The development of components for terahertz wireless communications networks has become an active and growing research field. However, in most cases these components have been studied using a continuous or broadband-pulsed terahertz source, not using a modulated data stream. This limitation may mask important aspects of the performance of the device in a realistic system configuration. We report the characterization of one such device, a frequency multiplexer, using modulated data at rates up to 10 gigabits per second. We also demonstrate simultaneous error-free transmission of two signals at different carrier frequencies, with an aggregate data rate of 50 gigabits per second. We observe that the far-field spatial variation of the bit error rate is different from that of the emitted power, due to a small nonuniformity in the angular detection sensitivity. This is likely to be a common feature of any terahertz communication system in which signals propagate as diffracting beams not omnidirectional broadcasts.There is growing interest in the development of components to facilitate wireless communications in the terahertz but the characterization of these systems involve an unmodulated input. Here the authors demonstrate multiplexing and demultiplexing of data streams in the terahertz range using a real data link.