An annealing system and method of operating is described. The annealing system includes a vertical furnace having an inner cylindrical insulating tube and at least one heating element surrounding an outer surface thereof, wherein the inner cylindrical insulating tube defines a processing space into which a plurality of workpieces may be vertically translated and subjected to thermal and/or magnetic processing. The annealing system further includes a workpiece boat for carrying at least one hundred workpieces, a boat loader arranged beneath the vertical furnace, and configured to vertically translate the workpiece boat and position the workpieces within the processing space, and a magnet system arranged outside the vertical furnace and configured to generate a magnetic field within the processing space.