TeraWulf Reports Major Shift to AI Infrastructure with $19B Anthropic Lease and 52% HPC Revenue Surge

TeraWulf reports a major shift to AI infrastructure, with high-performance computing (HPC) leasing driving 71% of its $44.8 million Q2 2026 revenue. The pivot is highlighted by a massive 20-year, 401 MW lease with Anthropic in Kentucky, expected to generate $19 billion. To fund wholly owned expansions like the 1 GW Muskie campus, TeraWulf is selling its Abernathy stake for $530 million. Despite a $939.9 million GAAP net loss from non-cash warrant adjustments, the firm maintains $3 billion in cash.

Anthropic twenty-year lease agreement

• ▪TeraWulf signed a 20-year lease agreement with Anthropic covering approximately 401 megawatts of capacity at the Justified Data Campus in Hawesville, Kentucky.
• ▪The lease agreement between TeraWulf and Anthropic could generate up to $33 billion in revenue if Anthropic exercises two five-year extension options.
• ▪The 20-year lease agreement between TeraWulf and Anthropic is estimated to generate approximately $19 billion in contracted revenue over its initial term.

Muskie Data Campus acquisition

• ▪Kentucky Power is constructing a 345 kV substation and approved a data center tariff for 1 gigawatt of electric service at the Muskie Data Campus, with initial delivery expected in the fourth quarter of 2028.
• ▪TeraWulf acquired the Muskie Data Campus in Eastern Kentucky in May 2026.

HPC revenue sequential growth

• ▪High-performance computing leasing accounted for approximately 71% of TeraWulf's total second-quarter 2026 revenue of $44.8 million.
• ▪TeraWulf's high-performance computing lease revenue rose 52% sequentially to $31.9 million in the second quarter of 2026, up from $21 million in the first quarter of 2026.
• ▪TeraWulf's Bitcoin mining revenue fell 73% year-over-year to $12.8 million in the second quarter of 2026, down from $47.6 million in the second quarter of 2025.

Lake Mariner capacity milestones

• ▪TeraWulf completed the CB-3 building at its Lake Mariner campus in New York, raising its operating critical IT capacity to 102 megawatts and activating $600 million in Google credit support for Fluidstack's lease obligations.
• ▪Estimated project costs at Lake Mariner increased to approximately $9.1 million per megawatt, up from the $8.6 million per megawatt financing basis established in October 2025.
• ▪The first data hall inside TeraWulf's CB-4 building at Lake Mariner is in commissioning, with phased delivery and rent commencement planned for the second half of 2026.

Abernathy joint venture sale

• ▪The sale of TeraWulf's 50.1% interest in the Abernathy joint venture generated a 20% internal rate of return.
• ▪TeraWulf agreed to sell its entire 50.1% interest in the Abernathy data-center joint venture in Texas to a buyer group led by Fluidstack for approximately $530 million in cash.

Execution discipline financial returns

• ▪TeraWulf reported a GAAP net loss of $939.9 million for the second quarter of 2026, driven primarily by a $755.7 million non-cash fair-value loss on Google warrants.
• ▪TeraWulf ended the second quarter of 2026 with approximately $3 billion in cash and restricted cash.
• ▪TeraWulf reaffirmed its annual target of contracting an additional 250 to 500 megawatts of critical IT capacity each year.