TeraWulf Targets About 85% NOI Margin on Contracts

By Public Technologies
  • TeraWulf expects about $1.5 billion in average annualized net operating income from Lake Mariner and Justified once operational.
  • The two campuses have 839 MW of contracted critical IT capacity, representing about $27 billion in contracted revenue.
  • Annual contracted critical IT signings are targeted at 250-500 MW, supported by an identified development pipeline of about 2.1 GW.
  • Lake Mariner targets phased delivery of 168 MW in November-December 2026, with another 168 MW targeted for the first quarter of 2027.
  • Justified's 401 MW is scheduled for phased delivery from late 2027 through the second quarter of 2028, supporting about $800 million in annualized NOI.


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