Key HighlightsData center lease revenue climbed 52% to $31.9 million, driving overall quarterly performance.A 20-year Anthropic agreement delivers approximately $19 billion in initial contracted revenue.Lake Mariner facility expanded to 102 MW following the CB-3 building completion.Quarter ended with roughly $3 billion in cash and restricted cash reserves.Annual target remains 250 MW to 500 MW in additional contracted capacity.Shares of TeraWulf (WULF) dropped 1.91% to close at $18.52 following fluctuating intraday movement and sustained afternoon pressure. Despite the market response, the firm delivered robust high-performance computing metrics and secured significant long-term infrastructure commitments. These developments underscore an accelerating transition from cryptocurrency mining operations toward contracted enterprise data center services.TeraWulf Inc., WULFHigh-Performance Computing Powers Quarterly ResultsTeraWulf posted $44.8 million in total revenue for the second quarter, with data center leasing operations accounting for $31.9 million of that amount. This segment surged 52% compared to the prior quarter and made up approximately 71% of consolidated sales. Conversely, cryptocurrency mining revenue remained relatively flat at $12.8 million while posting a significant year-over-year decline.The firm recorded a net loss attributable to stockholders approaching $940 million for the three-month period. Roughly $755.7 million of this deficit stemmed from warrant-related accounting adjustments connected to Google. The appreciation in TeraWulf’s equity price drove up the fair value of these outstanding instruments, resulting in a substantial non-cash charge.Cash and restricted cash balances stood at approximately $3 billion as of quarter-end. This substantial liquidity position enables the company to fund committed construction projects, secure project-level debt arrangements, and pursue expansion initiatives across multiple large-scale facilities. Management also retained access to asset-specific financing vehicles supporting its staged buildout strategy.Lake Mariner Site Achieves New MilestoneBy June 30, TeraWulf had 81 megawatts of active revenue-producing infrastructure at its Lake Mariner location. The CB-3 structure reached operational status in early July, pushing total operating capacity to 102 megawatts. This milestone simultaneously triggered $600 million in Google credit backing for Fluidstack’s rental commitments.Development work progressed on CB-4 and CB-5, which collectively represent an additional 336 megawatts. The initial CB-4 data hall transitioned into commissioning phases and is expected to commence revenue generation in 2026. The company anticipates beginning phased CB-5 deliveries during early 2027.Construction economics at Lake Mariner now reflect approximately $9.1 million per critical megawatt. This represents an increase from the $8.6 million per megawatt financing basis established last October. Nevertheless, leadership maintained its overall WULF Compute cost framework in the $8 million to $10 million range.Anthropic Partnership Transforms Growth TrajectoryFollowing the quarterly close, TeraWulf finalized a two-decade lease arrangement with Anthropic covering its Justified facility. The contract encompasses roughly 401 megawatts and represents approximately $19 billion in base contracted revenue. Optional extension provisions could potentially elevate the aggregate value to around $33 billion.The organization also completed the acquisition of Kentucky’s Muskie Data Campus in May. Power supply arrangements with Kentucky Power support delivery of up to one gigawatt of contracted electrical capacity. The utility partner anticipates commencing initial service in the fourth quarter of 2028, with subsequent phased rollout.Separately, TeraWulf entered an agreement to divest its 50.1% ownership stake in Abernathy for roughly $530 million. In Maryland, federal authorities approved the company’s proposed acquisition of the Morgantown generating station. Management continues to pursue its annual goal of adding between 250 and 500 megawatts of newly contracted capacity. The post TeraWulf (WULF) Stock Dips Despite 52% HPC Revenue Surge and Major Anthropic Partnership appeared first on Blockonomi.