從挖礦到算力：TeraWulf的千億蛻變，谷歌背書下的AI基建新貴

美港股觀察社

2025/10/10

作者：Stone Fox Capital編譯：美港股觀察社隨着人工智能算力競賽不斷升級，TeraWulf正憑藉大規模擴張計劃入局。在谷歌的大力支持下，該公司正從一家比特幣礦企轉型為數字基礎設施提供商。儘管過去幾個月該股已大幅上漲，但投資者仍對其持看漲態度。數字基礎設施轉型之路比特幣礦企在轉型為人工智能超大規模算力提供商方面具備天然優勢，這得益於它們在高性能計算領域的運營經驗，以及對數據中心電力資源...

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Capital編譯：美港股觀察社隨着人工智能算力競賽不斷升級，TeraWulf正憑藉大規模擴張計劃入局。在谷歌的大力支持下，該公司正從一家比特幣礦企轉型為數字基礎設施提供商。儘管過去幾個月該股已大幅上漲，但投資者仍對其持看漲態度。數字基礎設施轉型之路比特幣礦企在轉型為人工智能超大規模算力提供商方面具備天然優勢，這得益於它們在高性能計算領域的運營經驗，以及對數據中心電力資源的掌控能力。TeraWulf近期公布了第二季度業績：該公司在馬林納湖礦場開採了485枚比特幣（當時單枚比特幣價值98,219美元），據此實現營收4760萬美元。目前，TeraWulf正全速推進數字基礎設施建設，以滿足高性能計算託管需求。該公司的戰略已從「低調的比特幣挖礦」轉向「高性能計算平台」——此前與Fluidstack達成重大合作，為後者的人工智能推理與訓練業務提供託管服務。如今，TeraWulf與Fluidstack的合作進一步升級：雙方約定為後者提供360兆瓦的關鍵IT負載（總裝機容量為450兆瓦），合同價值67億美元，未來潛在規模有望達到160億美元。谷歌為這份合同提供了「背書」——谷歌承諾向TeraWulf投資32億美元，以獲得該公司14%的股權，同時TeraWulf需為谷歌等企業提供空間，用於運營人工智能雲平台的GPU集羣。根據合同條款，該項目每年將為TeraWulf帶來6.7億美元營收，其中礦場層面的淨運營收入（簡稱NOI）約為5.7億美元。與眾多其他人工智能基礎設施企業類似，TeraWulf通過簽訂長期合同，確保了業務能立即產生正向現金流。除了與Fluidstack的合作，TeraWulf此前還與Core42簽訂了租賃協議，目前已擁有兩大核心客户。根據Core42協議條款，TeraWulf需為其提供60兆瓦的關鍵IT負載，收費標準為每千瓦每月125美元（摺合每兆瓦每年150萬美元），租金每年遞增3%，且對方需提前12個月預付費用。TeraWulf管理層最初設定的EBITDA利潤率目標約為70%，但目前公司正將核心指標轉向NOI——計劃實現單礦場85%的NOI利潤率。當前該公司每年的SG&A約為5000萬美元，未來隨着礦場數量增加，這一費用規模將進一步上升。從業務模式來看，TeraWulf已從「依賴加密貨幣價格、波動性強的挖礦業務」，轉向「擁有大規模長期合同的穩定業務」。僅在馬林納湖礦場，該公司就可調用高達750兆瓦的電力資源，幾乎是目前與Fluidstack合同約定電力規模的兩倍。此外，TeraWulf旗下的Cayuga礦場通過三期建設，電力規模可擴展至400兆瓦。總體來看，該公司計劃到2030年實現1150兆瓦的總電力規模。潛在上行空間分析分析師普遍預測，TeraWulf的營收將實現逐年翻倍。具體來看，2025年該公司營收預計達到2.06億美元，2027年則有望突破8.2億美元。按當前合同計算，TeraWulf通過522.5兆瓦的電力資源，每年可實現約7.6億美元營收。該公司掌握的電力資源足以支撐營收規模翻倍，若僅考慮人工智能基礎設施業務（不包含可能保留的比特幣挖礦業務），其年營收有望達到15億美元左右。值得參考的是，Core Scientific近期收到了CoreWeave價值90億美元的收購要約。作為一家人工智能基礎設施企業，Core Scientific可調用約1.3吉瓦的電力資源，其中約840兆瓦用於數據中心高性能計算的總電力需求，另有500兆瓦用於挖礦業務，其2026年營收目標為8.78億美元。投資者可將這一收購案作為參照，初步判斷TeraWulf未來一年的股價走勢。目前TeraWulf的市值為49億美元，而Core Scientific的市值僅為53億美元——這一差距源於市場對「CoreWeave收購案能否完成」的擔憂（收購消息公布後，CoreWeave股價波動影響了市場信心）。TeraWulf正計劃新增更多設施，因此其股價上行空間有望向「Core Scientific與CoreWeave達成的收購估值水平」靠攏。短期內，該公司計劃通過孖展新增30億美元債務，用於高性能計算數據中心建設——據悉，每兆瓦關鍵IT負載的建設成本高達1000萬美元，即每建設100兆瓦的設施，需投入10億美元資本支出。投資","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}