CB-2 first revenue Q4 2025
Company: TeraWulf - Project: La Lupa
What the later record shows
The date slipped
CB-2's 50 MW was not online by 2025-12-31, when only 18 critical IT MW of HPC was energized. Revenue from it therefore could not have begun in Q4 2025, and the company cited fit-out timing impacts.
“Certain building milestones were sequenced accordingly, and associated timing impacts have been incorporated into the Company’s financial plan.”
2026-02-25 · terawulf 8-K exhibit (a_wulfearningsrelease2026-.htm) View cached copy (2026-09-13)Live source ↗
“As of December 31, 2025, the Company had energized 18 critical IT MW of HPC capacity and remains on track to deliver additional contracted capacity”
2026-02-27 · View 10-K PDF View cached copy (2026-09-01)Live source ↗Archive.org ↗
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 50 MW CB-2 in Q4 2025.
Source (primary)
Investor Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗
Quote: “Q4 2025: 50 MW CB-2”
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 Q4 2025 for the 50 MW CB-2.
Confirmed in the source:
- TeraWulf is targeting first HPC revenue in Q4 2025 from CB-2
- CB-2 is 50 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: “Q4 2025: 50 MW CB-2”
delays View 10-K PDF
Quote: “As of December 31, 2025, the Company had energized 18 critical IT MW of HPC capacity and remains on track to deliver additional contracted capacity”
delays terawulf 8-K exhibit (a_wulfearningsrelease2026-.htm)
Quote: “Certain building milestones were sequenced accordingly, and associated timing impacts have been incorporated into the Company’s financial plan.”
confirms Investor Presentation
Quote: “Q4 2025: 50 MW CB-2”
confirms terawulf 8-K exhibit (wulfq12025investorpresvf.htm)
Quote: “Q4 2025: 50 MW CB-2”