WU
WULF
WULF What TERAWULF promised, and what happened
Guidance
What management said, and what became of it
8 of 9 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| CB-3 (Fluidstack, Lake Mariner) delivery / lease commencement | expected to deliver in mid-May [2026] | Dec 2025 | CB-3 was fully delivered and generating lease revenue in early July, bringing total revenue generating critical IT capacity at the campus to 102 megawatts. | Achieved* |
| CB-4 & CB-5 (Fluidstack, Lake Mariner) full deployment | first 40MW online in 1H 2026; full deployment by year-end [2026] | Jun 2025 | At CB-4, we remain on track to begin energizing the first data hall in late September. At CB-5, we expect to begin energizing the First Data hole in very early January. | Delayed |
| Abernathy JV (Texas) lease commencement | fourth quarter 2026 lease commencement | Dec 2025 | Following quarter end, we entered into an agreement to sell our entire interest in the Abernathy joint venture for approximately $530 million. | Pending |
The full ledger
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The rest of the ledger
Pro opens all 18 tracked commitments for TERAWULF
Above is what the last two calls moved. Pro adds every quarter's revision, the source quote behind each one, and the topics management has stopped answering.