Matthew Sigel: WULF HPC lease revenue reaches $63 million, outpacing contract-based estimates

Matthew Sigel: WULF HPC lease revenue reaches $63 million, outpacing contract-based estimates
WULF HPC lease revenue reaches $63 million

WULF reported HPC lease revenue of $63 million, a figure that Matthew Sigel described as a beat and much higher than implied revenue per megawatt from contracts, indicating some non-rent revenue is likely included.

Sigel also noted that WULF reaffirmed its 250-500MW in annual contracts and the delivery timelines for CB4 in the fourth quarter and CB5 in the first quarter of 2027. He added that capital expenditure remains $8-10 million per megawatt across Lake Mariner.

Matthew Sigel previously reported that FRMI gained 20 percent after AMD backed the Project Matador lease, while CIFR dropped following an $850 million convertible bond deal (link). He has also covered BTDR's 8-year lease agreement for a Malaysian facility, securing 333.5MW toward its first-quarter 2028 goal (link). Sigel’s recent coverage highlights updates across leasing and contract activity in the sector.

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