WULF's second-quarter mix shifted toward high-performance computing, and contracted backlog reached roughly $32 billion. The largest piece is a $19 billion Anthropic lease. Its Hawesville economics still depend on Kentucky PSC approval of a 482-megawatt power contract.
Current revenue is concentrated too. Core42 supplied 71% of second-quarter revenue, while adjusted EBITDA fell to negative $18.3 million and the share count rose 17.9% from the prior quarter. With the shares near $16.31 and below the corrected 200-day average near $17.71, operating and regulatory evidence now matter more than the backlog headline.
The full Level 2+ review examines the internal debate, fundamentals ledger, valuation scenarios and the conditions that would change the view. Read the gated WULF Deep Coverage Review or join CAMS Premium Research.
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