Thu, Aug 14, 2025
TeraWulf signs 80-year ground lease at Cayuga site
Key points
- Signed an 80-year ground lease for approximately 183 acres at the Cayuga site in Lansing, New York
- Lease grants exclusive rights to develop up to 400 MW of digital infrastructure capacity for HPC and AI
- 138 MW of low-cost, predominantly zero-carbon power expected to be ready for service in 2026
- Related-party transaction with CEO-owned Cayuga Operating Company, approved by an independent committee; consideration of $95 million in TeraWulf stock plus $3 million in cash
- Includes reciprocal purchase and sale options exercisable for $100 beginning in year 50
Site update
| Site | Status | Active | In build | Theoretical |
|---|---|---|---|---|
Lake HawkeyeLansing, NY 80-year ground lease (~183 acres) with related-party Cayuga Operating Company LLC (owned by TeraWulf CEO); up to 400 MW of digital infrastructure capacity; 138 MW expected ready for service in 2026 (second half per CSO); reciprocal purchase/sale options for $100 beginning year 50; consideration to Cayuga parent Riesling Power: $95M in WULF stock (15-day VWAP) + $3M cash; ~67 MW solar planned and 800 MWh battery storage in advanced development on adjacent parcels | Disclosed | — | — | 320 MWgross |