TeraWulf

ConvictionModerate

Power-first real-asset landlord: monetize energized, interconnect-queued, zero-carbon power by building HPC colocation shells and leasing critical IT capacity to a neocloud tenant (Fluidstack) on long-dated (10-yr) contracts. The economic engine is the spread between contracted, credit-backstopped lease revenue (~$1.5-2M/MW/yr) and the debt-funded capex to build the shells — a shift away from volatile, hash-price-linked BTC hosting toward higher-multiple, contracted landlord cash flows. The scarce asset is the site's power, not ASICs.