The stock rose 12.8% after earnings, as investors responded to progress de-risking the $19 billion Justified project: Google credit support, a definitive EPC agreement with Fluor, and a stated path to project-level debt financing. Lake Mariner’s ramp also points to growing recurring revenue, though the call’s forward milestones remain expectations rather than completed deliveries.
- TeraWulf said it has the equity required for Justified and expects to finance the remaining capital requirement with project-level debt; management said Google’s credit support strengthens the financing profile.
- Fluor’s definitive EPC agreement covers all three Justified buildings, with defined milestones, cost reporting, procurement oversight, and contractual cost and schedule protections. Guaranteed maximum pricing is to be established as engineering and procurement progress.
- Justified construction is underway, with pilings in progress. The company targets phased deliveries from late 2027 through Q2 2028 and expects costs of approximately $10 million–$12 million per critical IT megawatt.
- At Lake Mariner, CB3 is online and generating revenue, CB4 is moving into commercial operation, and further deliveries are scheduled through year-end and Q1. Management expects about half of contracted critical IT capacity to be operating by the end of Q1 and approximately $700 million of annualized leasing revenue exiting the quarter.
- Management expects Lake Mariner delivery costs near the midpoint of its original $8 million–$10 million per critical IT megawatt guidance. It also acknowledged higher financing costs and capital-market volatility as risks facing the sector.
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