TeraWulf builds data centres on former power-plant and industrial sites and leases them to AI companies, while still mining bitcoin in the buildings it has not converted. In the quarter ended 30 June 2026 it booked $44.8 million of revenue, 71.3% of it lease revenue, spent $855.6 million on construction and reported a net loss of $940.8 million, 80.3% of which was the remeasurement of warrants issued to Google. This is a full institutional-grade equity research report on TeraWulf Inc. (NASDAQ: WULF), built from SEC XBRL company facts, three annual reports, every quarterly report since May 2024, the results releases, presentations and transaction filings to July 2026, and the 2026 proxy statement, into eight chapters and 81 rebuilt charts.
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