TeraWulf Details Long-Term Data-Center Leases and Construction Schedule
CEO Paul Prager said Google backs Fluidstack’s Lake Mariner leases and an investment-grade credit backstop is committed for TeraWulf’s Kentucky project, where Anthropic signed a 20-year lease worth approximately $19 billion. Lake Mariner’s CB-4 remains scheduled for Q4 2026 delivery and CB-5 for Q1 2027; construction costs are tracking around $9 million per MW, within guidance of $8 million–$10 million.
WULF CEO Paul Prager pushed back on comparisons with AI neoclouds, describing TeraWulf as an energy infrastructure provider supported by long-term leases and investment-grade credit backing. Unlike neoclouds, which buy GPUs and resell computing power, TeraWulf owns and operates powered data centers and earns contracted lease income. Google ($GOOGL) backs Fluidstack’s Lake Mariner leases. Prager said an investment-grade credit backstop is also committed for the Kentucky project, where Anthropic has signed a 20-year lease valued at approximately $19 billion.
Lake Mariner’s CB-4 is still scheduled for delivery in Q4 2026, with CB-5 to follow in Q1 2027. Construction costs are tracking at around $9 million per MW, within the $8 million—$10 million guidance range. Prager said TeraWulf raised equity opportunistically earlier this year. Where contracts allow, the company can pass higher financing costs on to tenants, protecting project economics.
He said construction remains on schedule and demand is strong, while stressing that continued execution is essential. Morgan Stanley reiterated its Overweight rating. The analyst set a $65 target, arguing that the sell-off undervalues existing contracts.