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WULF · Jul 6, 2026 · United States
Relevant finding
Provides an outside reference point for long-duration AI infrastructure lease revenue per critical MW-year and customer-credit framing.
Review notes
External AI/HPC lease benchmark only. The WULF economics do not establish NUAI tenant rent, credit support, pass-throughs, or ownership economics.
Relevant pages: Announcement sections describing the Anthropic 20-year lease, approximately 401 MW of critical IT load, approximately $19 billion of expected contracted lease revenue, and phased delivery timing.
WULF · Jul 1, 2026 · United States
Relevant finding
Illustrative source for capacity, timing, and operating structure.
Review notes
Reconcile presentation metrics to contracts and filings.
WULF · Jun 30, 2026 · United States
Relevant finding
Illustrative source for debt, site ownership, power costs, and customer economics.
Review notes
Replace with exact filing.
WULF · Aug 14, 2025 · United States
Relevant finding
Provides a long-duration infrastructure yield-on-cost reference while illustrating that the tenant or compute operator, rather than the landlord, bears most GPU obsolescence risk.
Review notes
Public project-economics reference for more than 200 MW of critical IT load, approximately $3.7 billion of initial contracted revenue, an approximately 85% expected site NOI margin, and an $8-$10 million project-cost range per critical MW. It is an infrastructure-hosting contract, not a direct GPU-compute comparison.
Relevant pages: Transaction highlights covering contracted revenue, initial lease term, expected NOI margin, project cost, Google support, and delivery schedule.