TeraWulf targets about 85% NOI margin on contracts
WULF•TeraWulf expects about $1.5 billion in average annualized net operating income from its Lake Mariner and Justified campuses once operational, targeting an about 85% NOI margin. The campuses have 839 MW of contracted critical IT capacity, representing about $27 billion in contracted revenue.
1. Campus delivery targets
TeraWulf expects Lake Mariner and Justified to generate about $1.5 billion in average annualized net operating income once operational. Lake Mariner targets phased delivery of 168 MW in November-December 2026 and another 168 MW in 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.
2. Contracting pipeline
The two campuses have 839 MW of contracted critical IT capacity, representing about $27 billion in contracted revenue. TeraWulf targets annual contracted critical IT signings of 250-500 MW, supported by an identified development pipeline of about 2.1 GW.
