We have developed a compact flash-lamp-pumped Cr:LiSrAlF6 (Cr:LiSAF) laser system capable of producing peak powers in excess of 1 TW. Chirped-pulse amplification in a Cr:LiSAF regenerative amplifier produces 8-mJ pulses at a 5-Hz repetition rate. Further amplification in Cr:LiSAF yields recompressed pulse energies of 150 mJ and a pulse duration <135 fs at a 0.5-Hz repetition rate.