'FANTASTIC CONTRACT': TERAWULF CEO TOUTS $19B LEASE AGREEMENT WITH ANTHROPIC - TERAWULF INC

Explicit Guidance:

• Projecting over $700 million in annual revenue starting next year (FY2026) from the C.B.5 and C.B.4 data halls at the Lake Mariner facility becoming operational.
• 20-year long-term offtake agreements with investment-grade customers (Google, Anthropic) providing contracted revenue visibility.
• Citing $19 billion in contracted revenue associated with the 20-year Anthropic deal in Kentucky.

Business-Segment Outlook:

• Deployment Schedule: C.B.5 data hall expected to be delivered next quarter; C.B.4 already online.
• Operational Model: Transitioning from speculative "Neocloud" to an energy infrastructure model, securing electricity from investment-grade utilities and supplying high-power compute to AI customers.
• Capacity Expansion: Focus on delivering specific data halls (C.B.5) to capitalize on immediate power demand inflection points.

Market and Competitive Outlook:

• Bottleneck Identification: AI power demand through 2028 and 2029 remains "extremely strong," with the primary constraint shifting from semiconductor chips to power, cooling, and electrical infrastructure.
• Investor Misconception: Management asserts the market is currently mispricing energy infrastructure companies by conflating them with speculative Neoclouds, anticipating a correction as investors differentiate between capable infrastructure providers and chip-focused competitors.
• Competitive Landscape: Positioning as a unique player capable of securing both investment-grade off-take and input sides of the grid to solve deployment constraints.

Macro / Industry Outlook:

• Demand Trend: Anticipating sustained, high demand for energy infrastructure driven by the need to deploy superintelligence.
• Capital Access: Confidence in the ability to raise debt at "very competitive value" despite current market conditions, underpinned by the investment-grade credit backstops of customers like Google and Anthropic.

Strategic Initiatives:

• Project Delivery: Accelerating the commissioning of the Lake Mariner facility (New York) to generate immediate revenue ($700M+) and the Hawsville facility (Kentucky).
• Financing Strategy: Leveraging investment-grade credit backstops to secure low-cost capital for infrastructure build-outs.
• Customer Concentration: Deepening relationships with quality credits (Anthropic, Google) to mitigate revenue volatility and support debt issuance.

Risks and Headwinds to Outlook:

• Market Sentiment: Risk of market mispricing or failure to recognize the differentiation between energy infrastructure and speculative Neocloud models, potentially causing volatility despite strong fundamentals.
• Customer Concentration: Acknowledgement of significant exposure to key customers (e.g., Anthropic, Google), though mitigated by their investment-grade credit status.
• Execution Risk: Reliance on the timely delivery of data halls (C.B.5) and grid connections to meet the "next year" revenue projections.

Management Tone on the Future:

• High Confidence: Explicitly dismisses market fears regarding "mounting debt" and "spending," labeling the company's cash flows as "long-term" and "predictable."
• Corrective Stance: Expresses frustration with the market's lack of differentiation in the sector and confidence that the "energy is the bottleneck" thesis will be validated.
• Long-Term View: Emphasizes a 20-year horizon for revenue streams, framing current spending as necessary capital deployment for a structural shift in AI infrastructure.

Miscellaneous:

• Shareholder Communication: CEO Paul Prager utilized social media (X) to reinforce the "AI power demand" thesis late at night, noting it provided a "midweek boost" to the stock.
• Debt Structure: Debt is guaranteed by investment-grade credit (Google), allowing for favorable borrowing terms even in volatile rate environments.