Who TeraWulf buys from and sells to
New York bitcoin miner converting Lake Mariner into leased AI data halls for Fluidstack.
Buys from 2
- Bitmainmining rigs for the bitcoin fleet
- New York gridlow-carbon hydro and nuclear power at Lake Mariner
Sells to 2
- Fluidstackcolocation at Lake Mariner CB-1 to CB-5$3.7B 10-year leases plus CB-5 expansion
- Bitcoin networkblock rewards from mining
Where the chain could break
- One tenant, Fluidstack; rent backstopped by Google (~$3.2B), which holds ~14% via warrants
- Single New York campus carries most of the AI revenue
Competes with
- Cipher MiningCIFRFluidstack sites backed by Google
- Hut 8HUTthe same
- Applied DigitalAPLDleased AI campuses
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.