Fluidstack lease ~$315MM annual site NOI
Company: TeraWulf
The claim, verbatim
An ~85% NOI margin on the Fluidstack lease implies approximately $315 million of annual site net operating income.
Source (primary)
terawulf 8-K exhibit (tm2523008d1_ex99-3.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-10-06)Live source ↗
Quote: “~85% NOI Margin Implies ~$315MM of Annual Site Net Operating Income”
How we checked this
Checked on October 7, 2026. The cited source supports every part of this claim.
The Fluidstack lease slide states that a ~85% NOI margin implies ~$315MM of annual site net operating income.
Confirmed in the source:
- The Fluidstack lease carries an approximately 85% NOI margin
- That margin implies approximately $315 million of annual site net operating income
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1083301/000110465925078086/tm2523008d1_ex99-3.htm) in full (18,636 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms terawulf 8-K exhibit (tm2523008d1_ex99-3.htm)
Quote: “~85% NOI Margin Implies ~$315MM of Annual Site Net Operating Income”