The Analysis

Q. What does TeraWulf do?

A. Based on the claims on record, TeraWulf is a bitcoin mining company that planned to run its facilities in New York and Pennsylvania mostly on zero-carbon power, targeting a 90% zero-carbon energy mix (claims 21128, 21143). It became public on Nasdaq under the ticker WULF by merging with IKONICS, a small Minnesota imaging and technology company (claims 21129, 21137). The 2005–2020 entries in this dossier are about IKONICS, the predecessor public company: auditor choices, director elections, and executive changes such as William C. Ulland retiring and Glenn Sandgren becoming CEO (claims 20794, 20795). They are not about the mining business.

+6 more questions

The most consequential silence concerns the 800 MW buildout. TeraWulf said in its October 1, 2021 merger materials that it would deploy 800 MW, and more than 23 EH/s, by the end of 2025 (claim 21125). It repeated the 800 MW figure on November 23, 2021 (claim 21141). Neither claim is restated or revised anywhere later in the record. The December 31, 2025 deadline has passed. Claim 21125 was moved to 'not_yet_verifiable' on review and then automatically to 'delayed' on October 9, 2026, and claim 21141 sits at 'not_yet_verifiable'. No disclosure on record says how much of the 800 MW was delivered, whether the 23 EH/s target was kept, or whether the plan was rescoped.

Q. What does Nebius do?

A. Nebius builds and rents out AI computing infrastructure: data centers full of NVIDIA GPU clusters that customers use to train and run AI models (claim 5248). It is what remained of the former Yandex N.V. after the group sold its Russia-based businesses in 2024 (claims 6293, 6286, 6114). Its Nasdaq listing, suspended during that period, resumed in October 2024 (claims 5564, 5534, 5533). The group also holds stakes in other businesses, including Toloka (AI data services) and Avride (autonomous driving).

+6 more questions

The second closing of the Russia divestment is the oldest open thread. On 2024-05-16 and 2024-05-22, management described a second closing with consideration of up to 108 million Class A shares (claims 6141, 6142, 6116) and said it was expected within seven weeks (claim 6115). That points to roughly mid-July 2024. All four claims remain at 'stated'. Later disclosures move on to Nasdaq trading resuming in October 2024 (claims 5564, 5534, 5533) and to the AI infrastructure build-out, but nothing on record confirms the second closing took place, gives its final share count, or says the timeline changed. A related item, the resignation of the Russian board members promised by 2024-05-17 (claim 6144), went to 'delayed' and then 'not_yet_verifiable'. Its companion items from the same filing, the first closing and the articles amendment (claims 6140, 6143), were both later verified.

Q. What does IREN do?

A. On this record, IREN is a bitcoin miner: it owns mining hardware, runs it in its own data centers, and earns bitcoin for the computing power (hashrate, measured in EH/s) it contributes. Earlier filings refer to the company as Iris Energy, for example the 'Iris Energy Reinvestment Zone' in Texas (claim 31138). It went public on Nasdaq on 2021-11-17, which is verified (claim 14394). The IPO sold 8,269,231 shares (claim 14389) for stated net proceeds of about US$215.3M (claim 14390).

+7 more questions

The Bitmain hardware contracts were the foundation of IREN's growth story at its November 2021 listing. Claim 14392 described binding purchase agreements for 14.5 EH/s of miners, with deliveries running through 2023-09-30. That deadline passed without a revision announcement. The ledger moved the claim automatically to delayed and then to not_yet_verifiable, and no later disclosure on record says how many of those machines were received, deferred or cancelled. The related 15.2 EH/s site-wide target (claim 14393) is marked verified. Yet the capacity statements on record from February through April 2023 (claims 13337, 12784, 12827, 12712, 12699, 12689) repeat a figure of 5.5 EH/s five months before the deadline. The company has not explained how the contracted fleet and the installed fleet relate.

Q. What does Hut 8 do, according to this record?

A. The disclosures describe a Bitcoin mining company formed by combining Hut 8 with U.S. Data Mining Group (USBTC). Beyond mining its own Bitcoin, the combined company described several other business lines (claims 13359, 12373): hosting services (12471), managed infrastructure operations for other miners' sites (12472), hardware equipment sales (12473), and a MicroBT-certified equipment repair center (12474, 13360). It also described a high performance computing (HPC) data center business (12709).

+6 more questions

The ledger for Hut 8 contains no automated 'delayed' or 'not_yet_verifiable' transitions. Every claim on record moved from extraction to 'stated' in September 2026, and none has been marked fulfilled or revised. The items below are drawn from changes and gaps visible across the 2023 merger-period disclosures. The record supplied here ends partway through the 2023-08-23 filing, so absences after that date cannot be confirmed from this data alone.

Q. What does Applied Digital do, according to this record?

A. In the 2021 claims, Applied Digital (APLD) is building and running data-center capacity to host cryptocurrency mining equipment for customers. Its first facility was rated at 100 MW of power (claims 14373, 14511, 14413), and it ran co-hosting operations with Coinmint LLC (claims 14508, 14419, 14371). Earlier claims from 2006-2008 describe an unrelated business: R&D on detection and radar technology, including SOCRATES, UNICORN and TIICM, with a SOCRATES contract backlog of 1.0 USD millions (claim 21058). This looks like a predecessor corporate shell. Wes Cummins is listed as a director in 2008 (claim 21062).

+6 more questions

The Bitmain equipment order is the clearest open item. Management described a 200 PH order from Bitmain, tied to the partner's strategic equity investment, in three successive disclosures (claims 14504 on 2021-08-12, 14416 on 2021-11-01, and 14378 on 2021-11-21), each with a 2021-12-31 delivery horizon. The related delivery claims (14510 and 14415) carry the same date. The last mention on record is 2021-11-21. The ledger moved all five claims to delayed on 2026-09-15 and then to not_yet_verifiable on 2026-10-09. The record contains no statement confirming that the full 200 PH arrived, revising the quantity, or moving the date. By contrast, the first co-hosting facility claims made in the same filings (14509, 14414, 14372) did reach verified status.

Q. What does CoreWeave do?

A. CoreWeave rents out large clusters of GPU computing power, mainly for training and running AI models. It operates data centers, holds power contracts, and sells cloud software around that hardware, such as AI Object Storage (claim 4975) and GB200 support (claim 4976). In May 2025 it said it had about 420 MW of active power across 33 data centers (claim 29785), more than 250,000 GPUs online (claim 29786), and 1.6 GW of contracted power (claim 4973). It also announced the acquisition of Weights & Biases, a maker of AI developer tools (claims 4974, 29787). It listed on Nasdaq in March 2025 at $40 per share (claims 18881, 15974).

+6 more questions

The size of the OpenAI relationship has been described with two different numbers, and no reconciliation has been offered. Claim 19820, dated 2025-03-10, records an OpenAI infrastructure contract of $11.9 billion. By 2025-05-13, claim 4969 describes the OpenAI strategic deal's contribution to revenue backlog as $11.2 billion. The gap may reflect revenue already recognized, a difference between contract value and remaining backlog, or a change in terms, but the record contains no statement saying which. Both claims remain 'stated', and nothing on file after May 2025 revisits the figure.

Q. What does CleanSpark do, according to this record?

A. The disclosures on file cover only December 2015 through December 2016, and they show a company in transition. In the 2015 filing, CleanSpark was a gasification technology developer. It bought gasifier patents and equipment from Petersen Incorporated for $156,900 (claim 20996) and 715,320 shares (claim 20983), and it promoted a 30 tons-per-day gasifier (claim 21005). By the 2016 filing, the focus had moved to microgrids: the FractalGrid system, the mPulse software platform (claim 20955) and a Flex Power System (claim 20936). Gasification was still listed as a secondary line. The company acquired another patent, 8,347,829, for that business (claim 20925).

+7 more questions

The commercial gasifier is the clearest case of a deadline that moved without an explanation. The December 2015 disclosures set a mid-2016 target for commercial availability and viability (claims 20984, 20988, 20997, and 21002, which gives a 2016-07-01 date). By the December 29, 2016 filing, the target had become October 1, 2017 (claim 20921). That filing also described the remaining work as $50,000 in prototype improvements (claims 20942 and 20922). In the same filing, gasifier financing needs appear as both $250,000 (claim 20923) and $500,000 (claim 20973). A separate viability target in that filing carries no date at all (claim 20972). All of the dated gasifier claims are now marked delayed. The record contains no statement explaining why the 2016 date was missed or what the 30-tons-per-day test results (claims 20991, 21005, 21006) showed that required more work. Nothing in the…

Q. What does Core Scientific do?

A. On the record, Core Scientific is a bitcoin mining and blockchain data center operator. It mines digital assets for its own account (claim 20705) and hosts other companies' mining machines in its facilities, a business called colocation. It also markets proprietary fleet-management software, Minder and MinderOS (claim 20704). It reported 497 MW of operating power capacity as of January 31, 2022 (claims 14186, 14173), and colocation customers ran 7.9 EH/s of hashrate in its facilities as of March 31, 2022 (claim 19793).

+7 more questions

A note on reading this ledger: the status transitions are all dated September and October 2026. They record this site's own re-verification passes, not statements by the company. Many claims moved from stated to delayed to not_yet_verifiable and back to stated within a few weeks. That pattern reflects our pipeline re-checking the record, not management revising anything. The items below are therefore judged on what Core Scientific last said and whether it ever said more. The ledger supplied here is cut off after claim 13997, so later disclosures may exist that are not reflected.

Q. What does this company do, according to the record?

A. The dossier describes a small diagnostics and animal-health company. In 2004 it bought an antigen business from Vitro Diagnostics (claim 21108) and said it marketed more than 30 products to diagnostic test manufacturers and research facilities (claim 21102). It was developing cattle reproduction products, SurBred 15, a bovine pregnancy test (claim 21096), and StayBred, a recombinant luteinizing hormone (claim 21097). In 2005 it renamed itself AspenBio Pharma, Inc. (claim 21090). By 2012 its main product was AppyScore, a blood test for appendicitis (claim 21047). The company is listed here as Riot (RIOT), but no claim on record explains when or why it took that name or what it does today.

+7 more questions

The reverse stock split authorization is the clearest open thread. In October 2010 the company disclosed board authority to effect a reverse split at ratios from 1-for-2 up to 1-for-6, to be completed before February 4, 2011 (claims 20721 and 20715). The last mention was the October 21, 2010 filing. In the record supplied, no later disclosure says whether the split was carried out, at what ratio, or whether the authority was allowed to lapse. The ledger auto-transitioned both claims to delayed on 2026-09-28 and then to not_yet_verifiable on 2026-10-09. That reflects only the absence of a confirming statement, not any company explanation. No revision announcement appears.

Q. What does Marathon (MARA) actually do?

A. On this record, the company has had two different businesses. It started as an intellectual-property company. In 2013 it was renamed Marathon Patent Group (claim 21045), acquired Sampo IP (claim 21042), and described itself as an IP acquisition, development and monetization business (claim 21043). It then bought patent portfolios from Mosaid, Siemens, Zhone, CyberFone, Delphi, Intergraph, TeleCommunication Systems and TT IP (claims 21016, 21031, 21035, 21017, 21023, 21020, 21019, 21021) and enforced them through litigation (claim 21025). By August 2018 its stated direction had moved to cryptocurrency mining (claim 15459).

+7 more questions

Marathon's July 2018 Nasdaq remediation plan carried three dated commitments: a compliance plan due 2018-08-24 (claim 15466), restoration of board and audit-committee compliance, including two new independent directors, by 2019-01-07 (claims 15465, 15467), and compensation-committee compliance by 2019-06-28 (claim 15468). All four passed their dates without a closing statement in the ledger and were auto-transitioned to delayed, then to not_yet_verifiable on 2026-10-09. The record is not wholly silent. On 2018-08-21 the company said it had regained compliance with the Nasdaq listing rule (claim 15438) and named Michael Berg as audit chair and Fred Thiel as compensation chair (claims 15435, 15437), which appears to satisfy the director and audit items early. What has not been said is whether that August notice covered the separate compensation-committee requirement, or whether Nasdaq…

Q. What does WhiteFiber do?

A. WhiteFiber (ticker WYFI) builds and operates data centers for high-performance computing and AI workloads, and also sells cloud computing services. Its disclosed sites are in Montreal-area Quebec (MTL-1, MTL-2, MTL-3, partly through its acquisition of Enovum, claim 4703) and in Greensboro, North Carolina (NC-1, claim 4709). The CEO is Sam Tabar (claim 4701).

+7 more questions

MTL-2, the 5 MW Montreal expansion, carried a stated completion and revenue-start date of January 31, 2026 (claim 4705). The site's acquisition and capacity were repeated across the July 2025 disclosures (claims 4704, 4680, 4640), and an operational timeline was referenced without a date on July 22, 2025 (claim 4681). The most recent mention on record is July 28, 2025. The January deadline passed more than eight months ago, and the ledger auto-transitioned the claim to delayed on October 10, 2026. Nothing on record says whether MTL-2 is energized, whether it is billing, or what the revised date is. No revision announcement accompanies the slip.

Q. What does Cipher Mining do?

A. Cipher Mining is a bitcoin mining company. It became public by merging with a blank-check company, Good Works Acquisition Corp. (GWAC), and renaming the combined entity Cipher Mining Inc. (claims 14619, 14620, 14631). Its plan, as disclosed, was to secure large amounts of electrical power and data-center hosting capacity to run mining equipment.

+6 more questions

The Standard Power hosting arrangement is the clearest disappearance. In May 2021 the company described a 200 MW hosting contract with Standard Power (claim 14616) plus an option for another 100 MW (claim 14617), and it repeated the 200 MW figure in the July 11, 2021 disclosure (claim 14545). That is the last mention on record. Neither claim has moved beyond 'stated', and no later disclosure in this ledger says whether the contract was performed, renegotiated or ended, or whether the 100 MW option was exercised or allowed to lapse.