TeraWulf Secures Google Credit Backstop for Anthropic Lease

The Tip Desk · November 6, 2026 · 3 min read

HPC lease revenue reached $63.0 million, about 83% of third-quarter sales, as the company booked $709.9 million of net income.

TeraWulf Inc. (WULF), a vertically integrated owner, developer and operator of large-scale digital infrastructure, reported third-quarter revenue of $76.2 million, including $63.0 million of HPC lease revenue, or about 83% of the total, as contracted high-performance computing at Lake Mariner scaled.

The mix continued to shift toward HPC. HPC lease revenue was $31.9 million in the second quarter, about 71% of that period’s $44.8 million of sales, and $21.0 million in the first quarter. HPC rent revenue, excluding power pass-through, tenant fit-out and other maintenance, was $46.0 million, up 71% sequentially from $26.9 million.

Net income attributable to TeraWulf was $709.9 million, versus a $939.9 million net loss in the second quarter, primarily from a $728.4 million non-cash change in the fair value of warrants. Non-GAAP Adjusted EBITDA was approximately $(12.8) million, versus $(18.3) million in the second quarter. Diluted earnings were $(0.03) a share.

Revenue-generating critical IT capacity at Lake Mariner was 102 MW as of September 30, 2026, after CB-3 delivery lifted capacity from 81 MW at June 30. An additional 336 MW remained under construction across CB-4 and CB-5. CB-4 remained on track for phased delivery and rent commencement during the fourth quarter; CB-5 remained targeted to begin phased delivery in early 2027. WULF Compute continued to progress within previously disclosed cost guidance of $8 million to $10 million per critical IT MW. The investor update listed CB-4 as 168 MW phased for November–December 2026 and CB-5 as 168 MW targeted for the first quarter of 2027.

On November 4, 2026, TeraWulf announced a Google Credit Backstop for project financing in support of a 20-year Anthropic lease covering approximately 401 MW of critical IT capacity at the Justified Data Campus, representing approximately $19 billion of contracted revenue over the initial term. The company also executed a definitive EPC agreement with Fluor Enterprises covering three data center buildings. Phased ready-for-service completions are expected to begin in late 2027 and continue through the second quarter of 2028.

Muskie contracted power capacity increased from 500 MW to 1,000 MW through amended electric service and transmission infrastructure agreements with Kentucky Power Company, subject to approval by the Kentucky Public Service Commission. The expansion advances the anticipated delivery of the second 500 MW phase to 2029.

The company completed the sale of its 50.1% interest in the Abernathy Joint Venture, receiving $250 million of cash consideration during the quarter, with $150 million due on or before December 31, 2026, and about $130 million, subject to adjustments, on or before April 30, 2027. It recognized a $95 million gain on the sale. Aggregate consideration was about $530 million.

Cash, cash equivalents and restricted cash ended the quarter at about $2.4 billion, down from about $3.0 billion at June 30. Net debt was about $3.4 billion as of September 30, versus about $2.7 billion as of June 30. Subsequent to quarter-end, TeraWulf increased commitments under its revolving credit agreement from $250 million to $400 million and added an uncommitted accordion feature permitting up to $150 million of additional commitments, subject to conditions.

The company reaffirmed a target of contracting 250 MW to 500 MW of incremental critical IT capacity annually. Chairman and Chief Executive Officer Paul Prager said Lake Mariner is delivering contracted capacity and generating revenue, Justified has the customer, credit support and construction framework to move forward at scale, and Muskie gives the company a contracted path to a gigawatt of power. Chief Financial Officer Patrick Fleury said the company ended the quarter with substantial liquidity and further strengthened financial flexibility through the Abernathy monetization and expansion of the revolving credit facility.