AI HPC datacenter (Google-backed)
TeraWulf
A datacenter firm that pivoted from mining to AI HPC. It signed a 25-year ~$9.5B lease with Fluidstack, with Google backstopping $1.3B of those obligations. Its contracted HPC capacity exceeds 510MW, with Q3 revenue ~$50M (+84%). With Google taking a stake, a converted-datacenter axis with IREN and Core Scientific.
Business categories Data Center Facilities · AI Compute Infrastructure · primary
WULF Updated Jul 11, 2026 4 AI consumers· 4 recurring
Per the valuechain.wiki graph, TeraWulf is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 60 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-11).
Financials & Segments
- Total revenue · Fluidstack $9.5B, Q3 ~$50M
- Customer concentration · Google backstop $1.3B; 510MW+.
- Segments · AI HPC lease · Bitcoin mining
Revenue from
- Fluidstack · HPC (2025 lease) High confidence· contract $9.5B · 25년 리스 누적 · incl. Lake Mariner expansions and 168MW JV
25-year $9.5B HPC lease with Fluidstack (510MW+).Confirms EN GlobeNewswire (TeraWulf PR) Published Oct 28, 2025: TeraWulf expands Fluidstack partnership with new 168MW AI compute JV - Alphabet (Google) High confidence· Amount $4.5B · 리스 백스톱 누적 · $3.2B by Aug 2025 plus $1.3B for the Oct JV
Google backstops $1.3B of the Fluidstack lease and takes a stake.Confirms KO Digital Today Published Oct 29, 2025: Bitcoin miner TeraWulf signs $9.5B AI compute deal with FluidstackConfirms EN SEC EDGAR (TeraWulf 8-K) Published Oct 28, 2025: TeraWulf Expands Strategic Partnership with Fluidstack Through New 168 MW AI Compute JVConfirms EN GlobeNewswire (TeraWulf PR) Published Oct 28, 2025: TeraWulf expands Fluidstack partnership with new 168MW AI compute JV
Pays to
- NVIDIA Medium confidence
NVIDIA GPU infrastructure for AI HPC. - power · datacenter (undisclosed) Low confidence
Power and HPC-datacenter build.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| eBay Inc. | lead2 | +33.8 | -36.5 | +7.7 | +44.8 | +42.7 | +30 |
| Colgate-Palmolive Company | lead2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +10.3 |
| Cintas Corporation | lead2 | +26.5 | +3 | +34.8 | +22.2 | +3.8 | +7.4 |
| Recursion Pharmaceuticals | lead2 | · | -55 | +27.9 | -31.4 | -39.5 | +6.6 |
| The Kraft Heinz Company | lead2 | +8 | +18.2 | -5 | -13 | -16.3 | +6.1 |
| Expedia Group, Inc. | lead2 | +36.5 | -51.5 | +73.3 | +22.8 | +53.3 | +5.8 |
| Omnicom Group Inc. | lead2 | +21.9 | +15.7 | +9.6 | +2.5 | -2.6 | +4.4 |
| Honeywell Technologies | lead2 | -0.3 | +4.9 | +0 | +10 | -6.4 | +3.8 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +0.6 |
| Ingersoll Rand Inc. | lead2 | +35.8 | -15.4 | +48.2 | +17.1 | -12.3 | -0.5 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Planet Labs | lead2 | · | -29.3 | -43.2 | +63.6 | +388.1 | -8.1 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Booking Holdings Inc. | lead2 | +7.7 | -16 | +76 | +41.3 | +8.6 | -9.3 |
| AutoZone | lead2 | +76.8 | +17.6 | +4.8 | +23.8 | +5.9 | -12 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -12.9 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -20.4 |
| McDonald's | lead2 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -21.5 |
| LVMH Moet Hennessy Louis Vuitton | lead2 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -29.4 |
| Intuit Inc. | lead2 | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -53.7 |
| AppLovin Corporation | lead2 | · | -88.8 | +278.4 | +712.6 | +108.1 | -58.9 |
| Alphabet (Google) | lead1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| TeraWulf | node | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +43.7 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.2 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +280.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +236.2 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +191.3 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +170.5 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +155 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +149.3 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +139.1 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +131.5 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +105.7 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +85.3 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +69.4 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +63.8 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +61.9 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +61 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +53.7 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +51.1 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +50.3 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +49.7 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +37.4 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +34.5 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +29.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +29.1 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +25.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +23.4 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +18.4 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +8.4 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | +6.6 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | +2.8 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -3 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | -7.4 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -24.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
TeraWulf operates across AI HPC datacenter (Google-backed). After a spike in 2023-24 +258.2% / +135.8%, gains cooled to +103% in 2025 and +43.7% in 2026. Demand side (avg +8.3%), the stock (+43.7%) and supply side (avg +23.7%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is NVIDIA (+23.7%) and the furthest behind is Alphabet (Google) (+8.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. With Google taking a stake, a converted-datacenter axis with IREN and Core Scientific.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $32 · Price $16.51 (09-04) · Upside +94%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Needham | Buy | $33 | Jul 7, 2026 | Report ↗ |
| Rosenblatt Securities | Buy | $30 | Jul 7, 2026 | Report ↗ |
| B. Riley Securities | Buy | $32 | Jul 6, 2026 | Report ↗ |
After the 20-year, $19B Anthropic data-center lease announced in July 2026, Needham, Rosenblatt and B. Riley all reiterated Buy with higher targets.
Analyses covering this node
- Turn your assets into AI infrastructure and your clock changes: miners and telcos Jul 9, 2026
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
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