TeraWulf - CFO Patrick Fleury Q&A - Q2 Earnings, Anthropic & Outlook!

We walk through TeraWulf’s Q2 progress with CFO Patrick Fleury, focusing on Lake Mariner execution, lease economics, and why liquidity is a competitive weapon in AI data center buildouts. We also dig into power as the true bottleneck, how utility partnerships work, and what needs to happen for growth to scale without breaking timelines or returns. 

• CB3 coming online and beginning to earn rent revenue 
• Commissioning progress for CB4 and CB5 with a phased data hall ramp 
• Fluidstack amendments and rentalized costs that lift starting rent 
• Design changes that increase critical megawatts and boost lease term revenue 
• Liquidity strategy and why holding large cash balances enables flexibility 
• Letters of credit as a tool to protect ratepayers and shift execution risk 
• Capital allocation priorities across equity contributions, LCs, and new sites 
• Why annual growth targets stay disciplined despite massive demand 
• Supply chain, capital markets, and electrician labor as binding constraints 
• Power first strategy and preference for front of the meter grid connection 
• Industry outlook on leasing, future M&A, and potential REIT style evolution 
• Insider buying rationale and how management frames contracted value 
• Financing risk management with multiple contingency paths for debt

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