TeraWulf (NASDAQ: WULF) reported second-quarter revenue of $44.8 million, down 6% from $47.6 million a year earlier. HPC lease revenue came in at $31.9 million, or about 71% of the total, while cryptocurrency revenue declined to $12.8 million from $47.6 million.
The operator recorded a $940.8 million net loss, compared with $18.4 million a year earlier. The quarter included a $755.7 million loss from changes in warrant liability fair values, while adjusted EBITDA moved to an $18.3 million loss from $14.5 million of income.
At the center of TeraWulf's earnings is the 20-year lease with Anthropic covering approximately 401 MW of critical IT capacity at the Justified Data Campus in Hawesville, Kentucky. The contract represents about $19 billion of revenue during its initial term and could reach $33 billion if Anthropic exercises two five-year extensions.
Initial capacity is slated to start coming online in the second half of 2027, with complete delivery anticipated in early 2028. Justified has about 480 MW of gross power capacity, plus an energized onsite substation and existing high-voltage transmission infrastructure.
Stay ahead of AI infrastructure deals. Get Blockspace in your inbox.
#capacity #justified
The operator recorded a $940.8 million net loss, compared with $18.4 million a year earlier. The quarter included a $755.7 million loss from changes in warrant liability fair values, while adjusted EBITDA moved to an $18.3 million loss from $14.5 million of income.
At the center of TeraWulf's earnings is the 20-year lease with Anthropic covering approximately 401 MW of critical IT capacity at the Justified Data Campus in Hawesville, Kentucky. The contract represents about $19 billion of revenue during its initial term and could reach $33 billion if Anthropic exercises two five-year extensions.
Initial capacity is slated to start coming online in the second half of 2027, with complete delivery anticipated in early 2028. Justified has about 480 MW of gross power capacity, plus an energized onsite substation and existing high-voltage transmission infrastructure.
Stay ahead of AI infrastructure deals. Get Blockspace in your inbox.
#capacity #justified
3 months ago
