TeraWulf (WULF)

Analysis and information

What it does

TeraWulf develops, owns and operates large, power-backed data centers for AI and high-performance computing. It runs the Lake Mariner campus in New York and is developing campuses in Kentucky, New York and Maryland. It also mines bitcoin at Lake Mariner, where parts of the site are being converted to computing leases.

Role in the theme

TeraWulf is a data center landlord in the AI compute hosts (neoclouds) theme. Its tenants include Fluidstack, whose lease payments have credit support from Google, and Anthropic, which signed a 20-year lease at its Justified campus in Kentucky.

Latest

• 10-23: TeraWulf amended its senior secured revolving credit facility. Commitments rose to about $400M from $250M, with an uncommitted option for about $150M more. The $150M sublimit on letters of credit was removed. Morgan Stanley is the agent.
• 10-05: Contracted power at its Muskie campus in eastern Kentucky rose to 1 GW from 500 MW. The second 500 MW phase moved to 2029 from 2030, subject to Kentucky Public Service Commission approval.
• 8-05 (Q2 results): Revenue was $44.8M, including $31.9M of computing lease revenue. Revenue-generating capacity at Lake Mariner reached 102 MW in early July, with 336 MW more under construction. The Anthropic lease covers about 401 MW and about $19B of revenue over its initial term.

What to watch

• Q3 results and call on 11-06 at 8:00 a.m. ET.
• Rent start at the next Lake Mariner building, which the company expected in the second half of 2026. The building after it was planned to begin phased delivery in early 2027.
• Kentucky approval of the amended Muskie power agreement.
• How much of the larger credit line is drawn; the 8-K did not say.