Terawulf Inc. · NASDAQ:WULF
Terawulf — Merger or Acquisition (October 2025)
7 slides from Terawulf's merger presentation, October 2025
Slide 1: Majority-Owned Joint Venture with Fluidstack for 168 MW in Texas
Deal Announcement | October 2025 Majority-Owned Joint Venture with Fluidstack for 168 MW in Texas 168+ MW Hyperscale Campus in Abernathy, TX | ~$9.5 Billion in Contracted Revenue | Exclusive rights for expansion
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation is for informational purposes only and contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning ant
Slide 3: Strategic Rationale
Strategic Rationale Expansion of a Repeatable, Power-Advantaged Platform Geographic Diversification Validates Business Model Increases Scale • Extends TeraWulf’s majority-owned, • Validates repeatability of • Adds platform scale while contracted infrastructure platform our model: secure long- preser
Slide 4: Transaction Overview
Transaction Overview WULF Signs a Joint Venture with Fluidstack for a 168 MW Critical IT Data Center in Texas 168 MW Critical IT Load Under Contract 51% 49% TeraWulf and Fluidstack Partnership ~$9.5Bn in Contracted Abernathy Joint Venture Builds on 360 MW + of critical Revenues IT load signed in A
Slide 5: Compelling Economics
Compelling Economics TeraWulf will own 51% of the Joint Venture TeraWulf will own 51% of the JV, the economics noted below are for 100% of the project Highly Predictable, Efficient Cost Structure High-Margin Revenue ~$380MM average annual contracted revenue Capex of $8MM-10MM per MW of critical IT l
Slide 6: Abernathy Site Highlights
Abernathy Site Site Highlights 25-Year Lease (1) Unlocks 168 MW of HPC-Ready Capacity 25-yr lease (1) for 120 acres in Abernathy, TX (SPP) Access to 168 MW of critical IT MW in • Location: Abernathy TX 2026, with additional capacity in 2027 - 2028 • Size: 120 Acres SPP • Grid: SPP Scalable Sit
Slide 7: Embedded Growth Through Reserved Expansion Rights
Embedded Growth Through Reserved Expansion Rights • Replicates TeraWulf’s Lake Mariner expansion playbook, enabling rapid incremental build-outs • Scalable Site drives operating leverage and incremental net operating income margins over time • Maintains expansion control and development rights acros