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TeraWulf’s Anthropic Breakthrough Could Unlock $19 Billion — Can It Deliver?

TeraWulf’s recent quarter was marked by continued execution and strategic expansion within its high-power compute (HPC) platform. The company advanced the delivery of key data center buildings at its Lake Mariner campus, with CB-3 fully operational and generating lease revenue, while CB-4 and CB-5 are progressing toward phased commissioning and energization according to updated customer-aligned timelines. These developments have translated into increased HPC lease revenue, which rose 52% quarter-over-quarter to approximately $31.9 million, now constituting about 71% of total revenue. Expansion efforts were highlighted by the execution of a 20-year, 401-megawatt lease agreement with Anthropic at the Justified Data campus in Kentucky, potentially bringing in around $19 billion in contracted revenue over the lease term. The acquisition of the Muskie Data campus further strengthens TeraWulf’s position, providing a gigawatt-scale development site with utility-backed power infrastructure, creating a tangible pathway to meet growing compute demand.