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TeraWulf Inc. was incorporated in January 2021 by Paul Prager and Nazar Khan, both of whom have backgrounds in the energy sector through Prager's private firm, Beowulf Energy LLC. Paul Prager serves as chairman and CEO, and Nazar Khan as COO. The company was established to develop and operate data center infrastructure for Bitcoin mining. [ citation needed ] TeraWulf is involved in constructing and operating large-scale data centers equipped with computers (miners) that solve complex mathematical problems to validate transactions on the Bitcoin network and earn new Bitcoin as a reward. These mining facilities are in New York and Pennsylvania, including the Lake Mariner site, with a focus on scaling its computational capacity and energy infrastructure. In February 2026, TeraWulf Inc., announced it will purchase and redevelop the former Century Aluminum Company's smelter site, in Hawesville, Kentucky, with more than 250 buildable acres, into a digital infrastructure campus supporting high-performance computing and artificial intelligence workloads. Century Aluminum will retain a non-controlling minority equity stake in the development. A second site was purchased in Morgantown, Maryland.
In December 2021, TeraWulf became publicly traded on the Nasdaq under the ticker symbol WULF through a reverse merger with Ikonics Corporation, a special purpose acquisition company. Following its public listing, the company pursued expansion through a series of capital raises, including the issuance of convertible debt, preferred stock, and at-the-market (ATM) offerings of common stock. [ citation needed ]
In June 2022, TeraWulf entered into a standby equity purchase agreement with an affiliate of Yorkville Advisors, allowing the company to sell up to $50 million of its common stock over time. The proceeds from these financings were used to support the development of its mining facilities and the acquisition of mining equipment.
In July 2026, TeraWulf announced Anthropic the California-based artificial intelligence company known for its Claude platform, signed a 20-year lease for a data center in development, in a campus called, Justified Data, in Hawesville, Kentucky. The lease is expected to generate approximately $19 billion of contracted revenue over the initial lease term.