JOINT VENTURE (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The condensed results of operations for the period from January 1, 2024 to October 2, 2024 (the date of the Nautilus Sale) and the years ended December 31, 2023 and 2022 and the condensed financial position as of October 2, 2024 and December 31, 2023 of Nautilus are summarized below (in thousands):

	January 1, 2024 to October 2, 2024(1)(2)		Year Ended December 31,(1)
			2023		2022
Condensed statement of operations information:
Revenue	$	90,530	$	108,001	$	19
Operating expense	78,461		95,142		10,823
Net income (loss)	$	12,069	$	12,859	$	(10,804)

	October 2, 2024(1)(2)		December 31, 2023(1)
Condensed balance sheet information:
Current assets	$	11,124	$	12,406
Noncurrent assets	134,217		171,245
Total assets	$	145,341	$	183,651
Current liabilities	$	12,816	$	13,149
Noncurrent liabilities	29,434		29,493
Equity	103,091		141,009
Total liabilities and equity	$	145,341	$	183,651

(1)The condensed statements of operations information for the period from January 1, 2024 to October 2, 2024 (the date of the Nautilus Sale) and the years ended December 31, 2023 and 2022 and the condensed balance sheet information as of October 2, 2024 and December 31, 2023 reflect the impact of the Talen-estimated fair value measurements of Nautilus which, resulting from the application of ASC 805, Business Combinations, have been pushed down to the books and records of Nautilus by Talen, as discussed above. The Company’s basis in the assets and liabilities of Nautilus continue to be recorded at historical value on the accompanying consolidated balance sheets.

(2)The condensed results of operations and financial position are presented as of and for the period from January 1, 2024 to October 2, 2024, the date of the Nautilus Sale.

Schedule of Reconciliation of Direct Payments on Behalf of Joint Venture

A reconciliation of amounts included within this footnote to captions in the consolidated statements of cash flows for the years ended December 31, 2024, 2023 and 2022 follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Payment of TeraWulf 50% share of Bitmain deposits	$	—	$	—	$	(11,402)
Investments in joint venture related to direct payments made on behalf of joint venture	—		—		(11,402)
Direct investments in joint venture and payments made on plant and equipment contributed to joint venture	—		(2,845)		(34,796)
Investments in joint venture, including direct payments made on behalf of joint venture	$	—	$	(2,845)	$	(46,198)
Payment of Talen 50% share of Bitmain deposits	$	—	$	—	$	(11,402)
Other reimbursable payments	—		—		(339)
Reimbursable payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner	$	—	$	—	$	(11,741)
Talen reimbursement of 50% share of Bitmain deposits	$	—	$	—	$	11,402
Other reimbursable payments	—		—		314
Reimbursement of payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner	$	—	$	—	$	11,716