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By Ainvest in options-flow —

WULF $1.7M LEAP Call Closure - Institutional Repositioning Before AI Data Center Ramp!

Institutional whale activity: $1.7M premium detected on WULF. Someone just closed out $1. Full breakdown includes trade mechanics, gamma levels, implied move targets, and three actionable strategies inside.

📅 November 6, 2025 | 🔥 Unusual Activity Detected

🎯 The Quick Take

Someone just closed out $1.7 MILLION worth of June 2027 LEAP calls on TeraWulf at 10:36:18 AM today! This unusual trade bought back 3,000 contracts of $20 strike calls expiring in 18 months - with the stock trading at $14.73. With TeraWulf's massive $10.5B in contracted AI/HPC revenue backed by Google starting to come online in Q1-Q2 2025, smart money is repositioning ahead of major facility completions. Translation: Someone's closing their short calls (removing upside cap) because they expect the stock to blow through $20 before June 2027!

📊 Company Overview

TeraWulf Inc. (WULF) is a digital asset technology company transitioning from pure-play Bitcoin miner to diversified AI infrastructure provider:
- Market Cap: $6.3 Billion
- Industry: Finance Services (Digital Infrastructure)
- Current Price: $14.73
- Primary Business: Zero-carbon Bitcoin mining + AI/HPC data center hosting
- Key Differentiators: Google-backed $10.5B AI contracts, debt-free balance sheet, nuclear-powered mining at $0.02/kWh

💰 The Option Flow Breakdown

The Tape (November 6, 2025 @ 10:36:18):

Time Symbol Side Buy/Sell Type Expiration Premium Strike Volume OI Size Spot Option Price
10:36:18 WULF MID BUY CALL 2027-06-17 $1.7M $20 3.0K 1.7K 3,000 $14.73 $5.57

🤓 What This Actually Means

This is a short call closure on deep out-of-the-money LEAPs! Here's the story behind the trade:

  • 💸 Closing premium paid: $1.7M ($5.57 per contract × 3,000 contracts)
  • 🎯 Far OTM position: $20 strike with WULF trading at $14.73 = $5.27 to breakeven (36% upside)
  • ⏰ Long duration remaining: 589 days until June 2027 expiration
  • 📊 Meaningful size: 3,000 contracts represents 300,000 shares worth ~$4.4M
  • 🏦 Sophisticated play: This is NOT retail - closing 18-month LEAPs shows institutional positioning

What's really happening here:
This trader was previously short these $20 June 2027 calls (bearish bet that WULF stays below $20). Now they're buying them back to close the position at a cost of $1.7M. Why close now with 18 months remaining? The timing is telling:

Unusual Score: 🔥 MODERATE (3.4x average size, 95th percentile) - Above average activity with $1.7M premium. This happens a few times per month but represents meaningful institutional repositioning.

📈 Technical Setup / Chart Check-Up

YTD Performance Chart

WULF YTD Performance

TeraWulf has surged +100.26% over the past 3 months (from $7.67 in early August to $15.36 by November 5). The stock jumped 25% on October 28, 2025 following the $9.5B Fluidstack joint venture announcement.

Key observations:
- 🚀 Explosive momentum: 100%+ gains in 3 months following AI pivot announcements
- 💹 Breakout pattern: Stock burst through $10-12 resistance zone in late October
- 📊 High volatility: Price action shows 20-40% swings typical of small-cap crypto miners
- 🎯 New base forming: Consolidating around $14-15 after recent surge

Gamma-Based Support & Resistance Analysis

WULF Gamma Support & Resistance

Current Price: $14.56

The gamma exposure map reveals critical price magnets and walls around current levels:

🟠 Resistance Levels (Call Gamma Above Price):
- $15.00 - Immediate resistance with 22.3B total gamma exposure (132K call OI, 56K put OI)
- $16.00 - Secondary ceiling at 13.6B gamma (106K call OI, strong net call bias)
- $17.00 - Major resistance zone with 18.8B gamma (148K call OI - largest single level!)
- $18.00 - Extended resistance at 11.5B gamma (101K call OI)
- $20.00 - Key psychological level with 13.6B gamma (204K call OI - second largest!)

🔵 Support Levels (Put Gamma Below Price):
- $14.00 - Strong nearby support with 11.2B total gamma (47K call OI, 29K put OI)
- $13.00 - Secondary support at 5.7B gamma (balanced call/put OI)
- $12.00 - Major floor with 9.1B gamma (83K call OI, 56K put OI)
- $11.00 - Deep support at 7.0B gamma (81K put OI providing cushion)
- $10.00 - Critical support zone with 6.5B gamma (84K call OI, 75K put OI)

What this means for traders:
WULF is trading just below the $15 resistance level with massive call gamma stacked at $17 and $20 strikes. This setup suggests the stock wants to push higher, but will face natural resistance as it approaches these levels. The 204K open interest at $20 strike (where today's LEAP closure occurred) represents significant dealer positioning. If WULF breaks above $17, momentum could carry it quickly to $20 as dealers hedge their short calls.

Net GEX Bias: Bullish (call gamma dominates at key strikes) - Overall positioning leans heavily bullish with major call walls at $15, $17, and $20 creating step-function resistance levels.

🎪 Catalysts

🔥 Immediate Catalysts (Next 30 Days)

Q3 2025 Earnings - November 17, 2025 (11 DAYS AWAY!) 📊

TeraWulf will report Q3 2025 results on November 17, 2025. This is the first earnings report after the massive $9.5B Fluidstack deal announcement on October 28. Key metrics to watch:

What to watch: This earnings call will set the tone for 2025 execution. Any delays in CB-1/CB-2 facilities could trigger 15-20% selloff. Conversely, ahead-of-schedule progress or new AI customer wins could push stock toward $20.

🚀 Near-Term Catalysts (Q1-Q2 2025)

CB-1 HPC Facility Completion - Q1 2025 Target 🏗️

20 MW HPC hosting facility with Tier 3-grade redundancy on schedule for Q1 2025. This represents TeraWulf's first material AI hosting revenue generator:

  • 🎯 Revenue impact: Estimated $15-25M annual recurring revenue from this facility alone
  • 🏦 Strategic importance: Proof-of-concept for scaling to 238+ MW across multiple sites
  • 📅 Timeline risk: Any delays push revenue recognition to Q2-Q3, could pressure stock
  • ✅ Completion catalyst: Formal announcement of facility going live would be major positive

CB-2 HPC Facility Delivery - Q2 2025 Target 🏗️

50 MW HPC hosting facility with key components secured, expected end of Q2 2025. Combined with CB-1, delivers full 70 MW for Core42 partnership:

  • 💰 Revenue ramp: $60-100M annual revenue potential from combined 70 MW capacity
  • 📊 Margin profile: HPC hosting margins estimated at 40-60% vs. 20-30% for Bitcoin mining
  • 🎯 Execution critical: Meeting Q2 timeline crucial to maintaining analyst confidence (multiple price targets raised to $20-23 range post-Fluidstack deal)

Bitcoin Price Momentum - Ongoing 📈

Bitcoin surged to nearly $100,000 in November 2024 post-election, hitting all-time highs. Average daily price rose 38% in November 2024 from $69,689 to $96,748:

  • 🚀 Analyst forecasts: 2025-2027 targets range from $145K to $300K; Cathie Wood predicts $1M within five years
  • 💎 WULF's exposure: Company holds bitcoin treasury; every $10K BTC increase adds ~$5-10M to balance sheet value
  • ⚖️ Hedging strategy: Management has historically sold mined bitcoin to fund operations, so upside exposure is moderate but meaningful

🤖 Strategic Catalysts (Late 2025-2026)

Google Warrant Exercise Potential 🏦

Google currently holds 14% stake via warrants from both Fluidstack deals - 41M shares (8%) from $1.8B first deal plus 73M additional warrants from $3.2B second commitment:

  • 🎯 Squeeze potential: If Google exercises warrants, float reduces and borrow costs spike for shorts
  • 📊 Validation signal: Google taking larger ownership would validate AI transformation thesis
  • ⚠️ Dilution concern: 114M total shares represents ~18% dilution at current share count
  • 💰 Strike prices unknown: If warrants are in-the-money, exercise more likely as facilities come online

Abernathy, Texas 168 MW Facility - H2 2026 Delivery 🏗️

$9.5B contracted revenue over 25 years (~$380M annually) from the October 28, 2025 Fluidstack announcement. Construction already underway, expected second half of 2026:

  • 🚀 Transformational scale: This alone represents 6-7x current quarterly revenue run rate
  • 💵 Project cost: Estimated $8-10M per MW = $1.3-1.7B total capex requirement
  • 🏦 Financing secured: Google backing $1.3B of Fluidstack's lease obligations provides project financing
  • 📅 Long timeline: 18-month construction means limited near-term impact but massive 2027+ revenue

Revenue Transformation Timeline:
- Q4 2024: ~$30-35M (primarily bitcoin mining) ✅ Actual: $35M reported
- Q2 2025: $50-70M (CB-1/CB-2 ramp + mining) 🎯 Target
- Q4 2025: $90-120M (full Core42 capacity online) 🎯 Target
- 2026: $300-400M+ (Abernathy facility operational) 🚀 Game-changer

⚠️ Risk Catalysts (Negative)

Regulatory Headwinds on Crypto Mining ⚖️

Multiple regulatory threats could impact TeraWulf's bitcoin mining operations:

Impact assessment: If 30% electricity tax passes, bitcoin mining becomes unprofitable unless BTC sustains above $70K. This accelerates the AI pivot rationale but could reduce near-term cash flow by 40-60%.

Construction Execution Risk 🏗️

TeraWulf faces the most aggressive capacity expansion in the mining sector:

  • 📊 Unprecedented scale: Building 238 MW of Tier 3 data center capacity in 18 months (CB-1, CB-2, Abernathy) while maintaining bitcoin operations
  • ⚠️ Supply chain risks: Each quarter delay represents ~$80-100M in deferred revenue
  • 👷 Labor constraints: Texas data center construction experiencing tight labor markets
  • 💸 Cost overruns: AI data centers running 40-60% over budget industry-wide in 2024-2025

Historical precedent: Riot Platforms struggled with facility expansion in 2023, missing guidance and seeing 30% stock decline.

🎲 Price Targets & Probabilities

Using gamma levels, catalysts, and analyst consensus, here are the scenarios for WULF through June 2027 (LEAP expiration):

📈 Bull Case (35% probability)

Target: $25-$35 by Q4 2025, $40-$50 by June 2027

How we get there:
- ✅ CB-1 and CB-2 facilities deliver on schedule Q1-Q2 2025, generating first AI revenue
- 🚀 AI/HPC revenue ramps to $70-100M by Q4 2025 from Core42 partnership
- 💎 Bitcoin sustains above $100K through 2025-2026, boosting mining cash flow
- 🏗️ Abernathy facility construction stays on track for H2 2026 delivery
- 🏦 Google exercises warrants, validates thesis and creates technical squeeze
- 📊 Market re-rates WULF from "Bitcoin miner" multiple (0.5-1x revenue) to "AI infrastructure" multiple (2-4x revenue)
- 🎯 New hyperscaler customers announced beyond Fluidstack and Core42

Valuation framework: At 2x revenue multiple on $380M Abernathy revenue alone = $760M value for just one facility. Add $150M from CB-1/CB-2 and $50M mining = $1.1B total revenue × 2.5x = $2.75B AI infrastructure value + $2B mining operations = $4.75B fair value → $28-30 per share. Premium to this gets you to $35-40 range.

Key risks: Requires near-perfect execution across multiple facilities and sustained Bitcoin strength. Competitive AI hosting landscape could compress margins below expectations.

🎯 Base Case (45% probability)

Target: $18-$22 through 2025, $25-$30 by June 2027

Most likely scenario:
- ✅ CB-1 completes Q1 2025 on schedule, CB-2 slips to Q3 2025 (minor delay)
- 📊 AI revenue ramps more slowly than bull case: $40-60M by Q4 2025
- 💎 Bitcoin volatile but averages $80-90K through 2025-2026
- 🏗️ Abernathy facility delivers in H2 2026 but faces some cost overruns (10-20% above budget)
- 📈 Stock breaks through $17 gamma resistance by mid-2025, consolidates $18-22 range
- ⚖️ Regulatory headwinds (DAME tax) create uncertainty but don't materially impact operations
- 🎯 Trades at 1.5-2.5x revenue multiple as market slowly accepts AI transformation

This aligns with analyst consensus: Post-October deals, analysts raised targets to $19.52 average (range: $16-$23.25). Stock at $20 June 2027 represents 36% upside from current $14.73 - reasonable given execution complexity.

Why this is most likely: TeraWulf has strong fundamentals (debt-free, Google backing) but execution risk is real. Some delays likely but overall trajectory positive.

📉 Bear Case (20% probability)

Target: $8-$12

What could go wrong:
- 😰 CB-1 facility delayed to Q2-Q3 2025, CB-2 slips to 2026, missing revenue projections
- 🏗️ Abernathy facility faces major construction challenges, pushing delivery to 2027 or beyond
- 💔 Bitcoin crashes below $60K, making mining unprofitable at WULF's $41K cost structure
- ⚖️ DAME tax (30% on electricity) passes and applies retroactively to existing operations
- 📉 Core42 or Fluidstack contract renegotiation/early termination reduces contracted revenue
- 🏦 Capital raise required at depressed prices to fund buildout, causing dilution
- 📊 Broader crypto bear market drags all miners lower regardless of AI pivot
- 🎯 Key support: Strong gamma support at $12-$14 should limit extreme downside unless fundamentals deteriorate significantly

Important note: Even in bear case, the closed $20 LEAP calls expire worthless, meaning the original short seller would have kept full premium. But by closing now at $5.57, they're paying $1.7M to eliminate the position - suggests they're worried about upside risk, not downside.

💡 Trading Ideas

🛡️ Conservative: Buy Dips to Gamma Support

Play: Wait for pullback to $13-$14 support zone, buy stock or sell cash-secured puts

Why this works:
- 📊 Strong gamma support at $14 and $13 levels (11.2B and 5.7B gamma respectively)
- 💰 Entry near recent consolidation zone reduces downside risk
- 🏦 Debt-free balance sheet and $275M cash provides downside protection
- 🎯 November 17 earnings could provide entry opportunity if stock dips on short-term guidance
- ✅ Google backing and $10.5B contracted revenue provides fundamental floor

Action plan:
- 👀 Watch for dip to $13-14 range (10-15% pullback from current $14.73)
- 📊 Monitor earnings on November 17 for CB-1 facility timeline updates
- 💵 Position size: 2-5% of portfolio given high volatility
- 🎯 Target: $18-22 by mid-2025 (20-50% upside)
- 🛡️ Stop loss: Below $12 (major gamma support level)

Alternative: Sell $13 cash-secured puts for January 2025 expiration, collect premium while waiting for entry

Risk level: Moderate (stock exposure) | Skill level: Beginner-friendly

⚖️ Balanced: Bull Call Spread Targeting $20 Resistance

Play: Buy call spread targeting June 2025 or September 2025 expiration

Structure: Buy $16 calls, Sell $20 calls (June 19, 2025 expiration)

Why this works:
- 🎯 Targets major gamma resistance at $17 and $20 strikes (18.8B and 13.6B gamma)
- 📅 June 2025 expiration captures CB-1 (Q1) and CB-2 (Q2) facility completions
- 📊 Defined risk spread ($4 wide = $400 max risk per spread)
- ⏰ 7 months gives time for catalysts to play out without excessive theta decay
- 💰 Cheaper than buying stock outright; limits downside to premium paid

Estimated P&L:
- 💸 Net debit: ~$1.50-2.00 per spread ($150-200 cost)
- 📈 Max profit: ~$2.00-2.50 if WULF at/above $20 at June expiration ($200-250 gain per spread)
- 📉 Max loss: Premium paid ($150-200) if WULF below $16 at expiration
- 🎯 Breakeven: ~$17.50-18.00
- 📊 Risk/reward: ~1:1 to 1.5:1 (reasonable for defined risk trade)

Entry timing: Consider entering after November 17 earnings clarity on facility timelines

Risk level: Moderate (defined risk) | Skill level: Intermediate

🚀 Aggressive: LEAP Call Calendar Spread (HIGH RISK - ADVANCED ONLY!)

Play: Sell short-term calls against long-term LEAP calls (similar to the unusual trade structure)

Structure: Buy $17 calls June 2027, Sell $17 calls June 2025

Why this could work:
- 📅 Mimics the institutional trade structure (long LEAP, short near-term)
- 💸 Collect near-term premium to reduce cost basis on long LEAP
- 🎯 Benefits from time decay on short calls while maintaining long-term upside
- 📊 If stock consolidates $15-17 through Q1-Q2 2025, keep short call premium
- 🚀 Long LEAP captures 2026 Abernathy facility ramp ($380M annual revenue)

Why this could blow up (SERIOUS RISKS):
- 💥 UNLIMITED SHORT-TERM RISK if WULF explodes above $20 on facility completions
- 😱 CB-1/CB-2 ahead of schedule or new customer announcement could gap stock to $20-25
- 🚀 Bitcoin surge to $120K+ could drive WULF through short strike rapidly
- ⚠️ Google warrant exercise could create squeeze, forcing you to close at loss
- 📉 Assignment risk: Short calls could be exercised early if deep ITM
- 💰 Capital intensive: May require $4-6K per spread depending on LEAP cost

Estimated P&L:
- 💰 Long June 2027 $17 LEAP: ~$5-6 debit (~$500-600)
- 💸 Short June 2025 $17 call: ~$1-1.50 credit (~$100-150)
- 📉 Net cost: ~$4-4.50 per spread ($400-450)
- 📈 Max profit: LEAP value at June 2027 minus cost (potentially $10-20+ if WULF at $30-40)
- 💥 Max loss: Net debit + any additional cost to close short calls if explode higher

Risk level: EXTREME (undefined risk if stock surges) | Skill level: Advanced only

⚠️ WARNING: DO NOT attempt this trade unless you:
- Have experience managing calendar spreads through volatile moves
- Can handle potential early assignment of short calls
- Have sufficient capital to roll or close short strikes if needed
- Understand this is a volatility arbitrage play requiring active management
- Can monitor daily for facility announcements that could cause gaps

⚠️ Risk Factors

Don't get caught by these potential landmines:

  • ⏰ Earnings in 11 days: November 17 results create near-term volatility risk. Stock could gap 10-15% either direction based on CB-1 facility timeline guidance and Q4 outlook. Historical pattern: small-cap miners see 20-30% swings post-earnings.

  • 🏗️ Execution risk on unprecedented buildout: Scaling from 10 MW HPC to 238+ MW by end 2026 while maintaining bitcoin operations has no successful precedent among peers. Each quarter delay represents ~$80-100M deferred revenue. Construction delays, supply chain issues, or permitting problems could push revenue recognition into 2027.

  • 💎 Bitcoin volatility wild card: Mining still contributes 60-70% of current revenue. Post-halving economics mean break-even around $55-65K for most miners. WULF's $41,190 per BTC cost provides cushion but BTC crash to $50K would slash mining EBITDA 50-60%.

  • 🏦 Customer concentration extreme: Core42 and Fluidstack represent >$10B contracted revenue but only 2 customers. Contract renegotiation, customer financial distress, or early termination could devastate projections. Loss of one major contract would cut forward revenue guidance 40-50%.

  • ⚖️ Regulatory overhang threatening mining: Proposed 30% DAME tax on mining electricity would increase costs from $41K to $53K per BTC, eliminating profitability at BTC <$60K. New York proof-of-work restrictions could force Lake Mariner facility shutdowns. Mandatory EIA energy reporting increases scrutiny.

  • 💸 Capital requirements and dilution risk: AI facility buildout requires estimated $1.3-2.0B capex through 2026. Current liquidity: $275M cash + $385M remaining from convertible notes = $660M. Funding gap of $600M-1.3B may require equity raise. $500M convertible notes with $8.50 conversion price plus Google's 114M warrants could dilute 25-30% at $20 stock price.

  • 🏭 AI/HPC market saturation emerging: Multiple bitcoin miners pivoting to AI (Core Scientific, Iris Energy, Hut 8 announced similar strategies in 2024). Hyperscaler demand is finite; supply rush could compress hosting margins. WULF's 25-year contracts lock in pricing but may be below-market if AI compute rates increase 2-3x by 2027-2028.

  • 📊 Small-cap volatility and liquidity: $6.3B market cap with average daily volume creates gap risk on major news. Institutional ownership at 44% means limited float can move quickly. 20-40% intraday swings possible on facility announcements or bitcoin moves.

🎯 The Bottom Line

Real talk: Someone just paid $1.7M to close out short calls with 18 months remaining and the stock $5+ below the strike. That's not a bearish signal - it's risk management ahead of major catalysts. They're eliminating their upside cap because they see material probability WULF breaks $20 before June 2027.

What this trade tells us:
- 🎯 Sophisticated player was short $20 calls (betting WULF stays below $20) but NOW wants out
- 💰 Willing to pay $5.57 per contract ($1.7M total) to eliminate the position 18 months early
- ⚖️ Timing is everything: Closing right before Q1-Q2 2025 facility completions and Google warrant potential
- 📊 Similar to closing a short right before earnings - you only do it if you think risk/reward has shifted against you

The transformation thesis is real:
- ✅ $10.5B in contracted AI/HPC revenue vs. $6.3B market cap - the math works
- ✅ Google's 14% stake and $3.2B+ backing validates the strategy
- ✅ Debt-free balance sheet is rare in mining sector
- ✅ Analysts raised targets to $19.52 average (some as high as $23.25) post-Fluidstack deal
- ⚠️ BUT execution on 238 MW buildout in 18 months is the $10B question

If you own WULF:
- ✅ Consider trimming 20-30% above $15 to lock in 100%+ gains from August lows
- 📊 Strong gamma resistance at $17 and $20 will require serious momentum to break through
- ⏰ November 17 earnings is critical - any CB-1 delay could trigger 15-20% selloff
- 🎯 If facilities deliver on schedule in Q1-Q2 2025, $20 target becomes very achievable
- 🛡️ Set mental stop at $12 (major gamma support) to protect gains if execution falters

If you're watching from sidelines:
- ⏰ November 17 after close - Mark your calendar for Q3 earnings
- 🎯 Best entry on pullback to $13-14 range (10-15% below current) if earnings disappoints
- 📈 Looking for confirmation that CB-1 facility on track for Q1 2025 before aggressive positioning
- 🚀 Longer-term (12-18 months), $380M annual Abernathy revenue starting 2026 is legitimate re-rating catalyst
- ⚠️ This is NOT a safe, stable investment - expect 20-40% volatility and potential 50%+ swings on facility news

If you're bearish:
- 🎯 Wait for post-earnings clarity before shorting - fighting Google-backed momentum is dangerous
- 📊 First meaningful support at $14 (11.2B gamma), major support at $12 (9.1B gamma)
- ⚠️ Short interest and borrow costs rising as Google's stake increases - squeeze risk is real
- 📉 Put spreads ($16/$14 or $14/$12) offer safer way to play downside than outright shorts
- ⏰ Peak shorting opportunity likely comes if CB-1 misses Q1 timeline or cost overruns announced

Mark your calendar - Key dates:
- 📅 November 17, 2025 (Monday) - Q3 2025 earnings report (11 days away!)
- 📅 Q1 2025 (January-March) - CB-1 facility (20 MW) expected completion
- 📅 Q2 2025 (April-June) - CB-2 facility (50 MW) targeted delivery
- 📅 Q4 2025 (October-December) - First material AI/HPC revenue should be flowing
- 📅 H2 2026 (July-December) - Abernathy, Texas 168 MW facility expected operational
- 📅 June 17, 2027 - LEAP expiration date for today's unusual trade

Final verdict: This unusual options activity signals institutional repositioning ahead of major value inflection points. At $14.73, WULF trades at 1.7x forward revenue (assuming 2026 ramp) vs. 3-5x for pure-play AI infrastructure providers. If execution delivers on even 70% of the plan, $20-25 is achievable by late 2025. But this is high-risk, high-reward - size positions accordingly and expect a volatile ride. The smart money closing their short calls suggests they see asymmetric upside risk into 2025-2026 catalysts.

Disclaimer: Options trading involves substantial risk of loss and is not suitable for all investors. This analysis is for educational purposes only and not financial advice. TeraWulf operates in highly volatile crypto and emerging AI infrastructure markets with significant execution risk. Past performance doesn't guarantee future results. The 3.4x unusual score reflects this specific trade's size relative to recent history - it does not imply the trade will be profitable or that you should follow it. Bitcoin price volatility, regulatory changes, construction delays, and customer concentration create material downside risk. Always do your own research and consider consulting a licensed financial advisor before trading. LEAP options can expire worthless, resulting in total loss of premium paid.

About TeraWulf Inc.: TeraWulf is a digital asset technology company transforming from pure-play Bitcoin miner to diversified AI/HPC infrastructure provider with a $6.3 billion market cap. The company operates zero-carbon Bitcoin mining facilities and is building 238+ MW of AI data center capacity backed by $10.5B in contracted revenue from Google-backed partnerships in the Finance Services industry.

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