TeraWulf agrees to sell Abernathy stake for approximately $530 million

TeraWulf reported results for the second quarter ended June 30, 2026, on August 5, 2026. The company generated revenue of $44.8 million, including $31.9 million of HPC lease revenue, or approximately 71% of total revenue. It ended the quarter with approximately $3 billion of cash and restricted cash.

The company said it operated 81 MW of revenue-generating critical IT capacity at Lake Mariner as of June 30, 2026. In early July it completed delivery of CB-3, raising that capacity to 102 MW. The CB-3 delivery also satisfied the applicable conditions for $600 million of Google's credit support for Fluidstack's lease obligations to become effective.

The company said the 20-year lease at the Justified Data Campus in Hawesville, Kentucky, represents approximately $19 billion of contracted revenue over the initial term. It said total revenue under the lease could be up to approximately $33 billion if Anthropic exercises both five-year extension options. The company said initial delivery is expected in the second half of 2027 and full delivery in early 2028.

TeraWulf agreed to sell its entire 50.1% interest in the Abernathy Joint Venture for aggregate cash consideration of approximately $530 million. On July 29, 2026, FERC authorized the pending acquisition of the Morgantown generating station. The company said the approval clears a regulatory condition toward closing and development of the Chesapeake Data Campus. TeraWulf said the campus could scale to up to 1 GW, subject to the remaining closing conditions and required approvals.

The company reaffirmed its target of contracting 250 MW to 500 MW of incremental critical IT capacity annually. TeraWulf said it intends to pursue that growth selectively. TeraWulf said it will prioritize opportunities with secured power, clear customer demand, scalable infrastructure and risk-adjusted returns.