TeraWulf, Q3 2026 Earnings Call Transcript

TeraWulf says strong demand for computing capacity and scarce deliverable power support its growth, while higher financing costs and sector-wide capital needs make disciplined returns essential. At Justified, Google’s credit support for the 20-year Anthropic lease and a definitive Fluor EPC agreement strengthen financing and execution protections. Construction is underway, with phased deliveries targeted from late 2027 through Q2 2028 and costs expected at $10–12 million per critical IT megawatt. At Lake Mariner, CB-3 is operating, CB-4 is entering service and CB-5 is expected to follow in Q1; the company targets about $700 million in annualized leasing revenue by the end of Q1.

Management expects existing liquidity and anticipated asset-sale proceeds to fund contracted projects without issuing equity, and plans to protect lease returns with investment-grade tenant or backstop support. Muskie has a utility-backed path to an initial gigawatt of power, with a possible acceleration of the second 500 MW, and active customer discussions; no lease timing was forecast. TeraWulf targets contracting an additional 250–500 MW annually, while emphasizing that growth must preserve returns and limit dilution.