TeraWulf brings 102 MW online at Lake Mariner facility as 336 MW total expansion continues

TeraWulf has reached a major construction milestone at its Lake Mariner Data Campus in Somerset, New York, bringing 102 MW of revenue-generating critical IT capacity online while continuing construction on another 336 MW as demand for AI infrastructure accelerates across the United States.

The milestone follows the completion and delivery of the CB-3 data hall in early July, which increased the campus' operational capacity from 81 MW at the end of the second quarter to 102 MW. The company disclosed the progress as part of its second-quarter financial results, highlighting continued execution on one of the country's largest AI-focused data center developments.

With CB-3 now operational, construction crews have shifted focus to the next phases of campus expansion. The first CB-4 data hall has entered commissioning, marking a significant step toward commercial operation. TeraWulf expects phased delivery and rent commencement during the second half of 2026, while CB-5 remains on schedule for phased delivery beginning in early 2027. Combined, CB-4 and CB-5 will add 336 MW of critical IT capacity, substantially expanding Lake Mariner's ability to support high-performance computing and artificial intelligence workloads.

The company reaffirmed that construction continues within its previously disclosed development cost guidance of $8 million to $10 million per critical IT megawatt. The completion of CB-3 also triggered an important financing milestone: it satisfied the contractual conditions required for Google's $600 million credit support backing Fluidstack's lease obligations to become effective, strengthening the financial profile of the ongoing expansion.

Originally developed as a bitcoin mining operation, Lake Mariner has become the centerpiece of TeraWulf's transformation into a developer and operator of AI and HPC infrastructure. In addition to the 102 MW now in operation and 336 MW under construction, the company is pursuing another 250 MW of incremental power capacity at the site, subject to interconnection approvals. The campus benefits from existing transmission infrastructure and long-term access to power, enabling TeraWulf to expand capacity in sequential phases while meeting growing demand from hyperscale AI customers.

While Lake Mariner remains the company's flagship development, TeraWulf continues expanding its national data center platform through several large-scale projects. In Kentucky, the company recently signed a 20-year lease with Anthropic covering approximately 401 MW of critical IT capacity at the Justified Data Campus in Hawesville, with initial delivery expected during the second half of 2027 and full delivery targeted for early 2028. TeraWulf is also advancing the Muskie Data Campus in Grayson, Kentucky, where agreements with Kentucky Power provide for up to 1 GW of contracted electric service, supporting phased development beginning with initial power delivery expected in late 2028.

In Maryland, the company continues planning the Chesapeake Data Campus, an integrated energy and AI infrastructure project that could ultimately support up to 1 GW of data center capacity following the proposed redevelopment of the Morgantown generating station.

"Our second quarter demonstrates that TeraWulf is moving from platform formation to scaled execution," said Paul Prager, Chairman and Chief Executive Officer of TeraWulf. "At Lake Mariner, we delivered additional contracted capacity and converted it into recurring lease revenue. In Kentucky, we established the next phase of growth through the Anthropic lease at Justified and the acquisition of the gigawatt-scale Muskie Data Campus."

Lake Mariner's latest milestone reflects a broader wave of investment sweeping the U.S. AI infrastructure sector as developers race to secure power and bring new capacity online. The completion of CB-3 and continued progress on CB-4 and CB-5 demonstrate the company's strategy of delivering infrastructure in phases while maintaining a pipeline of future expansion opportunities backed by long-term customer demand. TeraWulf reaffirmed its objective of contracting 250 MW to 500 MW of incremental critical IT capacity annually, prioritizing projects with secured power, scalable infrastructure, and long-term customer commitments.