TeraWulf Inc., together with its subsidiaries, owns, develops, operates digital infrastructure in the United States. It also develops and operates bitcoin mining facilities for bitcoin mining and high-performance computing workloads, leveraging clean, cost-effective, and reliable energy. The company was founded in 2021 and is headquartered in Easton, Maryland.
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Artificial Intelligence▼
Mining stocks no longer surge on AI pivot announcements as market reaction cools
Bitcoin mining companies are finding it harder to spark a sharp rally in their share prices even when they announce AI-related deals. According to analysis presented by BlocksBridge Consulting, across 25 AI and HPC infrastructure announcements between June 2024 and August 4, 2026, the absolute value of the single-day stock move on the announcement date fell from 32.5 percent to 6.3 percent. The average for the first eight deals in the study period was 24.1 percent, while the most recent eight averaged just 10.2 percent. Even TeraWulf's 401-megawatt lease deal with Anthropic, worth roughly 19 billion dollars, saw its closing price rise only 4.9 percent. CleanSpark's 6.6 billion dollar, 175-megawatt contract gained 8.8 percent, and Bitdeer's 4.7 billion dollar, 121-megawatt project briefly jumped 12 percent before giving back all the gains by the close. The scarcity value of an AI strategy has faded, and investors are now scrutinizing tenant creditworthiness and profitability much more rigorously.
Bernstein Reaffirms Buy on TeraWulf With $36 Price Target, Sees 100% Upside
Wall Street brokerage Bernstein has reaffirmed a Buy rating on TeraWulf stock with a $36 price target, representing 101% upside from current levels. The bullish call follows TeraWulf's second-quarter earnings, which showed high-performance computing revenue reaching $32 million, or 71% of total sales, signaling a successful pivot from Bitcoin mining to AI infrastructure. Lead crypto analyst Gautam Chhugani highlighted contracted revenue of $27 billion from three AI data center tenants—Anthropic, Fluidstack, and Core42—and noted the company has delivered 102 megawatts of power generating $180 million in annualized recurring revenue. TeraWulf stock has risen 248% over the past 12 months to trade at $17.91 per share.
TeraWulf signs $19 billion Anthropic lease and sells Abernathy stake for $530 million
TeraWulf reported a $19 billion, 20-year lease with Anthropic for roughly 401 megawatts at its Justified Data Campus, while also agreeing to sell its 50.1% interest in the Abernathy joint venture for approximately $530 million. The Anthropic deal represents one of the largest single-tenant AI infrastructure leases and validates the company's strategy of securing power-advantaged sites for long-duration contracts. The Abernathy sale generated a 20% internal rate of return and, together with the initial $250 million payment received in July, boosted unrestricted parent cash to about $1.45 billion. TeraWulf also delivered the CB3 building at Lake Mariner, bringing total revenue-generating critical IT capacity to 102 megawatts and triggering $600 million of Google credit support for Fluidstack's lease obligations. The company posted a GAAP net loss of $939.9 million for the second quarter, driven largely by a $755.7 million non-cash loss from a change in the fair value of Google warrants, while non-GAAP adjusted EBITDA was negative $18.3 million amid pre-revenue operating costs.
TeraWulf Signs 20-Year AI Lease With Anthropic Worth $19 Billion
TeraWulf has signed a 20-year agreement to provide AI firm Anthropic with roughly 401 megawatts of computing capacity, a lease expected to generate approximately $19 billion in contracted revenue. The first facilities are scheduled to begin operating in late 2027, and the deal marks a major pivot for the Bitcoin miner into AI hosting. TeraWulf already operates 60 megawatts of AI and high-performance computing capacity, which generated $21 million in lease revenue in the first quarter, accounting for about 62% of total revenue. However, the company must fund substantial construction costs before collecting rent, and it exited the first quarter with $5.3 billion in debt. With the stock up nearly 242% over the past year and a market capitalization around $8.75 billion as of July 31, investors are valuing the company at almost 9.2 times the lease's simple average annual revenue, raising questions about dilution risk from potential future stock sales.
Mark Zuckerberg Says Compute Offers Come at a Significant Premium, Validating Iren's Cautious Strategy
Meta Platforms CEO Mark Zuckerberg said the company is receiving many offers for compute at a significant premium over what it paid, validating data-center firm Iren's strategy of holding back capacity while competitors sign large long-term deals. Iren has nearly 6 gigawatts in its pipeline and recently added $2.8 billion in new customer contracts, but it has avoided splashy agreements like Nebius' five-year $27 billion deal with Meta, Hut 8's 15-year $9.8 billion lease for 352 megawatts, and Terawulf's 20-year $19 billion deal with Anthropic covering 401 megawatts. As those competitors lock up capacity for decades, Iren's available power becomes more valuable, and the company now holds $7.6 billion in cash and cash equivalents, strengthening its position to wait for even higher compute prices.
Pensions face AI debt risk as Moody's warns there is 'no playbook' for returns
Moody's Ratings Senior Vice-President Raj Joshi warns there is 'no playbook' for the massive capital expenditure fueling artificial intelligence, raising concerns that pension funds and insurers heavily exposed to AI-related debt may face inadequate returns. Morgan Stanley has structured some of the largest private credit deals on record, including $27 billion in debt financing for Meta's largest data hub and $35 billion for Broadcom, while also handling a multi-billion contract between Google and Terawulf that attracted more than three times the target demand for speculative low-grade bonds. With tech comprising over 50% of the S&P 500 and more than 15% of corporate bonds, pensions are increasingly tied to AI's success through passive index funds and debt holdings. Goldman Sachs CEO David Solomon cautioned that much of the capital deployed will not produce adequate returns, and the bank's economists noted that closing the gap between market valuations and potential AI profits requires increasingly optimistic assumptions. BlackRock CEO Larry Fink acknowledged that over $10 trillion in US infrastructure investment over the next decade will largely come from savings, pension, and insurance accounts.
TeraWulf Plans $3.5 Billion Debt Raise for Kentucky Data Center Campus
TeraWulf plans to raise approximately $3.5 billion in debt, including its first leveraged loan, to finance a new data center campus in Kentucky. Morgan Stanley is expected to lead the financing, and CFO Patrick Fleury said the potential transaction would also include high-yield bonds. Fleury added that TeraWulf signed a 20-year lease with Anthropic for the Kentucky facility, which is expected to generate about $19 billion in revenue. On July 8, Morgan Stanley analyst Stephen Byrd raised the firm's price target on TeraWulf to $72 from $66.50 and kept an Overweight rating. On July 7, Needham analyst John Todaro raised the firm's price target to $33 from $28 and kept a Buy rating, noting the company signed one of the more attractive leases in the sector.
Small Caps Surge 22% in First Half, AI Beneficiaries Lead
Small-cap stocks posted a blistering first half, with the Russell 2000 Index surging 22% through June, its strongest first-half performance since 1991. AI beneficiaries were among the top performers, helping drive the S&P SmallCap Information Technology ETF PSCT up 42% year to date. Many of the Russell 2000's best-performing constituents before the June rebalance, including Bloom Energy, TeraWulf, and Sterling Infrastructure, have now moved into the large-cap index. Chris Tessin, CIO at Acuitas Investments, believes the outlook for small caps remains positive due to rising earnings growth expectations, tailwinds from a deregulatory environment, and renewed investor focus on innovations driven by small-cap companies. Valuations remain attractive relative to large caps, and increased M&A activity has created a strong backdrop for small- and micro-cap stocks.
Bitdeer Breaks Ground on First Domestic Manufacturing Base in Nevada — Shares Surge 14%
Bitdeer Technologies Group announced on July 9 that it has begun construction of an advanced electronics manufacturing facility in Sparks, Nevada. The 36 million dollar project, spanning 187,000 square feet, will be the company's first manufacturing and assembly base in the United States. It plans to produce 10,000 units per month of its proprietary SEALMINER series Bitcoin mining machines, with completion expected by the end of 2026. Following the announcement, the company's stock surged 14.1 percent to 14.33 dollars in trading on the 9th. Meanwhile, diversification into AI and HPC is accelerating among publicly traded mining firms. On the same day, MARA Holdings announced a land acquisition in Texas, and TeraWulf disclosed a 20-year data center lease agreement with AI company Anthropic.
Anthropic Is Reportedly Worth $965 Billion. Here Are 3 Ways to Play It.
Anthropic's valuation is approaching $1 trillion as its eventual IPO draws closer. Retail investors can hope that brokerage firms will be able to offer them access to pre-IPO shares, as they did for SpaceX, but there are other ways to get exposure. Consider investing in big tech companies with large Anthropic stakes, such as Alphabet and Amazon, or in the companies that Anthropic is spending its own money on, like TeraWulf, with which it signed a 20-year, $19 billion compute capacity lease. Anthropic is also spending heavily on AI chips, memory chips, and cloud platforms, including a five-year, $200 billion deal with Alphabet for cloud computing capacity and AI chips. Many companies with exposure to AI infrastructure stand to benefit from Anthropic's IPO and overall success.
Citi Initiates TeraWulf with Buy Rating and $36 Target
Citi initiated coverage of TeraWulf with a Buy rating and a $36 price target, implying over 45% upside. The firm cited the company's expansion into high-performance computing solutions for data centers and sees its current valuation as not reflecting multi-year growth opportunities. Earlier in June, Bank of America Securities also started coverage with a Buy rating and a $34 target, noting TeraWulf's pivot from volatile bitcoin mining to digital infrastructure supporting HPC. BofA estimated the company's development pipeline could reach 1.8 to 3 gigawatts of core IT load capacity by 2030, with near-term catalysts including the Lake Mariner developments expected by year-end.
Bernstein reiterated an outperform rating and a $36 price target on TeraWulf, implying 71% upside from current levels. The bullish call follows TeraWulf’s 20-year lease with Anthropic worth $19 billion, covering 401 megawatts at its Kentucky data centre campus. The deal lifts TeraWulf’s AI orderbook to $27 billion in contracted revenue from three tenants, including earlier agreements with Core42 and Alphabet-backed Fluidstack. Bernstein estimates the Anthropic lease will yield an average of $2.4 million per megawatt annually, up from its prior $1.9 million assumption, and notes two five-year renewal options could extend the contract by another decade. WULF stock has surged 343% over the past 12 months to $21.26 per share.
TeraWulf and IREN Shares Surge on Anthropic AI Infrastructure Deals
TeraWulf and IREN shares jumped after TeraWulf signed a 20-year lease with Anthropic for 401 megawatts of computing capacity at its Kentucky campus, a deal projected to generate $19 billion in contracted revenue. TeraWulf also sold its 50.1% stake in the Abernathy Joint Venture to a group led by Fluidstack, booking a profit on its $450 million investment. Separately, IREN is seen as a leading candidate for a portion of a potential $15 billion, 1.4-gigawatt data center deal that Anthropic is seeking in Australia. Freedom Capital Markets analyst Paul Meeks upgraded IREN to buy with a $58 price target, forecasting revenue growth from $717 million this year to $8.5 billion in fiscal 2028.
TeraWulf shares fell 8% to $20.41 in midday trading Tuesday, reversing a rally sparked by its $19 billion Anthropic data-center lease, as unfinalized credit support and a broad AI-infrastructure selloff weighed on the stock. Rosenblatt raised its target to $30, Needham to $33, KBW held Outperform at $33, and Bernstein reiterated Outperform at $36, yet the stock declined alongside peers IREN, down 7% to $40.97, Applied Digital, off 6% to $31.56, and Cipher Mining, down 4% to $20.85. The 20-year lease covers 401 megawatts net at the Justified Data campus in Kentucky, with phased delivery starting in the second half of 2027, pushing TeraWulf's total AI orderbook to $27 billion across three clients including Anthropic, Core42, and Alphabet-backed Fluidstack. KBW noted that investment-grade credit support depends on Anthropic's hardware vendor choice, expected within about four months, while TeraWulf also agreed to sell its 50.1% stake in the Abernathy joint venture to a Fluidstack-led group for $530 million in staged installments, adding to near-term overhangs.
Small-Cap Stocks Surge 22% in First Half, Marking Strongest Start Since 1991
Small-cap stocks posted a blistering performance in the first half of this year, with the Russell 2000 Index surging 22% through June, its strongest first-half performance since 1991. The index beat the NASDAQ by 9%, its biggest first-half outperformance since 2001, according to the Wall Street Journal. Small caps benefited from a resilient economy, rising earnings, supportive trade policies, infrastructure spending, and reshoring initiatives, while enthusiasm around AI beneficiaries within the small-cap universe also helped lift the indexes. The top-performing companies came from the AI, semiconductor, space, nuclear energy, quantum computing, and biotech sectors. After the Russell indexes rebalanced at the end of June, all 25 of the best-performing Russell 2000 constituents, each having gained at least 250% over the past year, moved into the Russell 1000, according to Bespoke. Looking ahead, potential Federal Reserve interest rate hikes due to elevated inflation could pose headwinds for smaller companies, which often carry heavier debt burdens with floating interest rates and have less access to the bond market. Since its inception in May 2000, the iShares Core S&P Small-Cap 600 ETF has returned more than 1,170%, compared with about 812% for the iShares Russell 2000 ETF, a performance gap largely stemming from the S&P SmallCap 600's built-in profitability requirement, though the Russell 2000 has outperformed over the past year as many companies tied to quantum computing, nuclear energy, and AI are not yet profitable and are excluded from the S&P SmallCap 600.
Micron partners with Ford on chips, TeraWulf lands AI deal, easyJet gets takeover bid
Micron Technology announced a long-term semiconductor supply agreement with Ford to provide memory and storage solutions for Ford's next-generation connected vehicles. TeraWulf signed a 20-year lease agreement with Anthropic for AI infrastructure, expected to generate about $19 billion in contracted revenue over the life of the deal. EasyJet shares soared after the budget airline agreed in principle to a takeover offer from US private equity firm Castle Lake, a proposed deal valued at more than $7 billion.
Terawulf Stock Surges After Kentucky Data Center Deal With Anthropic
Terawulf stock surged 7.5% to $22.74 after announcing a deal with Anthropic to build a $19 billion data center near Louisville, Kentucky, under a 20-year lease. The rally snaps a seven-day losing streak, the longest since April 2024, and follows an oversold reading of 28 on the 14-day Relative Strength Index. Call trading dominated today, with over 170,000 calls changing hands, 1.9 times the average intraday volume and nearly triple the number of puts. The weekly 7/10 10-strike call was the most active, while the July 25 call also saw notable interest.
Bloom Energy Stock Rallies on AI Data Center Demand and Expanded Brookfield Partnership
Bloom Energy stock surged 9.3% by midday, extending its 2026 rally to over 240% as investors reacted to growing demand for its solid-oxide fuel cells in powering AI data centers. The company last week expanded its partnership with Brookfield, increasing project financing from $5 billion to $25 billion, with Bloom supplying fuel cell systems. Today's announcement that AI firm Anthropic signed a long-term data center lease with TeraWulf, expected to generate about $19 billion in revenue, further boosted sentiment. Bloom's technology isolates data centers from strained grids and provides continuous power, positioning it as a key solution for AI compute capacity. The stock's sharp rise has made it a speculative investment given its lofty valuation.
TeraWulf Signs $19 Billion Lease Agreement with Anthropic
Bitcoin mining company TeraWulf has signed a 20-year data center lease agreement with AI firm Anthropic. The deal is expected to generate approximately $19 billion in revenue, with plans to gradually build out a roughly 401-megawatt facility at the Justified Data Campus in Kentucky, with partial operations starting in late 2027 and full operations in early 2028. The company also announced plans to sell its 50.1% stake in a Texas AI data center joint venture to an investor group led by partner Fluidstack, recovering its approximately $450 million investment at a premium and reinvesting the proceeds into its own AI infrastructure business. Chairman and CEO Paul Prager said the partnership establishes a long-term revenue stream, and following the announcement, the company's stock rose about 12% in Monday morning trading. Amid deteriorating profitability after the Bitcoin halving, a shift by mining companies into AI data centers is spreading across the industry.
Mastercard and Visa surge while crypto stocks tumble in week's financials wrap
Mastercard and Visa led financial sector gainers this week, rising 10.32% and 9.56% respectively, buoyed by the announcement of the Open USD stablecoin venture. Robinhood Markets jumped 20.61% on news that Trump Accounts will launch next week without a platform rollover option, with BNY as financial agent and Robinhood as brokerage and initial trustee. S&P Global added 17.70% after announcing index reconstitutions. On the losing side, Goldman Sachs fell 4.14%, Citigroup dropped 3.46%, and Morgan Stanley declined 3.22% after Oppenheimer downgraded the banks, citing a shift toward expansionary spending. Crypto stocks were hit hard, with TeraWulf down 18.73%, IREN off 18.68%, and Hut 8 losing 17.45%, as Bitcoin fell below $60,000 amid record outflows from U.S. spot Bitcoin ETFs.
TeraWulf shifts from Bitcoin mining to nuclear-powered AI infrastructure
TeraWulf Inc. is transitioning from a Bitcoin mining operator into a nuclear-powered AI and HPC infrastructure platform. In the first quarter of 2026, HPC revenue reached $21 million, surpassing Bitcoin mining revenue of $13 million, marking a structural shift toward long-duration, contract-backed cash flows. The company's Lake Mariner campus secures electricity at approximately $0.02 per kilowatt-hour, a cost advantage difficult for new entrants to replicate. Colocation contracts from AI tenants such as Core42 and FluidStack, along with Google-backed infrastructure agreements, reduce counterparty risk and improve earnings visibility. The core infrastructure business is generating improving cash flows under a more predictable contract structure, despite reported losses in Q1 2026 due to non-cash warrant revaluation and interest expenses.
Comcast to spin off NBCUniversal and Sky, shares rise 6%
Comcast shares rose 6% after announcing it would spin off its media portfolio of NBCUniversal and Sky, a move expected to be completed in about one year. Comcast co-CEO Mike Cavanagh will become leader of NBCUniversal, while former Comcast CFO Michael Angelakis will become chief of the telecommunications company. Rocket Lab and Iridium Communications surged after Rocket Lab said it would acquire Iridium, combining launch capabilities with Iridium's satellite communications network; Rocket Lab jumped more than 9% and Iridium surged more than 21%. Charter Communications gained 11.4% on a Bloomberg report that it and SpaceX had held exclusive talks on a consumer phone product. Verizon Communications fell 7% after projecting second quarter losses between $700 million and $800 million from classifying businesses contributed to a joint venture with BT Group as held for sale. TopBuild dropped 12% as investors braced for its acquisition by QXO, a deal announced in April. Martin Marietta Materials slipped 6% after agreeing to combine with Lhoist North America for $13.5 billion in cash. AppLovin climbed more than 4% after Raymond James initiated coverage with a strong buy rating and a $640 price target. Alphabet rose 4% as it began trading on the Dow Jones Industrial Average, replacing Verizon. SpaceX stock rose 2% after Nasdaq announced it would be added to the Nasdaq 100 index before July 7. Semiconductors were volatile, with the VanEck Semiconductor ETF last up 2.5% after falling as much as 3.1%. TeraWulf fell 3% even after Citi initiated coverage with a buy rating, citing its role in addressing power delivery bottlenecks for data centers. Quantinuum dropped more than 2% despite bullish initiations from Wall Street firms, with JPMorgan calling it a leader in quantum computing. Doximity shed 1.4% after a double downgrade at Bank of America to underperform from buy, citing execution risks related to AI and limited revenue clarity.
Hut 8, TeraWulf, and Core Scientific Surge Over 90% on AI Data Center Pivots
Hut 8, TeraWulf, and Core Scientific have each gained more than 90% year-to-date by converting Bitcoin mining facilities into AI data centers with long-term triple-net leases. Core Scientific stands out as the most attractive option, already collecting rent from CoreWeave, trading at just 25 times sales, and planning to wind down Bitcoin mining by end of 2026. TeraWulf and Hut 8 carry elevated risk due to high valuation multiples, Bitcoin-related losses, and data center revenues that remain largely unrealized future income streams. Hut 8 has secured a 15-year triple-net lease valued at $9.8 billion for its Beacon Point data center, but the site is not expected to be operational until 2027, and the company lost $1.98 per share in Q1 2026. TeraWulf reported $21 million in high-performance compute leasing revenue in Q1 2026, yet trades at 82 times sales and faces shareholder dilution from an $800 million stock offering.