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Every current and potential $WULF shareholder needs to know this: Management’s message from today's conf. call was that they won’t issue equity at today’s share price to fund growth. They named several alternatives but put no sizes, terms or timing on any of them. Paul Prager, CEO (prepared remarks) TeraWulf won’t sign a lease that forces it to issue equity at a valuation management thinks undervalues the company. For Muskie specifically, the goal is a financing plan that reflects the value created at the site, preserves returns and minimizes dilution. Development would be phased, with capital raised alongside contracted demand. Justified is already funded on the equity side. The remainder will come from project-level debt backed by Google’s credit support. Rising financing costs are priced into new contracts, and TeraWulf won’t absorb financing risk that belongs elsewhere in the structure. Patrick Fleury, CFO (prepared remarks) Existing liquidity plus the remaining $280M of Abernathy proceeds covers three things without tapping equity markets:the rest of the Lake Mariner build the remaining Justified equity interim letters of credit at Muskie The revolver was upsized to $400M with a $150M accordion, and the limit on how much of it could back letters of credit was removed. In December, the roughly $300M of cash now posted as Muskie letter-of-credit collateral is expected to be replaced by letters of credit drawn on the revolver, which frees that cash. Once all the Lake Mariner leases commence, that project should generate significant cash and pay down debt quickly. Pulling equity out of stabilized assets and sending it back to the parent is a 2027 priority. Q&A: Stephen Byrd (Morgan Stanley) on the equity overhang Fleury listed the options:customer prepayments customers buying TeraWulf equity at higher prices more leverage, since the Lake Mariner project will be under-levered once it’s online infrastructure funds buying project-level equity in stabilized assets at multiples well above where the public stocks trade He said they would not sign one of the company’s biggest leases and then be forced to dilute shareholders “at these levels.” Prager added that customers work with them to protect the spread. Fleury described open-book talks with tenants on cost of capital, aimed at keeping the lease yield on cost above TeraWulf’s cost of capital, backed by protections in the lease. Q&A: Michael Funk (BofA) on selling stabilized assets Fleury said the plan is to build and own long-term, but selling a minority stake to an infrastructure fund is possible. His example was Blackstone buying into FirstEnergy’s transmission business. He tied this to public markets continuing to undervalue data center developers, and said execution comes first. Related points The Google backstop at Justified requires no new equity or warrants for Google, unlike the Lake Mariner deal, and its cost is recoverable from Anthropic. In response to a question about a competitor’s capital-light deal, management said it isn’t their primary focus. Their view is that full turnkey colocation creates more equity value per MW.