TeraWulf ($1.45bn mkt cap / $1.52bn EV / $4.40/share) is a bitcoin miner that operates 2 sites: Lake Mariner (Niagara, New York) and Nautilus (JV w/ Talen Energy in PA).
TLDR:
- Low-Cost Power & Expansion: TeraWulf benefits from low-cost hydro and nuclear power, targeting 13.3 EH/s capacity by year-end with an ongoing expansion of 85 MW.
- Debt Reduction & Efficient Operations: Focused on paying down $76mm debt; maintains high efficiency with one of the lowest marginal hash costs in the industry.
- AI Data Center Potential: Potential to repurpose 300 MW capacity for AI compute at Lake Mariner and monetize 200 MW at Nautilus with Amazon, diversifying revenue streams.