, New York, for an initial term of 35 years which automatically renews for up to nine additional periods of five years each, unless the Company provides written notice to Somerset to terminate the lease at least six months prior to the expiration of the initial term or the then-current renewal term, as applicable. The Lake Mariner Data Campus’ strategic location provides access to low-cost, low-carbon power, making it an optimal hub for both bitcoin mining and HPC hosting operations.
Abernathy HPC Campus
The Abernathy HPC Campus is designed to support HPC and AI workloads, with a total gross capacity of 240 MW and a critical IT load of 168 MW, fully pre-leased to Fluidstack USA III and backstopped by Google’s credit support. The Abernathy HPC Campus will be constructed on a 29.3-acre parcel in Abernathy, Texas, and will feature a purpose-built building of over 637,000 square feet. The site benefits from high-voltage electrical service delivered to two separate substation transformers, ensuring redundancy and reliability for mission-critical operations. Designed with state-of-the-art infrastructure, the campus incorporates N+1 system redundancy, modular and scalable architecture, and advanced cooling systems tailored for HPC and AI workloads. The facility’s strategic location in Abernathy provides direct access to diverse fiber routes and high-bandwidth connectivity to major metropolitan areas across Texas, supporting low-latency data transmission and seamless integration with regional and national networks.
Nautilus Cryptomine Facility
Prior to divesting its interest in 2024 in the Nautilus joint venture (“Nautilus”), TeraWulf operated bitcoin mining activities at the Nautilus Cryptomine Facility, located in Berwick, Pennsylvania. The facility was operated under a ground lease agreement between Nautilus and Cumulus Data LLC (“Cumulus Data”), an affiliate of Talen Energy Corporation. The lease covered the site of the Nautilus Cryptomine Facility for an initial five-year term, with two three-year extension options and an additional interim extension option of up to six and a half months.
On March 1, 2024, Cumulus Data sold substantially all its assets to an unaffiliated third party, including the land leased to Nautilus under the ground lease. In connection with the asset sale, the Nautilus ground lease was assigned to the purchaser of the assets, with no changes to its terms and conditions. Subsequently, on October 2, 2024, TeraWulf sold its entire 25% equity interest in Nautilus to Cumulus Coin LLC, allowing the Company to reallocate capital toward the expansion of its wholly owned digital infrastructure at the Lake Mariner Data Campus and its high-performance computing strategy.
Cayuga Site
The Company holds a long‑term ground lease in Lansing, New York which, upon completion of permitting and site development, has the potential to support up to 400 MW of gross capacity, representing approximately 320 MW of contractual critical IT load. The ground lease agreement is with Cayuga Operating Company LLC (“Cayuga”), a company controlled by TeraWulf’s CEO. Under the agreement, the Company leases approximately 183 acres, including all
structures, equipment, facilities and fixtures located thereon for an initial term of 80 years with no renewal rights. Any time after the 50th anniversary of the lease effective date (i) TeraWulf may elect to purchase the leased premises for $100, either as an asset acquisition or through the purchase of all membership interests in Cayuga, and (ii) Cayuga and Cayuga’s parent may require TeraWulf to purchase the leased premises on the same terms.
Hawesville Site
In February 2026, the Company entered into an Agreement of Purchase and Sale for a former industrial site in Hawesville, Kentucky (“Hawesville Site”). The Hawesville Site is a strategically located brownfield infrastructure site which includes more than 250 buildable acres with immediate access to power infrastructure, including multiple high-voltage transmission lines, an on-site energized substation, and a direct connection to the regional transmission network. The Company plans on constructing and operating a HPC/AI data center on the Hawesville Site.
