TeraWulf

“Executed 401 MW Anthropic Lease at Justified Data Campus”

Justified Data Campus, Hawesville, Kentucky. TeraWulf’s Q2 2026 business update, furnished as Exhibit 99.2 to its results filing, lists 401 MW for delivery between the second half of 2027 and the first half of 2028 and puts the lease’s long-term contracted cash flows at about $19 billion over the 20-year term. TeraWulf’s 6 July announcement gave the same figure as contracted revenue over the initial lease term.

“approximately 401 MW of critical IT load for high-performance computing ('HPC') operations ... Delivery of the leased capacity is expected to occur in phases beginning in late 2027 and concluding in early 2028. ... Anthropic's obligation to pay rent under the Justified Data Campus Lease will commence upon the delivery of the applicable leased premises and continue for a term of 20 years”

Justified Data Campus, Hawesville, Kentucky. The lease names Anthropic PBC as tenant and TeraWulf subsidiary Raylan Data LLC as landlord. Two five-year renewal options could extend the term to 30 years; delivery was expected to begin in late 2027. A separate Kentucky utility proceeding specifies 482 MW of maximum contract demand for Justified DataPower LLC. That utility demand measures a different quantity from this lease’s 401 MW of critical IT load, and the utility proceeding does not name Anthropic.

“Lake Mariner Campus – 426 MW Critical IT • 60 MW leased by Core42 (backed by G42) ... Leased Critical Capacity: 594 MW ▪ Core42: 60 MW in 2025 ... Note: MW figures represent critical IT MW”

This presentation reports the same Core42 lease at 60 MW of critical IT load that the August presentation described as 72.5 MW gross. The difference is the measurement basis. The ten-year term comes from a presentation bullet covering the Fluidstack and Core42 contracts together; it is not a Core42-specific term statement.

“72.5 MW contracted to Core42 (online 2025) ... (1) Reflects planned capex spend for 72.5 MW of gross contracted HPC hosting capacity for Core42. ... Lake Mariner • Barker, NY • Core42 lease for 72.5 MW”

The presentation’s footnote defines its 72.5 MW Core42 figure as gross capacity. The later 60 MW figure measures critical IT load for the same lease; the two disclosures do not establish a fall in capacity.

“On December 23, 2024, TeraWulf Inc. (“TeraWulf” or the “Company”) entered into long-term data center lease agreements (the “Lease Agreements”) with Core42, a G42 company specializing in sovereign cloud, AI infrastructure, and digital services. Under the Lease Agreements, TeraWulf will deliver over 70 megawatts (“MW”) of turn-key data center infrastructure to host Core42’s deployment at the Lake Mariner facility in Upstate New York.”

TeraWulf describes more than 70 MW for Core42 without giving an exact amount. It states two five-year renewal options but no base term. The filing identifies Core42 as a G42 company.

“The expansion adds CB-5, a new purpose-built data center building providing an incremental 160 MW of critical IT load, with operations expected to commence in the second half of 2026. ... on the same economic terms as the initial Fluidstack leases for CB-3 and CB-4.”

Fluidstack exercised its option for the CB-5 building at Lake Mariner four days after the CB-3 and CB-4 agreements. The release refers to the earlier economic terms without separately stating a base duration. Operations were expected in the second half of 2026. Together, the agreements cover more than 360 MW of critical IT load, with a cumulative Google backstop of approximately $3.2 billion.

“Critical IT Load: 200+ MW; Gross Capacity: ~250 MW; Facility: Lake Mariner data center campus, Western New York... Initial Contract Value: ~$3.7 billion; Potential Total (with extensions): ~$8.7 billion... Google's Role — Backstop Amount: $1.8 billion of Fluidstack lease obligations; Equity Stake: Approximately 8% via warrants.”

The two colocation agreements cover Lake Mariner’s CB-3 and CB-4 buildings. TeraWulf expected an initial 40 MW in the first half of 2026 and the full 200-plus MW by year-end. Google backs Fluidstack’s obligations; Fluidstack is the tenant.