TeraWulf Secures Long-Term Ground Lease at Cayuga Site to Expand High-Performance Computing Infrastructure
TeraWulf (Nasdaq: WULF) has secured an 80-year ground lease for 183 acres at the Cayuga site in Lansing, New York, enabling the development of up to 400 MW of digital infrastructure capacity. The strategic expansion includes 138 MW of predominantly zero-carbon power expected to be operational by 2026.
The former coal-fired power plant site features existing electrical infrastructure, water intake systems, and fiber connectivity. Located in Upstate New York, the facility benefits from clean energy with electricity costs below $0.05 per kilowatt-hour. The transaction involves $98 million in total consideration, including $95 million in WULF common stock and $3 million in cash, paid to Cayuga Operating Company.
The site will include a planned 67 MW solar installation and an 800 MWh battery storage system, positioning TeraWulf for AI and high-performance computing growth.
TeraWulf (Nasdaq: WULF) ha ottenuto un contratto di locazione del terreno di 80 anni per 183 acri nel sito di Cayuga a Lansing, New York, permettendo lo sviluppo di fino a 400 MW di capacità di infrastrutture digitali. L'espansione strategica comprende 138 MW di energia per lo più a zero emissioni, che dovrebbero entrare in funzione entro il 2026.
L'ex sito di una centrale a carbone dispone di infrastrutture elettriche esistenti, impianti di presa acqua e connettività in fibra. Situata nello Upstate New York, la struttura beneficia di energia pulita con costi elettrici inferiori a $0.05 per kilowattora. La transazione prevede una contropartita totale di $98 milioni, comprensiva di $95 milioni in azioni ordinarie WULF e $3 milioni in contanti, versati a Cayuga Operating Company.
Il sito comprenderà una prevista installazione solare da 67 MW e un sistema di accumulo a batteria da 800 MWh, posizionando TeraWulf per la crescita nell'IA e nel calcolo ad alte prestazioni.
TeraWulf (Nasdaq: WULF) ha asegurado un arrendamiento del terreno por 80 años para 183 acres en el sitio de Cayuga en Lansing, Nueva York, lo que permite el desarrollo de hasta 400 MW de capacidad de infraestructura digital. La expansión estratégica incluye 138 MW de energía mayoritariamente libre de carbono, que se espera estén operativos para 2026.
El antiguo emplazamiento de una central de carbón cuenta con infraestructura eléctrica existente, sistemas de toma de agua y conectividad de fibra. Ubicada en el norte del estado de Nueva York, la instalación se beneficia de energía limpia con costos eléctricos por debajo de $0.05 por kilovatio-hora. La transacción implica una contraprestación total de $98 millones, incluidos $95 millones en acciones ordinarias de WULF y $3 millones en efectivo, pagados a Cayuga Operating Company.
El sitio incluirá una prevista instalación solar de 67 MW y un sistema de almacenamiento con baterías de 800 MWh, posicionando a TeraWulf para el crecimiento en IA y computación de alto rendimiento.
TeraWulf (나스닥: WULF)는 뉴욕 랜싱의 카유가(Cayuga) 부지 183에이커에 대한 80년 토지 임대권을 확보해 최대 400MW의 디지털 인프라 용량을 개발할 수 있게 됐습니다. 이 전략적 확장에는 2026년까지 가동될 예정인 대부분 탄소 제로인 138MW가 포함됩니다.
구 석탄화력발전소 부지에는 기존 전력 인프라, 취수 설비 및 광케이블 연결이 갖춰져 있습니다. 업스테이트 뉴욕에 위치한 이 시설은 kWh당 $0.05 미만의 전기 요금으로 청정 에너지를 활용할 수 있는 이점이 있습니다. 거래 금액은 총 $98백만으로, 그중 $95백만은 WULF 보통주로, $3백만은 현금으로 Cayuga Operating Company에 지급됩니다.
해당 부지에는 계획된 67MW 태양광 설비와 800MWh 배터리 저장 시스템이 포함되며, 이는 TeraWulf가 AI 및 고성능 컴퓨팅 분야의 성장에 대비하도록 합니다.
TeraWulf (Nasdaq: WULF) a obtenu un bail foncier de 80 ans pour 183 acres sur le site de Cayuga à Lansing, New York, permettant le développement de jusqu'à 400 MW de capacité d'infrastructure numérique. L'expansion stratégique comprend 138 MW d'électricité majoritairement sans carbone, devant être opérationnels d'ici 2026.
L'ancien site d'une centrale à charbon dispose d'infrastructures électriques existantes, de systèmes d'intake d'eau et d'une connectivité fibre. Située dans l'Upstate New York, l'installation bénéficie d'une énergie propre avec des coûts d'électricité inférieurs à $0.05 par kilowattheure. La transaction porte sur une contrepartie totale de 98 millions de dollars, comprenant 95 millions de dollars en actions ordinaires WULF et 3 millions de dollars en espèces, versés à Cayuga Operating Company.
Le site comprendra une installation solaire planifiée de 67 MW et un système de stockage par batterie de 800 MWh, positionnant TeraWulf pour la croissance dans l'IA et le calcul haute performance.
TeraWulf (Nasdaq: WULF) hat einen 80-jährigen Erbpachtvertrag für 183 Acres am Cayuga-Standort in Lansing, New York, gesichert, was die Entwicklung von bis zu 400 MW digitaler Infrastrukturkapazität ermöglicht. Die strategische Erweiterung umfasst 138 MW überwiegend kohlenstofffreier Energie, die voraussichtlich bis 2026 in Betrieb gehen sollen.
Das ehemalige Kohlekraftwerksgelände verfügt über bestehende elektrische Infrastruktur, Wasserentnahmesysteme und Glasfaseranbindung. Der Standort in Upstate New York profitiert von sauberer Energie mit Stromkosten unter $0,05 pro Kilowattstunde. Die Transaktion umfasst eine Gesamtvergütung von $98 Millionen, davon $95 Millionen in WULF-Stammaktien und $3 Millionen in bar, gezahlt an die Cayuga Operating Company.
Auf dem Gelände sind eine geplante 67-MW-Solaranlage und ein 800-MWh-Batteriespeichersystem vorgesehen, womit TeraWulf für Wachstum in den Bereichen KI und Hochleistungsrechnen positioniert wird.
- Secured 80-year ground lease with expansion potential up to 400 MW capacity
- Low electricity costs below $0.05 per kilowatt-hour
- Access to predominantly zero-carbon energy sources
- Existing infrastructure reduces development costs and time
- Strategic location with fiber connectivity to New York City
- 138 MW of power expected to be operational by 2026
- Significant equity dilution through $95 million stock payment
- Transaction with CEO-owned entity raises potential conflict of interest concerns
- Full capacity utilization not expected until after 2026
Insights
TeraWulf's 80-year Cayuga lease secures massive 400MW expansion capacity for AI computing with predominantly zero-carbon power at competitive rates.
TeraWulf's execution of an 80-year ground lease at the Cayuga site represents a significant strategic expansion of the company's digital infrastructure capacity. The 183-acre property unlocks potential for up to 400 MW of computing power, with 138 MW expected to come online in the second half of 2026. What makes this development particularly valuable is the site's existing infrastructure advantages—it's a former coal plant with ready-to-use electrical infrastructure, industrial water intake systems, and redundant fiber connectivity.
The financial structure of the deal involves
The Cayuga site's power economics are compelling, with electricity costs averaging below
This transaction positions TeraWulf to compete more effectively in the rapidly growing high-performance computing and AI infrastructure markets, with a focus on enterprise and hyperscale customers. The low-cost power, sustainable energy profile, and substantial capacity for expansion create a compelling long-term competitive advantage in a market where power availability, cost, and environmental impact are critical factors.
80-Year Lease Unlocks Up to 400 MW of Infrastructure Capacity, Enhancing TeraWulf’s Platform for AI and HPC Growth
EASTON, Md., Aug. 14, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced the execution of a long-term ground lease for approximately 183 acres at the Cayuga site in Lansing, New York (the “Cayuga Ground Lease”). This transaction marks a major step forward in the Company’s expansion of high-performance computing (HPC) and AI data center hosting.
The Cayuga Ground Lease, executed with Cayuga Operating Company LLC (“Cayuga”), has a term of 80 years and includes reciprocal purchase and sale options exercisable for
“Our lease at Cayuga highlights TeraWulf’s strategic advantage—access to large-scale, sustainable infrastructure in attractive power markets with predominantly zero-carbon energy and robust fiber connectivity to key hubs like New York City,” said Kerri Langlais, Chief Strategy Officer of TeraWulf. “With 138 MW expected to come online in the second half of 2026 and scalable capacity up to 400 MW, Cayuga further reinforces our position as a destination of choice for enterprise and hyperscale customers seeking low-cost, next-generation compute infrastructure.”
Located in Upstate New York, where nearly
The transaction was negotiated and approved by a special committee of the Company’s Board of Directors, composed entirely of independent directors (the “Independent Committee”) as Cayuga is owned by TeraWulf’s Chief Executive Officer. The Independent Committee was advised by independent legal counsel Reed Smith LLP and received a fairness opinion from CBRE Capital Advisors, Inc. In connection with the transaction, Cayuga’s parent company Riesling Power will receive consideration comprised of
About TeraWulf
TeraWulf develops, owns, and operates environmentally sustainable, industrial-scale data center infrastructure in the United States, purpose-built for high-performance computing (HPC) hosting and bitcoin mining. Led by a team of veteran energy infrastructure entrepreneurs, TeraWulf is committed to innovation and operational excellence, with a mission to lead the market in large-scale digital infrastructure by serving both its own compute requirements and those of top-tier HPC clients as a trusted hosting partner.
Contacts
Investors: investors@terawulf.com
Media: media@terawulf.com
This press release 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 anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.
FAQ
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