Founder & CEO @TeraWulfInc | @NavalAcademy | Pursue Justice | All tweets are mine.
Easton, MD
Joined October 2017
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$WULF is NOT a neocloud. $WULF IS an energy infrastructure company. We match long term investment grade energy supply with long term HPC/AI off-take. We finance our projects competitively because our contracts require our customers to be investment grade or bring investment grade credit support. We raised capital last spring opportunistically and maintain a fortress balance sheet. Our team has built large scale energy infrastructure for 25 years. Lake Mariner is delivering CB-4 this quarter and CB -5 in the first quarter ‘27. No surprises coming. We projected a range of 8-10 million per MW. We are squarely in the middle of that range. We are all about execution. Project Justified in Kentucky is a world-class project. We already have the required equity and we have an investment grade backstop committed. We execute and have predictable cash flow. Markets are pretty wild right now but we fervently believe price action will catch up to shareholder value. Demand for our product is robust and real. Certainly we have to remain diligent and execute like there’s no tomorrow. We will. But knowing what we have in the ground, in contract, the investment grade credits behind our contracts and the team’s execution history and capabilities- we sleep at night. You can too.
@elonmusk may be right that we'll see unfinished data centers. But not all developers operate the same way.
$WULF follows a disciplined approach:
1. Identify sites with demonstrated customer interest.
2. Secure power from investment grade utilities.
3. Lock down specs, construction costs and schedules through GMP EPC contracts.
4. Secure long-term customer commitments backed by investment grade credit.
5. Arrange financing before committing to major construction.
We may move dirt early, but we don't build on spec.
I suspect we'll see projects stall because of inadequate capital, weak counterparties, execution misses, or regulatory hurdles. For experienced infrastructure developers with strong balance sheets, that creates opportunity.
What others call stranded assets, we may call a development pipeline. @PSInvestor @GavinSBaker
Paul Prager retweeted
Some leaders keep a low profile, but our CEO @PaulBPrager has chosen a different strategy 🫡
Full credit to our friend (infin1test0rm) on @Stocktwits for this one! You had the whole team laughing $WULF
9. Shareholder alignment and valuation
CEOs shouldn't narrate daily stock prices. I won't.
But between equity, warrants and grants, I have exposure to 50M+ $WULF shares. I notice red days.
One analyst puts our implied cap rate near 9%, versus about 5% for established data center REITs. To me – that’s silly. We own our infrastructure and have long duration contracts. Plus we have a real pipeline of accretive opportunity. I like WULF all day every day.
Friday afternoon. Busy week. Crappy market. Made it back to the farm on the Eastern Shore from NYC.
A few things worth reinforcing and what I'm focused on next. Here’s my weekly 10.
7. Execution
CB-4 this quarter. CB-5 in Q1 2027. As promised.
This team has worked together through more cycles than I care to admit. We know what delivering infrastructure takes.
Our focus doesn't change with the market.
At $WULF, we start with power. We always have.
Microsoft's reported UK data center setback is a reminder: demand for compute is one thing. Delivering the power to support it is another. Our team has been developing energy infrastructure for decades. That's our advantage.
A brutal few days across the AI infrastructure sector, and $WULF has been no exception.
Financing costs, leverage, capital needs and returns on AI investment are all under scrutiny.
We are not sitting on the sidelines.
Yesterday, @MorganStanley hosted us in NYC for a full day with >30 investors, spanning long-only funds, global hedge funds, multi-strategy managers and credit investors. It was one of the most valuable days I've spent with investors.
Tough questions. Candid conversations. Here's what stood out...
7/ The Long Game.
Yesterday wasn't about convincing investors to ignore the stock price.
It was about listening to concerns, challenging assumptions and explaining how we're building long-term value.
I can't control where $WULF trades on any given day.
I can control how we allocate capital, how we execute and how we show up for shareholders.
You don't build a great company by managing for the next day. You build it by making the right decisions, consistently and especially when they're difficult.
Yesterday, we showed up, listened, and engaged.
Today, back to work. Though @SullyCNBC @CNBC has a few questions for me first.
$WULF