<p><strong>里程碑融资巩固战略伙伴关系，扩大人工智能需求，并持续改善市场经济</strong></p>
<p>马里兰州东顿，2025 年 12 月 18 日（全球新闻通讯社）-- TeraWulf Inc.（纳斯达克：WULF）（“TeraWulf” 或 “公司”），一家领先的垂直整合低碳数字基础设施的拥有者和运营商，今天宣布其先前披露的位于德克萨斯州阿伯纳西的 168 MW 高性能计算（HPC）合资企业项目融资成功定价。</p>
<p>该融资支持开发下一代液冷人工智能数据中心，提供高达 240 MW 的总电力容量（168 MW 的关键 IT 负载），并在长期托管结构下提供投资级信用支持。该融资受益于通过 Fluidstack 平台由领先的全球超大规模合作伙伴提供的长期信用增强，实质性增强了项目的信用状况，并支持高效的资本形成。</p>
<p>融资所得将用于资助建设、建立所需储备，并完成设施的交付，该设施仍按计划在 2026 年下半年投入使用。</p>
<p><strong>可扩展的合作伙伴关系，适应持续的 HPC 需求</strong></p>
<p>阿伯纳西项目反映了 TeraWulf 与 Fluidstack 合作关系的持续演变，建立在可重复的场地设计、严谨的资本形成和高效的大规模人工智能基础设施交付之上。双方在开发、融资、建设和运营方面拥有深厚的经验，使得大规模快速部署成为可能。</p>
<p>高性能 HPC 计算的需求继续以需要多种采购路径和多样化基础设施合作伙伴的速度增长。Fluidstack 的平台服务于广泛且不断扩大的客户基础，容量采购受到市场时间、总成本、可靠性和执行确定性的驱动。在这种环境下，阿伯纳西校园因其规模、电力可用性和先进设计而被定位为一个高度竞争的解决方案。</p>
<p>除了初始的 168 MW 阶段外，合资企业还保留了在初始建设之外扩展容量的能力，利用现有的传输、土地和开发基础设施来支持随着市场需求持续增长的增量高密度部署。</p>
<p><strong>早期领导，改善经济</strong></p>
<p>TeraWulf 和 Fluidstack 在构建和融资人工智能计算基础设施方面一直是早期领导者，包括执行首个大型交易之一，其中基础设施所有者资助了大部分开发资本，建立了双方之间的早期战略关系，并完成了人工智能共置市场中首个此类项目融资之一。</p>
<p>随着人工智能需求的加速和可用容量的紧缩，市场条款持续改善，特别是对于拥有可扩展场地和准备执行平台的所有者。公司预计每年将部署额外的 250 MW 至 500 MW 的 HPC 容量，并且迄今已确保超过 500 MW。由于其管道中仍有大量可供合同的部分，公司认为当前市场环境越来越有利。</p>
<p><strong>领导者评论</strong></p>
<p>“这项融资代表了在一开始就设计为可扩展的平台的又一步重要进展，” TeraWulf 首席执行官 Paul Prager 表示。“我们早期专注于建立能够随着人工智能市场演变而适应的场地、关系和结构。今天的环境验证了这种方法。”</p>
<p>“Fluidstack 很高兴通过这项融资在阿伯纳西项目上与 TeraWulf 建立现有合作伙伴关系，” Fluidstack 首席执行官兼联合创始人 Gary Wu 表示。“这一合作伙伴关系加强了我们共同的愿望，以在下一个合资开发中塑造和交付更多下一代容量。”</p>
<p><strong>关于</strong> <strong>TeraWulf</strong></p>
<p>TeraWulf 在美国开发、拥有和运营环保的工业规模数据中心基础设施，专门用于高性能计算（HPC）托管和比特币挖矿。TeraWulf 由一支经验丰富的能源基础设施企业家团队领导，致力于为下一代人工智能和 HPC 客户提供可扩展的低碳计算能力。</p>
<p><strong>前瞻性</strong> <strong>声明</strong></p>
<p>本新闻稿包含根据 1995 年《私人证券诉讼改革法案》（经修订）“安全港” 条款的定义所作的前瞻性声明。这些前瞻性声明包括关于预期未来事件和期望的陈述，而这些并非历史事实。除历史事实陈述外的所有陈述均可视为前瞻性声明。此外，前瞻性声明通常通过 “计划”、“相信”、“目标”、“瞄准”、“期望”、“预期”、“打算”、“展望”、“估计”、“预测”、“项目”、“寻求”、“继续”、“可能”、“或许”、“潜在”、“战略”、“机会”、“预测”、“应该”、“会” 等词语和表达来识别，尽管缺乏这些词语或表达并不意味着某一声明不是前瞻性的。前瞻性声明基于 TeraWulf 管理层当前的期望和信念，固有地受到多种因素、风险、不确定性和假设及其潜在影响的制约。无法保证未来的发展将如预期那样。实际结果可能因多种因素、风险、不确定性和假设而与前瞻性声明中表达或暗示的结果有重大差异，包括但不限于：（1）盈利性挖掘比特币的能力；（2）TeraWulf 吸引额外客户租赁其高性能计算（HPC）数据中心的能力；（3）TeraWulf 在现有数据中心租赁协议下履行的能力；（4）影响 TeraWulf 运营或其所处行业的适用法律、法规和/或许可证的变化；（5）实施某些商业目标的能力，包括比特币挖掘和 HPC 数据中心开发，以及及时和高效地执行相关项目的能力；（6）未能及时获得足够的融资和/或在可接受的条款下进行扩展或现有运营；（7）不利的地缘政治或经济条件，包括高通胀环境、新关税的实施和更严格的贸易法规；（8）网络犯罪、洗钱、恶意软件感染和网络钓鱼的潜在风险，以及由于设备故障、自然灾害、数据安全漏洞、计算机故障或破坏（以及与上述任何情况相关的费用）造成的损失和干扰；（9）维持和发展 TeraWulf 业务和运营所需的电力及电气基础设施设备的可用性和成本；（10）TeraWulf 在美国证券交易委员会（“SEC”）的文件中不时详细列出的其他风险和不确定性。潜在投资者、股东和其他读者被警告不要对这些前瞻性声明过度依赖，这些声明仅在作出时有效。TeraWulf 不承担在作出后公开更新任何前瞻性声明的义务，无论是由于新信息、未来事件还是其他原因，法律或法规另有要求的情况除外。投资者可参考 TeraWulf 在 SEC 的文件中关于前瞻性声明相关风险和不确定性的完整讨论，以及风险因素的讨论，这些文件可在 www.sec.gov 获取。</p>
<p><strong>联系方式</strong></p>
<p>投资者：investors@terawulf.com</p>
<p>媒体：media@terawulf.com</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1RZd05EZzNOU00zTXpJNU9EWTNJekl5TlRreU56WT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1RZd05EZzNOU00zTXpJNU9EWTNJekl5TlRreU56WT0"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/Y2Q4ZTUzYjQtMWY5Yi00ZGQyLWE4YzgtNWNjNDkzNDQ4MGMxLTEyNzA4MjYtMjAyNS0xMi0xOC1lbg==/tiny/Terawulf-Inc-.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/Y2Q4ZTUzYjQtMWY5Yi00ZGQyLWE4YzgtNWNjNDkzNDQ4MGMxLTEyNzA4MjYtMjAyNS0xMi0xOC1lbg==/tiny/Terawulf-Inc-.png"/></p>

WULF

<p>TeraWulf 和 Fluidstack 已成功为其位于德克萨斯州阿伯纳西的 168 兆瓦高性能计算（HPC）合资企业定价项目级融资。该融资支持开发一个液冷 AI 数据中心，容量可达 240 兆瓦。该项目受益于长期信用增强，旨在满足日益增长的 AI 需求。合作伙伴计划在初始建设之外扩展产能，利用现有基础设施。TeraWulf 和 Fluidstack 是 AI 计算基础设施融资的早期领导者，计划每年部署 250 兆瓦至 500 兆瓦的 HPC 产能</p>

<p><strong>Milestone financing reinforces strategic partnership, expanding AI demand, and continued improvement in market economics</strong></p>
<div class="lb-trans"><p><strong>里程碑融资巩固战略伙伴关系，扩大人工智能需求，并持续改善市场经济</strong></p>
</div><p>EASTON, Md., Dec. 18, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, low-carbon digital infrastructure, today announced the successful pricing of project-level financing for their previously disclosed 168 MW high-performance computing (HPC) joint venture at the Abernathy, Texas campus.</p>
<div class="lb-trans"><p>马里兰州东顿，2025 年 12 月 18 日（全球新闻通讯社）-- TeraWulf Inc.（纳斯达克：WULF）（“TeraWulf” 或 “公司”），一家领先的垂直整合低碳数字基础设施的拥有者和运营商，今天宣布其先前披露的位于德克萨斯州阿伯纳西的 168 MW 高性能计算（HPC）合资企业项目融资成功定价。</p>
</div><p>The financing supports the development of a next-generation, liquid-cooled AI data center delivering up to 240 MW of gross power capacity (168 MW of critical IT load) under a long-term hosting structure with investment-grade credit support. The financing benefits from long-term credit enhancement provided through Fluidstack’s platform by a leading global hyperscale partner, materially strengthening the project’s credit profile and supporting efficient capital formation.</p>
<div class="lb-trans"><p>该融资支持开发下一代液冷人工智能数据中心，提供高达 240 MW 的总电力容量（168 MW 的关键 IT 负载），并在长期托管结构下提供投资级信用支持。该融资受益于通过 Fluidstack 平台由领先的全球超大规模合作伙伴提供的长期信用增强，实质性增强了项目的信用状况，并支持高效的资本形成。</p>
</div><p>Proceeds will be used to fund construction, establish required reserves, and complete delivery of the facility, which remains on track for commissioning in the second half of 2026.</p>
<div class="lb-trans"><p>融资所得将用于资助建设、建立所需储备，并完成设施的交付，该设施仍按计划在 2026 年下半年投入使用。</p>
</div><p><strong>A Scalable Partnership Positioned for Sustained HPC Demand</strong></p>
<div class="lb-trans"><p><strong>可扩展的合作伙伴关系，适应持续的 HPC 需求</strong></p>
</div><p>The Abernathy project reflects the continued evolution of the TeraWulf–Fluidstack partnership, built on repeatable site design, disciplined capital formation, and efficient delivery of large-scale AI infrastructure. Together, the parties bring deep experience across development, financing, construction, and operations – enabling rapid deployment of capacity at scale.</p>
<div class="lb-trans"><p>阿伯纳西项目反映了 TeraWulf 与 Fluidstack 合作关系的持续演变，建立在可重复的场地设计、严谨的资本形成和高效的大规模人工智能基础设施交付之上。双方在开发、融资、建设和运营方面拥有深厚的经验，使得大规模快速部署成为可能。</p>
</div><p>Demand for high-performance HPC compute continues to grow at a pace that requires multiple sourcing paths and diverse infrastructure partners. Fluidstack’s platform serves a broad and expanding customer base, and capacity procurement is driven by a combination of time-to-market, total cost, reliability, and execution certainty. Within this environment, the Abernathy campus is positioned as a highly competitive solution given its scale, power availability, and advanced design.</p>
<div class="lb-trans"><p>高性能 HPC 计算的需求继续以需要多种采购路径和多样化基础设施合作伙伴的速度增长。Fluidstack 的平台服务于广泛且不断扩大的客户基础，容量采购受到市场时间、总成本、可靠性和执行确定性的驱动。在这种环境下，阿伯纳西校园因其规模、电力可用性和先进设计而被定位为一个高度竞争的解决方案。</p>
</div><p>In addition to the initial 168 MW phase, the joint venture retains the ability to expand capacity beyond the initial build, leveraging existing transmission, land, and development infrastructure to support incremental, high-density deployments as market demand continues to scale.</p>
<div class="lb-trans"><p>除了初始的 168 MW 阶段外，合资企业还保留了在初始建设之外扩展容量的能力，利用现有的传输、土地和开发基础设施来支持随着市场需求持续增长的增量高密度部署。</p>
</div><p><strong>Early Leadership, Improving Economics</strong></p>
<div class="lb-trans"><p><strong>早期领导，改善经济</strong></p>
</div><p>TeraWulf and Fluidstack have been early leaders in structuring and financing AI compute infrastructure, including executing one of the first large-scale transactions where the infrastructure owner funded the majority of development capital, establishing an early strategic relationship between the parties, and completing one of the first project financings of its kind in the AI colocation market.</p>
<div class="lb-trans"><p>TeraWulf 和 Fluidstack 在构建和融资人工智能计算基础设施方面一直是早期领导者，包括执行首个大型交易之一，其中基础设施所有者资助了大部分开发资本，建立了双方之间的早期战略关系，并完成了人工智能共置市场中首个此类项目融资之一。</p>
</div><p>As AI demand has accelerated and available capacity has tightened, market terms have continued to improve, particularly for owners with scalable sites and execution-ready platforms. The Company expects to deploy an incremental 250 MW – 500 MW of HPC capacity annually and has already secured more than 500 MW to date. With a substantial portion of its pipeline still available for contracting, the Company views the current market environment as increasingly favorable.</p>
<div class="lb-trans"><p>随着人工智能需求的加速和可用容量的紧缩，市场条款持续改善，特别是对于拥有可扩展场地和准备执行平台的所有者。公司预计每年将部署额外的 250 MW 至 500 MW 的 HPC 容量，并且迄今已确保超过 500 MW。由于其管道中仍有大量可供合同的部分，公司认为当前市场环境越来越有利。</p>
</div><p><strong>Leadership Commentary</strong></p>
<div class="lb-trans"><p><strong>领导者评论</strong></p>
</div><p>“This financing represents another important step in scaling a platform that was designed from the outset to grow,” said Paul Prager, Chief Executive Officer of TeraWulf. “We focused early on building sites, relationships, and structures that could adapt as the AI market evolved. Today’s environment validates that approach.”</p>
<div class="lb-trans"><p>“这项融资代表了在一开始就设计为可扩展的平台的又一步重要进展，” TeraWulf 首席执行官 Paul Prager 表示。“我们早期专注于建立能够随着人工智能市场演变而适应的场地、关系和结构。今天的环境验证了这种方法。”</p>
</div><p>“Fluidstack is pleased to build on its existing partnership with TeraWulf through this financing for our Abernathy project,&#34; said Gary Wu, CEO and Co-Founder of Fluidstack. &#34;This partnership strengthens our shared ambition to shape and deliver more next-generation capacity in our next joint venture development.&#34;</p>
<div class="lb-trans"><p>“Fluidstack 很高兴通过这项融资在阿伯纳西项目上与 TeraWulf 建立现有合作伙伴关系，” Fluidstack 首席执行官兼联合创始人 Gary Wu 表示。“这一合作伙伴关系加强了我们共同的愿望，以在下一个合资开发中塑造和交付更多下一代容量。”</p>
</div><p><strong>About</strong> <strong>TeraWulf</strong></p>
<div class="lb-trans"><p><strong>关于</strong> <strong>TeraWulf</strong></p>
</div><p>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 delivering scalable, low-carbon compute capacity for next-generation AI and HPC customers.</p>
<div class="lb-trans"><p>TeraWulf 在美国开发、拥有和运营环保的工业规模数据中心基础设施，专门用于高性能计算（HPC）托管和比特币挖矿。TeraWulf 由一支经验丰富的能源基础设施企业家团队领导，致力于为下一代人工智能和 HPC 客户提供可扩展的低碳计算能力。</p>
</div><p><strong>Forward-Looking</strong> <strong>Statements</strong></p>
<div class="lb-trans"><p><strong>前瞻性</strong> <strong>声明</strong></p>
</div><p>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) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (3) TeraWulf’s ability to perform under its 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 TeraWulf’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 TeraWulf’s filings with the SEC, which are available at www.sec.gov.</p>
<div class="lb-trans"><p>本新闻稿包含根据 1995 年《私人证券诉讼改革法案》（经修订）“安全港” 条款的定义所作的前瞻性声明。这些前瞻性声明包括关于预期未来事件和期望的陈述，而这些并非历史事实。除历史事实陈述外的所有陈述均可视为前瞻性声明。此外，前瞻性声明通常通过 “计划”、“相信”、“目标”、“瞄准”、“期望”、“预期”、“打算”、“展望”、“估计”、“预测”、“项目”、“寻求”、“继续”、“可能”、“或许”、“潜在”、“战略”、“机会”、“预测”、“应该”、“会” 等词语和表达来识别，尽管缺乏这些词语或表达并不意味着某一声明不是前瞻性的。前瞻性声明基于 TeraWulf 管理层当前的期望和信念，固有地受到多种因素、风险、不确定性和假设及其潜在影响的制约。无法保证未来的发展将如预期那样。实际结果可能因多种因素、风险、不确定性和假设而与前瞻性声明中表达或暗示的结果有重大差异，包括但不限于：（1）盈利性挖掘比特币的能力；（2）TeraWulf 吸引额外客户租赁其高性能计算（HPC）数据中心的能力；（3）TeraWulf 在现有数据中心租赁协议下履行的能力；（4）影响 TeraWulf 运营或其所处行业的适用法律、法规和/或许可证的变化；（5）实施某些商业目标的能力，包括比特币挖掘和 HPC 数据中心开发，以及及时和高效地执行相关项目的能力；（6）未能及时获得足够的融资和/或在可接受的条款下进行扩展或现有运营；（7）不利的地缘政治或经济条件，包括高通胀环境、新关税的实施和更严格的贸易法规；（8）网络犯罪、洗钱、恶意软件感染和网络钓鱼的潜在风险，以及由于设备故障、自然灾害、数据安全漏洞、计算机故障或破坏（以及与上述任何情况相关的费用）造成的损失和干扰；（9）维持和发展 TeraWulf 业务和运营所需的电力及电气基础设施设备的可用性和成本；（10）TeraWulf 在美国证券交易委员会（“SEC”）的文件中不时详细列出的其他风险和不确定性。潜在投资者、股东和其他读者被警告不要对这些前瞻性声明过度依赖，这些声明仅在作出时有效。TeraWulf 不承担在作出后公开更新任何前瞻性声明的义务，无论是由于新信息、未来事件还是其他原因，法律或法规另有要求的情况除外。投资者可参考 TeraWulf 在 SEC 的文件中关于前瞻性声明相关风险和不确定性的完整讨论，以及风险因素的讨论，这些文件可在 www.sec.gov 获取。</p>
</div><p><strong>Contacts</strong></p>
<div class="lb-trans"><p><strong>联系方式</strong></p>
</div><p>Investors: investors@terawulf.com</p>
<div class="lb-trans"><p>投资者：investors@terawulf.com</p>
</div><p>Media: media@terawulf.com</p>
<div class="lb-trans"><p>媒体：media@terawulf.com</p>
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Terawulf 和 Fluidstack 宣布成功为 168 兆瓦高性能计算合资项目融资定价 | WULF 股票新闻