TeraWulf

WULF · Powered shell

All values sourced Last verified 15 Aug 2026

Powered-shell landlord converting legacy sites to HPC leasing, with a very large Anthropic lease that does not begin delivering until H2 2027.

Switched on

102 MW

Critical IT load live and drawing power.

Customers have signed for

839 MWDisclosed minimum

Capacity under a signed customer agreement.

Delivery stage

Invoicing

The furthest gate with evidence behind it.

Next catalyst

H2 2027

Anthropic / Justified — initial capacity delivery

Open in Edge Lab Compare with peers Read the sources

T2C Reality Score Constructed from sourced records — not a disclosed figure

— Not enough published record to score what would be needed

Only 2 of 4 factors can be computed from what this company has published, covering 50% of the score's weight. A composite below 60% coverage is withheld rather than shown with the gaps treated as passes.

Promise delivery Not available No guided milestone has been reached yet, so there is nothing to score. 35%

Evidence quality 15 of 22 confirmed 30%

Timeline stability 7 held 20%

Financing Not available Financing is not disclosed as a project milestone. 15%

Path to billing Furthest reached anywhere: Billing

Accepted Not started

A stage is marked complete when any of TeraWulf's 4 tracked projects has reached it — this is the furthest the company has got anywhere, not the state of every site. Open a stage to see which sites evidence it.

Capacity truth Four different measurements

Not disclosed Secured N/A Nothing published to derive from

839 MW Contracted Critical IT

102 MW Energised Critical IT

102 MW Billing Critical IT

These are four separate disclosures on different bases, not four stages of one funnel. Secured power is measured at the utility connection; the rest are critical IT. They are never subtracted from one another.

Revenue calculator What billing capacity implies, and what it would be worth

The megawatts and the revenue rate come from what TeraWulf has published. The multiple does not — it is an opinion, and it is the input that moves the answer most. Nothing here is a price target.

Every option above is measured as critical IT, the same basis the revenue rate is derived on. Secured power is deliberately absent: it is gross power at the utility connection, and applying a per-MW contract rate to it would price megawatts that cannot be sold as compute.

Capacity modelled

Disclosed by the company

Revenue per MW / year

$ m

Derived from WULF’s own contracts

Anthropic (Justified Data Campus): $19bn ÷ 401 MW ÷ 20 years = $2.37m per MW per year

EV / revenue multiple

An opinion — not a disclosure

Shares outstanding

Fetching from the provider…

Run-rate revenue —

Implied enterprise value —

Enterprise value per share —

Against the live price —

How much of that is the multiple
EV / revenue	Enterprise value	Per share	vs price

TeraWulf at a glance

Every figure below is sourced

TeraWulf develops powered data-centre campuses and leases them to compute tenants under long-term agreements, rather than owning the accelerators itself.

Powered shell Reached: Invoicing

How far it has actually got

Select a step for its evidence

Where the power goes

Each bar is drawn to the same scale. A dashed row means the company has not published that figure — it is not zero. Where the dashed line appears, the measurement itself changes from power at the utility connection to usable capacity inside the hall, so the step down is a change of definition rather than capacity going missing.

What it owns, and what the customer brings

The company owns grid power, the building and the racks. The tenant supplies its own accelerators and sells its own compute.

Where it operates

4 recorded sites

A filled dot is a site with a published capacity figure; an outlined dot is a site named in filings without one. Positions are schematic, not geographic.

Capacity record

Every value with its evidence

Measure	Value and evidence
Secured powerPower capacity controlled through executed utility, interconnection, energy-service, lease or comparable arrangements. It may include capacity already operating as well as capacity awaiting development. Secured power indicates supply control, not customer demand or completed compute capacity.	Not disclosed Not disclosed Evidence The 2.2 GW owned pipeline and 642.5 MW contracted figures were February 2026 disclosures and are retained as historical events rather than current values. No comparable current secured-power total on a single basis has been located. Verified Not verified Type Actual Coverage Not exhaustive — may be higher
Development pipelineIdentified development opportunity that is not yet secured — sites under study, options, and applications lodged. Reported separately from secured power and never added to it.	Not disclosed Not disclosed
Customer-contractedCompute or capacity a paying customer has committed to under a signed contract. Demand, not supply. Frequently disclosed only for individual named contracts, in which case the site total is a disclosed minimum rather than an exhaustive figure.	≥839 MW ConfirmedDisclosed minimumCritical IT ↗ investors.terawulf.com ↗ investors.terawulf.comas of 4 Aug 2026 Evidence · 2 sources Lake Mariner 438 MW (102 MW revenue-generating plus 336 MW under construction) and Anthropic/Justified approximately 401 MW. A disclosed minimum — the company has not published an updated exhaustive contracted total. As of 4 Aug 2026 Verified 15 Aug 2026 Basis Critical IT load Type Disclosed minimum Coverage Not exhaustive — may be higher TeraWulf Reports Second Quarter 2026 Results TeraWulf Inc. · company-ir · published 11 Aug 2026 · primary Lake Mariner: 102 MW of revenue-generating critical IT capacity, with a further 336 MW of critical IT under construction. TeraWulf Announces Anthropic Lease at Justified Data Campus and Sale of Majority Interest in Abernathy Joint Venture to Fluidstack TeraWulf Inc. · company-ir · published 4 Aug 2026 · primary Approximately 401 MW of critical IT capacity under a 20-year initial lease term, approximately $19bn of contracted revenue over the initial term. Initial capacity expected in H2 2027 with full delivery expected in early 2028. Sale of TeraWulf's 50.1% interest in the Abernathy joint venture.
Under constructionCapacity with physical construction under way. Capital committed, no revenue from it yet.	336 MW ConfirmedCritical IT ↗ investors.terawulf.comas of 30 Jun 2026 Evidence · 1 source Additional Lake Mariner critical IT under construction. As of 30 Jun 2026 Verified 15 Aug 2026 Basis Critical IT load Type Actual Coverage Not exhaustive — may be higher TeraWulf Reports Second Quarter 2026 Results TeraWulf Inc. · company-ir · published 11 Aug 2026 · primary Lake Mariner: 102 MW of revenue-generating critical IT capacity, with a further 336 MW of critical IT under construction.
Energised critical ITCritical IT load live and drawing power. Often described by companies as "active" or "operational" capacity. It does not by itself mean a customer is paying for it.	102 MW ConfirmedCritical IT ↗ investors.terawulf.comas of 30 Jun 2026 Evidence · 1 source Lake Mariner revenue-generating critical IT capacity. As of 30 Jun 2026 Verified 15 Aug 2026 Basis Critical IT load Type Actual Coverage Exhaustive total TeraWulf Reports Second Quarter 2026 Results TeraWulf Inc. · company-ir · published 11 Aug 2026 · primary Lake Mariner: 102 MW of revenue-generating critical IT capacity, with a further 336 MW of critical IT under construction.
Customer-acceptedCapacity formally accepted under the relevant customer agreement. Acceptance may trigger billing or revenue recognition, but the commercial effect is contract-specific and must be separately evidenced.	Not disclosed Not disclosed
Revenue liveCapacity for which the company has explicitly disclosed that billing, rent commencement or revenue generation has begun. Billing, GAAP revenue recognition and cash receipt are not assumed to occur simultaneously.	102 MW ConfirmedCritical IT ↗ investors.terawulf.comas of 30 Jun 2026 Evidence · 1 source Explicitly described as revenue-generating, which is the disclosure needed to record revenue-live. As of 30 Jun 2026 Verified 15 Aug 2026 Basis Critical IT load Type Actual Coverage Exhaustive total TeraWulf Reports Second Quarter 2026 Results TeraWulf Inc. · company-ir · published 11 Aug 2026 · primary Lake Mariner: 102 MW of revenue-generating critical IT capacity, with a further 336 MW of critical IT under construction.

Superseded disclosures

Retained and dated, not deleted

Development pipelineHistorical disclosure — superseded

2.20 GW ReportedPipelineGross ↗ investors.terawulf.comas of 1 Feb 2026

Evidence · 1 source

February 2026 owned-pipeline disclosure. Retained as historical; superseded by later portfolio changes including the Abernathy disposal.

As of: 1 Feb 2026
Verified: 15 Aug 2026
Basis: Gross utility power
Type: Pipeline
Coverage: Not exhaustive — may be higher

TeraWulf Expands Digital and Power Infrastructure Portfolio with Strategic Acquisitions in Kentucky and Maryland TeraWulf Inc. · company-ir · published 1 Feb 2026 · primary

Muskie: up to 1 GW of contracted electric service. Chesapeake: approximately 210 MW of operational generation with potential future campus scale of up to 1 GW.

Customer-contractedHistorical disclosure — superseded

642.5 MW ReportedCritical IT ↗ investors.terawulf.comas of 1 Feb 2026

Evidence · 1 source

February 2026 contracted-capacity disclosure, superseded by the August 2026 figures above.

As of: 1 Feb 2026
Verified: 15 Aug 2026
Basis: Critical IT load
Type: Actual
Coverage: Not exhaustive — may be higher

TeraWulf Expands Digital and Power Infrastructure Portfolio with Strategic Acquisitions in Kentucky and Maryland TeraWulf Inc. · company-ir · published 1 Feb 2026 · primary

Muskie: up to 1 GW of contracted electric service. Chesapeake: approximately 210 MW of operational generation with potential future campus scale of up to 1 GW.

Projects and gates

4 recorded

Gates advance independently. Zoning can be granted while environmental approval, financing and interconnection all remain outstanding — a single stage label would hide that.

Lake Mariner, New York

United States

438 MW Critical ITConfirmed

102 MW revenue-generating critical IT plus 336 MW additional critical IT under construction across CB-4 and CB-5. CB-3 delivery completed in early July 2026.

Site control Not disclosed
Utility agreement Not disclosed
Interconnection approved Not disclosed
Zoning approved Not disclosed
Regulatory approval Not disclosed
Environmental approval Not disclosed
Building permits Not disclosed
Financing committed Not disclosed
Long-lead equipment ordered Not disclosed
Construction started In progress · 1 source
Utility energised Complete · 1 source
Critical IT energised Complete · 1 source 30 Jun 2026
Customer contracted Complete · 1 source
Customer accepted Not disclosed
Billing / revenue commenced Complete · 1 source 30 Jun 2026

Critical IT energisedCB-5

Target Q1 2027 Actual Not disclosed

Not yet reached

CB-5: "targeted to begin phased delivery in early 2027". Recorded as Q1 as the narrowest defensible reading of "early".

↗ investors.terawulf.comguided 11 Aug 2026

Customer acceptedCB-3

Target 31 Jul 2026 Actual Not disclosed

Not yet reached

"Completed delivery of CB-3 in early July" 2026. Already delivered; recorded for the record, not as an outstanding target.

↗ investors.terawulf.comguided 11 Aug 2026

Billing / revenue commencedCB-4

Target H2 2026 Actual Not disclosed

Not yet reached

CB-4: "phased delivery and rent commencement expected during the second half of 2026".

↗ investors.terawulf.comguided 11 Aug 2026

↗ investors.terawulf.com

Justified Data Campus (Anthropic)

United States

401 MW Critical ITConfirmed

Approximately 401 MW critical IT on a 20-year initial lease, approximately $19bn contracted revenue over the initial term. Initial capacity expected H2 2027, full delivery early 2028.

Site control Not disclosed
Utility agreement Not disclosed
Interconnection approved Not disclosed
Zoning approved Not disclosed
Regulatory approval Not disclosed
Environmental approval Not disclosed
Building permits Not disclosed
Financing committed Not disclosed
Long-lead equipment ordered Not disclosed
Construction started Not disclosed
Utility energised Not disclosed
Critical IT energised Not started
Customer contracted Complete · 1 source 4 Aug 2026
Customer accepted Not started
Billing / revenue commenced Not started

Critical IT energised

Target H2 2027 Actual Not disclosed

Not yet reached

"Initial delivery expected in the second half of 2027".

↗ investors.terawulf.com ↗ investors.terawulf.comguided 4 Aug 2026

Customer accepted

Target H1 2028 Actual Not disclosed

Not yet reached

"Full delivery expected in early 2028". Recorded as H1 2028 — "early" is not a quarter.

↗ investors.terawulf.com ↗ investors.terawulf.comguided 4 Aug 2026

↗ investors.terawulf.com

Muskie (Kentucky)

United States

1 GW GrossPotentialConfirmed

Up to 1 GW of contracted electric service via Kentucky Power Company. This is power availability at the utility, not customer-contracted critical IT, and is excluded from contracted-capacity totals.

Site control Complete · 1 source
Utility agreement Complete · 1 source
Interconnection approved Not disclosed
Zoning approved Not disclosed
Regulatory approval Not disclosed
Environmental approval Not disclosed
Building permits Not disclosed
Financing committed Not disclosed
Long-lead equipment ordered Not disclosed
Construction started Not started
Utility energised Not disclosed
Critical IT energised Not disclosed
Customer contracted Not disclosed
Customer accepted Not disclosed
Billing / revenue commenced Not disclosed

Critical IT energised

Target Q4 2028 Actual Not disclosed

Not yet reached

"Initial service expected in the fourth quarter of 2028".

↗ investors.terawulf.comguided 11 Aug 2026

↗ investors.terawulf.com

Chesapeake (Maryland)

United States

210 MW GrossConfirmed

Approximately 210 MW operational generation at the Morgantown Generating Station. A further campus scale of up to 1 GW is potential only and is not current critical IT.

Site control Conditional · 2 sources 29 Jul 2026
Utility agreement Not disclosed
Interconnection approved Not disclosed
Zoning approved Not disclosed
Regulatory approval In progress · 1 source 29 Jul 2026
Environmental approval Not disclosed
Building permits Not disclosed
Financing committed Not disclosed
Long-lead equipment ordered Not disclosed
Construction started Not disclosed
Utility energised Complete · 2 sources
Critical IT energised Not started
Customer contracted Not disclosed
Customer accepted Not disclosed
Billing / revenue commenced Not disclosed

Critical IT energised

Target 2030 Actual Not disclosed

Not yet reached

"Initial data center operations currently contemplated for 2030" — contemplated, not committed, and four years out.

↗ investors.terawulf.comguided 11 Aug 2026

↗ investors.terawulf.com

Contract X-ray 1 disclosed agreement

Anthropic (Justified Data Campus) 401 MW

Firm: $19bn
Optional: None disclosed
Delivered: None yet

20-year initial lease term. Initial capacity expected H2 2027, full delivery expected early 2028.

↗ investors.terawulf.com

Committed value and conditional maximum are shown apart and never added. Where a company discloses a ceiling — "up to" — the difference depends on events that have not happened.

Contract detail

Every disclosed field

Scroll sideways for all columns →

Customer	MW	Term	Value	Delivered	Terms
Anthropic (Justified Data Campus)	401 MWCritical IT	20 yr	$19bn	Not disclosed	20-year initial lease term. Initial capacity expected H2 2027, full delivery expected early 2028.↗ investors.terawulf.com

Verified changes

4 events

30 Jun 2026announced 11 Aug 2026

Lake Mariner reports 102 MW of revenue-generating critical IT, with 336 MW more under construction.

One of only two revenue-generating critical IT figures disclosed by any tracked company. The company's explicit "revenue-generating" wording is what allows this to be recorded as revenue-live.

Confirmed↗ investors.terawulf.com

Not disclosed102 MW

4 Aug 2026announced 4 Aug 2026

Anthropic lease at the Justified Data Campus — approximately 401 MW critical IT, 20-year initial term, approximately $19bn.

Nearly doubles disclosed contracted capacity, but initial capacity is not expected until H2 2027 and full delivery not until early 2028. Contracted is not delivered.

Confirmed↗ investors.terawulf.com

438 MW839 MW

4 Aug 2026announced 4 Aug 2026

Sale of TeraWulf's 50.1% interest in the Abernathy joint venture to Fluidstack.

Capacity disposed of must leave current owned totals. This is one reason the February 2.2 GW pipeline figure is retained as historical rather than carried forward as a current value.

Confirmed↗ investors.terawulf.com

Not disclosedNot disclosed

29 Jul 2026announced 29 Jul 2026

FERC authorised the acquisition of Morgantown Power LLC (Docket EC26-58-000).

The first regulator-sourced record on the site, and a useful warning about headline approvals: FERC states the order covers the ownership transfer only. Data centre development, new generation, gas infrastructure, battery storage and any change to PJM participation each require separate review. Company guidance still contemplates data centre operations only in 2030.

Confirmed↗ elibrary.ferc.gov

Not disclosedNot disclosed

Upcoming catalysts

WULF

Anthropic / Justified — initial capacity delivery

First tranche of the approximately 401 MW Anthropic lease. Company guidance is H2 2027 — a half-year window, not a date. Would be the first energisation at the Justified campus.

Confirmed↗ investors.terawulf.com

WULF

Anthropic / Justified — full delivery

Completion of the approximately 401 MW lease. Guided to early 2028. Full delivery would take TeraWulf's contracted capacity toward acceptance and, contract terms permitting, revenue.

Confirmed↗ investors.terawulf.com

Make your call

Private to this browser

Write down what you expect TeraWulf to deliver, and by when. T2C scores it later against the same evidenced gates it uses everywhere else — not against the share price.

Stored in this browser only. Clearing your browser data deletes it, and T2C never receives it — there is nowhere for it to be sent.

About TeraWulf

Last verified 15 Aug 2026

TeraWulf develops powered data-centre campuses and leases them to compute tenants under long-term agreements, rather than owning the accelerators itself.

TeraWulf converts sites with strong power positions into data-centre capacity and leases that capacity to customers on long terms. Its Lake Mariner campus in New York is generating revenue, and a very large lease at its Justified campus does not begin delivering until the second half of 2027 — the gap between contracted and delivered is the central question for the company.

Company facts

Legal name: TeraWulf Inc.
Ticker / exchange: WULF · NASDAQ
Founded: 2021
Headquarters: Easton, Maryland, United States
Business model: Powered shell
Last verified: 15 Aug 2026

Who leads it

Paul B. Prager

Co-Founder, Chairman and Chief Executive Officer

In role since 1 Feb 2021

Co-founder of TeraWulf, serving as Chairman and Chief Executive Officer since February 2021. Previously founded and led Beowulf Electricity & Data.

↗ terawulf.comverified 15 Aug 2026

What it sells

Long-term data-centre leases to compute tenants
Powered campus development on owned and acquired sites
Power generation assets supporting those campuses

How it makes money

Leases powered, cooled space; the tenant supplies its own accelerators where the lease says so. Earns a few million per megawatt per year rather than tens, with correspondingly lower capital cost.

Where it operates

United States (New York, Maryland, Kentucky)

Operating presence as disclosed. This is not the same as future pipeline — a named location may hold nothing but secured power.

Publicly disclosed customers

Anthropic

Only customers the company has named publicly. Several tracked companies describe counterparties only as "investment-grade hyperscaler", and those are not guessed at here.

Official links

Website Investor relations SEC filings X · @terawulfinc YouTube Instagram · terawulf

Social accounts are shown only where the link was found on a company-controlled domain. A verification badge alone is not treated as evidence.

Sources

3 documents

TeraWulf Reports Second Quarter 2026 Results TeraWulf Inc. · company-ir · published 11 Aug 2026 · accessed 15 Aug 2026 · primary
Lake Mariner: 102 MW of revenue-generating critical IT capacity, with a further 336 MW of critical IT under construction.
TeraWulf Announces Anthropic Lease at Justified Data Campus and Sale of Majority Interest in Abernathy Joint Venture to Fluidstack TeraWulf Inc. · company-ir · published 4 Aug 2026 · accessed 15 Aug 2026 · primary
Approximately 401 MW of critical IT capacity under a 20-year initial lease term, approximately $19bn of contracted revenue over the initial term. Initial capacity expected in H2 2027 with full delivery expected in early 2028. Sale of TeraWulf's 50.1% interest in the Abernathy joint venture.
TeraWulf Expands Digital and Power Infrastructure Portfolio with Strategic Acquisitions in Kentucky and Maryland TeraWulf Inc. · company-ir · published 1 Feb 2026 · accessed 15 Aug 2026 · primary
Muskie: up to 1 GW of contracted electric service. Chesapeake: approximately 210 MW of operational generation with potential future campus scale of up to 1 GW.