CB-1 first revenue Q3 2025
Company: TeraWulf - Project: La Lupa
What the later record shows
Delivered on time · happened August 31, 2025
The target was first CB-1 revenue in Q3 2025. CB-1 was slated to begin recording revenue mid-August, and a later passage confirms it began operations in August 2025, within Q3. No passage explicitly confirms the revenue itself.
“x WULF Den began recording revenue in July x CB - 1 will begin recording revenue mid - August”
2025-08-13 · terawulf 8-K exhibit (tm2523008d1_ex99-3.htm) View cached copy (2026-10-06)Live source ↗
“Wulf Den and CB-1 began operations in July and August 2025, respectively, while CB-2 is expected to commence operations in November 2025.”
2025-10-14 · TeraWulf Sustainable Finance Framework Second Party Opinion 2025 View cached copy (2026-09-01)Live source ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Targeting first HPC revenue from 20 MW CB-1 in Q3 2025.
Source (primary)
Investor Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗
Quote: “Q3 2025: 20 MW CB-1”
How we checked this
Checked on October 16, 2026. The cited source supports every part of this claim.
The HPC hosting timeline slide, under 'Targeting 1st Revenue', lists Q3 2025 for the 20 MW CB-1.
Confirmed in the source:
- TeraWulf is targeting first HPC revenue in Q3 2025 from CB-1
- CB-1 is 20 MW (gross)
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_26c9692236622f11a71632d61560402c/terawulf/db/2396/23301/pdf/WULF_Q1_2025_Investor_Pres_vF.pdf) in full (23,307 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Investor Presentation
Quote: “Q3 2025: 20 MW CB-1”
confirms TeraWulf Sustainable Finance Framework Second Party Opinion 2025
Quote: “Wulf Den and CB-1 began operations in July and August 2025, respectively, while CB-2 is expected to commence operations in November 2025.”
confirms terawulf 8-K exhibit (tm2523008d1_ex99-3.htm)
Quote: “x WULF Den began recording revenue in July x CB - 1 will begin recording revenue mid - August”
confirms Investor Presentation
Quote: “Q3 2025: 20 MW CB-1”
confirms terawulf 8-K exhibit (wulfq12025investorpresvf.htm)
Quote: “Q3 2025: 20 MW CB-1”