Why this name is on the tape
TeraWulf Inc. (NASDAQ: WULF) still has 102 MW of revenue-generating critical IT at Lake Mariner after CB-3 finished in early July 2026. That is the live book. The next clock on the tape is CB-4 commissioning — a late-September Level 4 rent target from the August 5 results call, not a second building already earning.
A separate MarketNeon note covers the Q2 HPC print, the Fluidstack lease with Google’s credit backstop, and the Anthropic lease in Kentucky. This article is the CB-4 calendar. It is not a ranking of the stock and not a trade instruction.
What is live, and what Level 4 actually means
At quarter-end Lake Mariner had 81 MW earning. CB-3 took that to 102 MW and made $600 million of Google credit support for Fluidstack’s lease obligations effective. Q2 revenue was $44.8 million, with HPC leases $31.9 million — about 71%. Those numbers do not include CB-4.
On the call the first CB-4 hall was in Level 2 commissioning. Level 3 — live systems and customer racks — was aimed at mid-August. Level 4 functional testing is the contractual rent milestone, aimed at late September 2026. That is still a commissioning clock as of this note, not a second live building. CB-5 was aimed at first-hall energization in very early January 2027. After quarter-end TeraWulf also amended certain Fluidstack leases: more contracted capacity, extra rent for tenant-requested scope, and hall-by-hall delivery dates.
336 MW is still pouring. Kentucky is still 2027.
Beyond the 102 MW that is earning, 336 MW was under construction across CB-4 and CB-5. WULF Compute’s disclosed cost guidance is $8–10 million per critical IT megawatt. Extra power at the site, about 250 MW, is still subject to interconnection. Lake Hawkeye remains a 2029 map.
The 20-year Anthropic lease for about 401 MW at Justified in Hawesville, Kentucky, is still initial delivery in the second half of 2027 and full delivery in early 2028. Muskie is Q4 2028. Chesapeake / Morgantown, Maryland, is contemplated around 2030. Those campuses are not the late-September clock.
What this does not tell you
A late-September CB-4 Level 4 target is a commissioning calendar, not a second 102 MW. It is not proof that CB-4, CB-5, Justified, Muskie, or Chesapeake will deliver on the disclosed dates, or that Google’s backstop is the same as a Google colocation deal.
On MarketNeon, WULF is a ticker like any other: price, volume, crowd mentions, and headlines can run hot while most of the contracted megawatts are still under construction. This article is context for those prints. It does not rank the name, and it does not tell anyone to buy or sell.