TeraWulf operated 81 megawatts of revenue-generating critical IT capacity at its flagship Lake Mariner Data Campus.

The company completed delivery of its third compute building, referred to as CB-3, in early July, increasing revenue-generating capacity to 102 megawatts.

That delivery also satisfied the applicable conditions for USD 600 million of Google's credit support for Fluidstack's lease obligations to become effective, a development the company characterized as an important credit milestone.

Construction is continuing on an additional 336 megawatts across two additional compute buildings, CB-4 and CB-5.

The first data hall within CB-4 has entered commissioning, with phased delivery and rent commencement expected during the second half of 2026.

CB-5 remains targeted to begin phased delivery in early 2027. TeraWulf stated that its WULF Compute development continues to progress within previously disclosed cost guidance of $8 million to $10 million per critical IT megawatt.

Anthropic Lease at Justified Data Campus

TeraWulf entered into a 20-year data center lease with Anthropic at the Justified Data Campus in Hawesville, Kentucky.

The lease covers approximately 401 megawatts of critical IT capacity and represents approximately $19 billion of contracted revenue over the initial term.

If Anthropic exercises both available five-year extension options, the total contracted value could reach approximately USD 33 billion.

Justified is described as a large-scale HPC campus with access to approximately 480 megawatts of gross power capacity, an energized on-site substation, existing high-voltage transmission infrastructure, and more than 250 buildable acres.

Initial delivery under the Anthropic lease is expected in the second half of 2027, with full delivery expected in early 2028.

Executive Commentary

Paul Prager, Chairman and Chief Executive Officer, described the quarter as demonstrating that TeraWulf is moving from platform formation to scaled execution.

He characterized the company's approach as a repeatable model built around controlling power-advantaged infrastructure, securing long-duration customer contracts, and delivering capacity in phases.

Prager said the Abernathy divestiture reflects a willingness to realize value where appropriate and redeploy capital toward larger-scale opportunities where the company has greater control over the infrastructure, customer relationship, and long-term economics.

Patrick Fleury, Chief Financial Officer, noted that the delivery of CB-3 and the resulting activation of Google's USD 600 million credit support for Fluidstack further strengthen the contracted revenue profile of the Lake Mariner buildout.

Fleury said the company remains focused on matching capital deployment to contracted demand and selectively recycling capital when doing so improves control, scale, and long-term shareholder returns.