Paul Prager

$WULF is NOT a neocloud. $WULF IS an energy infrastructure company. We match long term investment grade energy supply with long term HPC/AI off-take. We finance our projects competitively because our contracts require our customers to be investment grade or bring investment grade credit support. We raised capital last spring opportunistically and maintain a fortress balance sheet. Our team has built large scale energy infrastructure for 25 years. Lake Mariner is delivering CB-4 this quarter and CB -5 in the first quarter ‘27. No surprises coming. We projected a range of 8-10 million per MW. We are squarely in the middle of that range. We are all about execution. Project Justified in Kentucky is a world-class project. We already have the required equity and we have an investment grade backstop committed. We execute and have predictable cash flow. Markets are pretty wild right now but we fervently believe price action will catch up to shareholder value. Demand for our product is robust and real. Certainly we have to remain diligent and execute like there’s no tomorrow. We will. But knowing what we have in the ground, in contract, the investment grade credits behind our contracts and the team’s execution history and capabilities- we sleep at night. You can too.

I think one thing is pretty clear. Existing facilities, permitted facilities with grid connections, and data halls soon to come online - they are more valuable today. Why? There is a shortage of power, massive demand, and now - definitively, a moat between powered and grid-connected sites and the rest. In addition to our development pipeline, $WULF will remain focused on an additional CB-6 at Lake Mariner. And I think our 1G at Muskie just became a top contender for the triple crown. Lots of work to do, and all must be consistent with the thoughtful application and zealous protection of our balance sheet, together with preservation of value for shareholders. But $WULF is well positioned.

@elonmusk may be right that we'll see unfinished data centers. But not all developers operate the same way.

$WULF follows a disciplined approach:
1. Identify sites with demonstrated customer interest.
2. Secure power from investment grade utilities.
3. Lock down specs, construction costs and schedules through GMP EPC contracts.
4. Secure long-term customer commitments backed by investment grade credit.
5. Arrange financing before committing to major construction.

We may move dirt early, but we don't build on spec.

I suspect we'll see projects stall because of inadequate capital, weak counterparties, execution misses, or regulatory hurdles. For experienced infrastructure developers with strong balance sheets, that creates opportunity.

What others call stranded assets, we may call a development pipeline. @PSInvestor @GavinSBaker

Friday afternoon. Busy week. Crappy market. Made it back to the farm on the Eastern Shore from NYC.

A few things worth reinforcing and what I'm focused on next. Here’s my weekly 10.

At $WULF, we start with power. We always have.
Microsoft's reported UK data center setback is a reminder: demand for compute is one thing. Delivering the power to support it is another. Our team has been developing energy infrastructure for decades. That's our advantage.