TLDR
- HPC lease revenue rose 52% to $31.9 million and led total quarterly sales growth.
- Anthropic signed a 20-year lease worth about $19 billion in initial revenue.
- Lake Mariner capacity reached 102 MW after TeraWulf completed the CB-3 facility.
- TeraWulf ended the quarter with about $3 billion in cash and restricted cash.
- The company still targets 250 MW to 500 MW of new contracted capacity yearly.
TeraWulf (WULF) stock fell 1.91% to $18.52 after volatile trading and a steady afternoon decline. However, the company reported stronger high-performance computing revenue and expanded its long-term infrastructure pipeline. The results showed a faster shift from bitcoin mining toward contracted data center leasing.
HPC Revenue Drives TeraWulf’s Second Quarter
TeraWulf generated $44.8 million in second-quarter revenue, with HPC leasing contributing $31.9 million. That figure rose 52% from the previous quarter and represented about 71% of total revenue. Meanwhile, digital asset revenue held near $12.8 million but fell sharply from the previous year.
The company reported a net loss attributable to shareholders of nearly $940 million during the quarter. A $755.7 million adjustment tied to Google warrants caused most of that loss. TeraWulf’s rising share price increased the value of the outstanding warrants and enlarged the accounting charge.
TeraWulf ended June with about $3 billion in cash and restricted cash. This liquidity supports contracted construction, project financing, and planned expansion across several large sites. The company also maintained access to project-level funding for its phased development program.
Lake Mariner Capacity Expands
TeraWulf operated 81 megawatts of revenue-generating capacity at Lake Mariner by June 30. The company completed the CB-3 building in early July, lifting operating capacity to 102 megawatts. That delivery also activated $600 million of Google credit support for Fluidstack’s lease obligations.
Construction continued across CB-4 and CB-5, which together will add another 336 megawatts. The first CB-4 data hall entered commissioning and should begin generating rent during 2026. TeraWulf plans to start phased CB-5 delivery in early 2027.
Project costs at Lake Mariner increased to about $9.1 million per critical megawatt. TeraWulf previously financed the site near $8.6 million per megawatt in October. Even so, management kept the broader WULF Compute cost target between $8 million and $10 million.
Anthropic Deal Expands Long-Term Growth
After the quarter, TeraWulf signed a 20-year lease with Anthropic at its Justified campus. The agreement covers about 401 megawatts and carries roughly $19 billion in initial contracted revenue. Extension options could raise the total value to about $33 billion.
The company also acquired the Muskie Data Campus in Kentucky during May. Power agreements with Kentucky Power can provide up to one gigawatt of contracted electric service. The utility expects initial service during the fourth quarter of 2028, followed by phased development.
TeraWulf also agreed to sell its 50.1% Abernathy interest for about $530 million. In Maryland, federal regulators cleared the proposed Morgantown generating station acquisition. The company still targets between 250 and 500 megawatts of new contracted capacity annually.
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