Overview
- TeraWulf reported second‑quarter results Wednesday showing $44.8 million in revenue with high‑performance computing leasing at $31.9 million, a 52% rise from the prior quarter, and ended June with about $3 billion in cash and restricted cash.
- The company posted a nearly $940 million net loss for the quarter that was driven mostly by a $755.7 million non‑cash accounting adjustment tied to Google warrants.
- After the quarter, TeraWulf signed a 20‑year lease with Anthropic covering roughly 401 megawatts and about $19 billion of initial contracted revenue, a deal the company says provides long‑term, predictable cash flow for buildout.
- Operational milestones include completion of Lake Mariner’s CB‑3 building to 102 MW, which activated $600 million of Google credit support for Fluidstack’s obligations, ongoing work on CB‑4/CB‑5, the May acquisition of the Muskie campus in Kentucky, and Kentucky Power agreements that can provide up to 1 GW with initial service expected in late 2028.
- TeraWulf plans to add 250–500 MW of contracted capacity per year and is using asset sales (about $530 million for a 50.1% Abernathy stake) plus project financings to fund growth, but closing large loans, meeting construction and grid milestones, and accounting volatility remain the key risks that will affect investors, local construction jobs, and tenant timelines.