Terawulf Inc. (NASDAQ: WULF), a leading owner and operator of next-generation digital infrastructure, has announced the execution of a long-term ground lease for approximately 183 acres at the Cayuga site in Lansing, New York. The 80-year lease with Cayuga Operating Company LLC unlocks up to 400 MW of infrastructure capacity, enhancing Terawulf’s platform for AI and HPC growth.
The lease at Cayuga provides Terawulf with exclusive rights to develop up to 400 MW of digital infrastructure capacity, with 138 MW of low-cost, predominantly zero-carbon power expected to be ready for service in the second half of 2026. The site is located in upstate New York, where nearly 90% of the electricity generation mix is from zero carbon-sources, making it one of the cleanest energy profiles in the country.
The transaction was negotiated and approved by a special committee of the company’s board of directors, composed entirely of independent directors, 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 $95 million in the form of Terawulf common stock, determined on the basis of a 15-day trailing VWAP, and $3 million in cash, reinforcing long-term alignment between management and shareholders.
In reinforcing Terawulf's strategic advantage, Kerri Langlais, Chief Strategy Officer of Terawulf, highlighted the company’s 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. The company aims to serve both its own compute requirements and those of top-tier HPC clients as a trusted hosting partner.
This expansion of high-performance computing and AI data center hosting further positions Terawulf as a destination of choice for enterprise and hyperscale customers seeking low-cost, next-generation compute infrastructure. The company remains committed to innovation and operational excellence, with a mission to lead the market in large-scale digital infrastructure.
For investors seeking additional information, they can reach out to [email protected], while media inquiries can be directed to [email protected].
This press release contains forward-looking statements and should be read in conjunction with the cautionary statements and risk factors contained in Terawulf’s filings with the Securities and Exchange Commission. As a result of these announcements, the company's shares have moved 4.2% on the market, and are now trading at a price of $5.46. Check out the company's full 8-K submission here.
