What is WULF Stock?

WULF is TeraWulf, a US data center developer moving from Bitcoin mining into contracted HPC infrastructure. The company now has operating HPC capacity at Lake Mariner, an Anthropic lease at Justified, additional development sites, and an agreement to exit its Abernathy joint venture.

Those assets do not share one operating status. This guide separates delivered IT capacity, contracted future capacity, planned electrical service and transactions that still require completion. The TeraWulf Data Center Tracker is the companion for comparing individual locations and source dates.

Lake Mariner: the operating base

TeraWulf's August results reported 81 MW of revenue-generating critical IT capacity at June 30, rising to 102 MW after CB-3 delivery in early July. The next phases were CB-4 in the second half of 2026 and CB-5 beginning in early 2027.

The company also reported that delivery satisfied conditions for $600 million of Google credit support to become effective. This is a useful example of why the timing of a support agreement matters: signing a lease and activating its credit protection are not necessarily the same event.

Lake Mariner therefore gives investors an operating base against which to judge the larger construction programme. The important future evidence is accepted capacity and its rental contribution, rather than the number of buildings in a rendering.

Justified: a contracted Kentucky development

Justified, formerly called Hawesville, has a 20-year Anthropic lease covering approximately 401 MW of critical IT capacity. Initial delivery is expected in the second half of 2027, with full delivery in early 2028. The older description of this site as lacking an announced anchor tenant is obsolete.

On August 24, TeraWulf announced Kentucky PSC approval of an electric-service agreement supporting up to 482 MW. The approval assigns project-specific costs and credit obligations to the large-load customer. The service figure is a power boundary; it is not additional IT capacity on top of the lease.

Approval advances the power path. Construction, customer acceptance and rental commencement remain separate delivery obligations.

The other named development sites

These positions come from the August portfolio update. They should not be counted as current operating HPC capacity.

Muskie's acquisition announcement describes the dedicated utility infrastructure and longer development runway. Its electrical-service agreement does not by itself establish a signed HPC tenant. At Morgantown, regulatory authorization does not prove that an acquisition has closed or that a generating station has become a commissioned data center.

Abernathy and Nautilus: changing ownership

The July transaction announcement disclosed an agreement to sell TeraWulf's entire 50.1% Abernathy interest for approximately $530 million, payable in instalments. The August results still described the transaction as an agreement. This guide therefore does not assume both completed receipt of all proceeds and continuing ownership of the site.

Nautilus is historical ownership: TeraWulf sold its entire 25% interest in October 2024. Keeping the former project visible helps explain the company's history without inflating today's portfolio.

What the business model requires

TeraWulf's infrastructure role is to deliver and operate the facilities specified by customer contracts. It should not be valued by casually borrowing the revenue per GPU of a separate cloud business. The customer, equipment ownership, power pass-through and financing obligations all affect the cash that remains for shareholders.

A useful review follows delivery, rent, construction spending, debt service and share count together. Contracted megawatts can expand while the financing burden also increases. Restricted construction cash cannot automatically fund unrelated corporate needs.

The original cost illustration is retained below as historical modeling. The separate WULF forecast report contains the valuation work, while TeraWulf coverage collects the company research.

Historical calculations retained from the original study

The following limited examples are preserved from the original publication. Their assumptions and outputs have not been revised. They are not current operating measurements, a new Northwise forecast or a statement of current contracted prices. The factual discussion above uses the latest reviewed evidence.

The cost range and annualized rent illustration are preserved from the earlier article. The embedded debt, cash and project-ownership figures describe their original reporting periods and are not a current balance sheet or a renewed cost estimate.

Core42 is the early proof point. The customer’s initial Lake Mariner footprint is 60 critical IT MW, equivalent to 72.5 gross MW. The economics have been described at roughly $125 per kW-month, which translates to approximately $1.5M per MW per year. The lease includes a 3% annual escalator. Power is passed through to the tenant. Core42 supplies its own GPUs and equipment. Credit support includes a parent guarantee from G42, and Core42 contributed $90M of prepaid rent.

The financing footprint is large and worth being precise about. Lake Mariner Fluidstack buildout costs have been estimated at roughly $3.0B to $3.8B using a range of $8M to $10M per critical IT MW. Lake Mariner financing includes $3.2B of 7.75% secured notes at Wulf Compute. Abernathy includes $1.3B of 7.25% project notes. Core42 contributed $90M of prepaid rent. TeraWulf raised approximately $872.6M net through its April 2026 equity offering. As of March 31, 2026, the company carried $5.8B of debt against $3.1B of cash, cash equivalents, and restricted cash. Warrant and convertible overhangs add further complexity to per-share value calculations.