Why this name is on the tape
TeraWulf Inc. (NASDAQ: WULF) is an Easton, Maryland company that owns power-backed digital infrastructure. The flagship is Lake Mariner in Barker, New York — a former coal plant turned into Bitcoin halls, then into liquid-cooled HPC buildings. Bitcoin mining is still on the campus. Portions of it are being pulled for contracted high-performance compute.
That mix is why WULF prints with miner comps and with AI-infrastructure comps at the same time. A Fluidstack lease with Google credit support is not the same as a finished 750 MW campus. An Anthropic lease in Kentucky is not the same as megawatts already earning rent. This article separates what is online from what is contracted and still in the ground.
What Q2 2026 actually collected
For the quarter ended 30 June 2026, TeraWulf reported $44.8 million of revenue. HPC lease revenue was $31.9 million, about 71% of the total. Cash and restricted cash were about $3.0 billion. Those are one quarter’s numbers, not a run-rate for a gigawatt of halls that have not been delivered.
At quarter-end Lake Mariner had 81 MW of revenue-generating critical IT capacity. CB-3 finished in early July 2026 and took that figure to 102 MW. That delivery also made $600 million of Google credit support for Fluidstack’s lease obligations effective. 102 MW online is the live book. Everything else in the press release is construction, interconnection, or a later campus.
Lake Mariner: Fluidstack, Google, and what is still pouring
Lake Mariner is the campus that can be walked. Core42 (G42) is a named tenant. Fluidstack, an AI cloud operator, is the large HPC lease. Google does not lease the halls as a hyperscaler tenant in the public telling; it backstops Fluidstack’s lease obligations and has taken equity-linked exposure in TeraWulf via warrants. Credit support is not Google paying TeraWulf rent.
Beyond the 102 MW that is earning, TeraWulf said 336 MW was under construction across CB-4 and CB-5. The first CB-4 hall had entered commissioning, with phased delivery and rent expected in the second half of 2026. CB-5 was still aimed at early 2027. WULF Compute’s disclosed cost guidance is $8–10 million per critical IT megawatt. The company is also chasing about 250 MW of extra power at the site, subject to interconnection. Lake Hawkeye, a separate New York redevelopment, is described as roughly 400 MW gross / 320 MW critical IT with operations not contemplated until about 2029.
Kentucky and Maryland are contracted maps, not 2026 revenue
After quarter-end TeraWulf signed a 20-year data-center lease with Anthropic for about 401 MW of critical IT at the Justified campus in Hawesville, Kentucky. The company put contracted revenue at about $19 billion over the initial term, or about $33 billion if both five-year extensions are exercised. Initial delivery is expected in the second half of 2027, with full delivery in early 2028. That is a named tenant and a long lease. It is not Q2 HPC revenue.
Muskie, acquired in May 2026 near Grayson, Kentucky, is about 308 acres with electric-service agreements at Kentucky Power for up to 1 GW. Initial service is expected in the fourth quarter of 2028. At Chesapeake / Morgantown, Maryland, FERC authorized the proposed acquisition of the generating station on 29 July 2026. Subject to remaining closing conditions, TeraWulf has talked about scaling toward 1 GW with first data-center operations contemplated around 2030. The company also agreed to sell its 50.1% Abernathy joint-venture interest for about $530 million. Management reaffirmed a target of contracting 250–500 MW of incremental critical IT a year. Targets and closings are not halls in service.
What this does not tell you
HPC becoming 71% of one quarter’s revenue is evidence that Lake Mariner leases are starting to print. It is not proof that CB-4, CB-5, Justified, Muskie, or Chesapeake will deliver on the disclosed calendars, or that Google’s backstop is the same as a Google colocation deal. Bitcoin mining on site can still move the name when hashprice or headlines move, even while the equity is talked about as an AI landlord.
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.