Lake Mariner

Bernstein maintains an Outperform rating on TeraWulf as Q2 HPC revenue hits $32M (71% of total), underscoring a material shift to AI infrastructure with a large contracted backlog and higher per-MW capex, set against regulatory risk from a New York data-center moratorium.

TeraWulf’s HPC leasing revenue up 52% QoQ to $31.9M, driving a shift toward long-term contracted revenue amid large AI-data center leases (Anthropic) and regulatory headwinds in New York.