TeraWulf Inc., together with its subsidiaries, owns, develops, and 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.
TeraWulf's $19B Anthropic Lease Reshapes It Into AI Infrastructure Play
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Anthropic's $19B, 20-year lease validates AI pivot TeraWulf signed a 20-year lease with AI firm Anthropic for a 401-megawatt data center in Kentucky, expected to generate about $19 billion in contracted revenue. This long-term deal gives the company predictable, recurring income and proves its shift from Bitcoin mining to AI infrastructure is working.
This is the single biggest new event of the period and the main reason WULF moved.
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AI orderbook grows to $27B across three tenants With the Anthropic deal, TeraWulf's total contracted AI revenue backlog reached $27 billion from three clients: Anthropic, Core42, and Alphabet-backed Fluidstack. A larger backlog of signed contracts reduces reliance on volatile Bitcoin mining and supports future cash flow.
Shows the scale and diversification of new demand beyond the single Anthropic deal.
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Texas data center stake sale frees up cash TeraWulf agreed to sell its 50.1% stake in a Texas data center joint venture for about $530 million, recovering its $450 million investment at a premium. The proceeds will be reinvested into its own AI infrastructure, strengthening the balance sheet without new dilution.
A concrete capital move that funds growth and reduces financial risk.
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Analyst upgrades clash with credit and sector worries Citi, Bernstein, and others raised targets to $30–$36, citing the AI pivot. But the stock fell 8% as investors worried the lease's credit support isn't finalized and AI-infrastructure peers sold off. The bullish long-term story is intact, but near-term uncertainty remains.
Captures the real counterweight that explains why the stock didn't just go straight up.
Latest
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Anthropic lease and AI demand lift WULF, but losses and peer selloff weigh
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Anthropic 20-year lease TeraWulf signed a 20-year deal to host Anthropic's AI computing, worth about $19 billion in contracted revenue. This locks in long-term demand and supports the stock by showing its AI pivot is real and sizable.
This is the biggest new contract and directly answers why WULF is moving.
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Q2 net loss and debt TeraWulf reported a $940.8 million quarterly loss, mostly a non-cash accounting charge, and carries about $5.3 billion in debt. The loss and debt load pressure the stock because funding construction before rent arrives could mean more borrowing or stock sales.
This is the main counterweight to the bullish contract news and explains the risk.
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Bernstein Buy rating Bernstein reaffirmed a Buy rating with a $36 price target, citing $27 billion in contracted revenue from three AI tenants and strong HPC revenue. Analyst support can draw investors and support the share price.
A major analyst call is a new catalyst that helps explain positive sentiment.
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NVIDIA boost vs. peer selloff NVIDIA's strong results and plans to scale AI cloud capacity lifted WULF, but peer IREN's $639 million writedown on old mining gear dragged the whole AI data center group down 7%. The sector remains volatile and sensitive to peer news.
This captures the latest tug-of-war between AI demand optimism and sector-specific risks.
Q3 2026
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Anthropic lease and AI demand lift WULF, but losses and peer selloff weigh
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Anthropic 20-year lease TeraWulf signed a 20-year deal to host Anthropic's AI computing, worth about $19 billion in contracted revenue. This locks in long-term demand and supports the stock by showing its AI pivot is real and sizable.
This is the biggest new contract and directly answers why WULF is moving.
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Q2 net loss and debt TeraWulf reported a $940.8 million quarterly loss, mostly a non-cash accounting charge, and carries about $5.3 billion in debt. The loss and debt load pressure the stock because funding construction before rent arrives could mean more borrowing or stock sales.
This is the main counterweight to the bullish contract news and explains the risk.
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Bernstein Buy rating Bernstein reaffirmed a Buy rating with a $36 price target, citing $27 billion in contracted revenue from three AI tenants and strong HPC revenue. Analyst support can draw investors and support the share price.
A major analyst call is a new catalyst that helps explain positive sentiment.
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NVIDIA boost vs. peer selloff NVIDIA's strong results and plans to scale AI cloud capacity lifted WULF, but peer IREN's $639 million writedown on old mining gear dragged the whole AI data center group down 7%. The sector remains volatile and sensitive to peer news.
This captures the latest tug-of-war between AI demand optimism and sector-specific risks.
News & notes movingWULF
United States
Artificial Intelligence▲
UBS Initiates Coverage on Five AI Data Center Stocks With Buy Ratings
UBS analyst Ryan Gravett initiated coverage of five AI data center colocation stocks with bullish ratings, citing rapid growth potential as artificial intelligence adoption accelerates and computing capacity remains constrained. In a September 22, 2026 research note, Gravett said these companies' legacy cryptomining operations have provided favorable grid access, already translating into approximately 5 gigawatts of leased capacity representing roughly $125 billion in contracted revenues. The analyst forecasts average annual EBITDA growth of approximately 80% across the coverage group from 2027 to 2029, about 10% above consensus estimates for 2029, and sees an average upside potential of 36% across the five stocks despite recent share price declines of around 45% from recent highs. The five names are Hut 8 Corp with a Buy rating and $143 price target implying 45% upside, Terawulf Inc with a Buy rating and $24 price target for 41% upside, Applied Digital Corp with a Buy rating and $38 price target for 35% upside, Core Scientific Inc with a Buy rating and $24 price target for 33% upside, and Cipher Mining Inc with a Buy rating and $23 price target for 25% upside.
TeraWulf Secures 20-Year Anthropic AI Lease for 401 MW at Justified Campus
TeraWulf has locked in a 20-year Anthropic lease covering 401 MW at its Justified campus, with Kentucky regulators approving electric service for the site. The company reported US$31.9 million in second-quarter high-performance computing lease revenue and continued construction of 336 MW at Lake Mariner. The Kentucky Public Service Commission approval covers up to 482 MW of electric service, reinforcing that future capacity is increasingly pre-sold. Rothschild & Co Redburn recently initiated coverage on TeraWulf. The long-duration Anthropic agreement anchors TeraWulf's shift toward contracted AI and high-performance compute infrastructure, though capex guidance of US$10–12 million per MW and recent US$900.6 million equity raises underscore how capital intensive the transition will be.
WULF · Demand · Positive TeraWulf locked in a 20-year Anthropic lease covering 401 MW at its Justified campus, anchoring contracted AI/HPC demand.
WULF · Regulation · Positive Kentucky regulators approved electric service for up to 482 MW at the Justified site, enabling the campus.
WULF · Capital · Negative Capex guidance of US$10–12 million per MW and recent US$900.6 million equity raises underscore the capital-intensive transition.
Anthropic · Demand · Positive Anthropic signed a 20-year lease for 401 MW of AI/HPC capacity at TeraWulf's Justified campus.
Citi Raises Data Center Forecasts, Names Top AI Stocks
Citi has raised its global data center growth forecasts, citing accelerating hyperscale investment in high-performance computing and AI workloads, and has named a list of stocks it expects to benefit across multiple sectors. The bank now projects global data center IT load will grow at a 25% compound annual rate, rising from 121 gigawatts in 2026 to 370 gigawatts in 2031, with annual absorption accelerating from 35 gigawatts in 2026 to 60 gigawatts in 2031. Citi notes that short-term supply constraints from energy availability and regulatory pauses in Texas and New York should be resolved constructively, and that pre-leasing could extend into 2028-2030. The bank recommends buying data center stocks Equinix, Digital Realty Trust, and TeraWulf, and names NextEra Energy and FirstEnergy as utility winners, AMD and Celestica in semiconductors, Amazon, Alphabet, and Meta in internet, and Microsoft, Oracle, and neocloud providers in software.
TeraWulf CEO Paul Prager Sells 137,500 Shares for $2.3 Million
TeraWulf Inc. CEO Paul B. Prager sold approximately 137,500 shares of the company on August 27, generating about $2.3 million, according to a recent SEC Form 4 filing. The sale was executed under a prearranged 10b5-1 plan, and Prager retains a significant stake of about 40.4 million shares, worth roughly $665 million based on the August 27 closing price of $16.49. TeraWulf, a Bitcoin mining and high-performance computing company, has seen its stock surge 62.4% over the past year, outperforming the S&P 500 and Nasdaq. The company is pivoting toward AI, including a 20-year data center lease with Anthropic, despite reporting a net loss of $2.0 billion over the trailing twelve months.
IREN Limited's $638.8 million impairment on obsolete mining hardware sent its shares down 13% to $35.28, dragging down AI data center pure plays Applied Digital, TeraWulf, and Core Scientific by 7% each, while the Global X Data Center & Digital Infrastructure ETF fell only 1%. The impairment, tied to older mining equipment, produced a fiscal 2026 net loss of $702.6 million against an $86.9 million profit a year earlier, despite total revenue rising 41.1% to $707 million and AI Cloud revenue climbing to $128.8 million from $16.4 million. IREN closed the year with $7.62 billion in cash and equivalents, and management targets $4 billion of annualized revenue by year end. Applied Digital, which has $36 billion in contracted long-term lease value across five campuses and placed $1.59 billion of 7% senior secured notes, trades at a forward P/E of 526x, while IREN's forward P/E is 137x, leaving little cushion when a peer books a nine-figure writedown. The selling is concentrated in capital-intensive operators, sparing broader data center exposure, with Applied Digital's next earnings report expected around October 7 as the next catalyst.
NVIDIA smashed Wall Street estimates last night, reporting revenue of $96.2 billion against expectations of $91.9 billion and EPS of $2.22 versus $2.09, while also announcing that neocloud partners are expected to scale from about 3 gigawatts to 8 gigawatts of installed capacity this year, a move that lifted shares of CoreWeave, Nebius Group, TeraWulf, Cipher Digital, and IREN. The strong results come amid three signals that the bull market is set to resume its advance: QQQ has registered its eighth consecutive session closing below its open, a pattern that historically has been followed by positive returns 100% of the time over the next one, six, and twelve months, with a median one-year forward return of 30.59%; bearish sentiment in the AAII Sentiment Survey has outweighed bullish for six straight weeks, a contrarian indicator that preceded a multi-week rally in April; and NVIDIA's earnings underscore the strength of the AI sector. Despite summer volatility, these technical, sentiment, and fundamental factors are building a foundation for equities.
NVDA · Capital · Positive NVIDIA beat revenue and EPS estimates, signaling strong financial performance and positive earnings surprise.
CRWV · Demand · Positive CoreWeave, as a neocloud partner, benefits from NVIDIA's signal of increased installed capacity, indicating higher demand for its cloud services.
CIFR · Demand · Positive NVIDIA's announcement of neocloud partners scaling capacity from 3 to 8 gigawatts directly boosts demand for Cipher Mining's data center services.
IREN · Demand · Positive IREN, being a neocloud partner, is expected to scale capacity, reflecting increased demand for its AI infrastructure.
NBIS · Demand · Positive Nebius Group, as a neocloud partner, will scale capacity, indicating stronger demand for its AI cloud offerings.
WULF · Demand · Positive NVIDIA's announcement that neocloud partners will scale capacity from 3 to 8 gigawatts boosts demand for Terawulf's data center services.
TeraWulf and Applied Digital Surge on NVIDIA's Strong Guidance
TeraWulf and Applied Digital shares jumped Thursday morning, with TeraWulf up 6% to $16.90 and Applied Digital up 5% to $28.12, following NVIDIA's blowout earnings and forward guidance that reignited the AI compute trade. NVIDIA reported Q2 FY2027 revenue of $96.2 billion, beating the $92.1 billion consensus, and guided Q3 to $108 billion, which would mark its first quarter above $100 billion. CFO Colette Kress also projected 70% revenue growth for fiscal 2028 and noted the company remains supply constrained, a signal that contracted power and hosting capacity are becoming scarcer and more valuable. The moves in TeraWulf and Applied Digital, both high-beta proxies with betas of 4.3 and 5.8 respectively, contrast with the Global X Data Center & Digital Infrastructure ETF, which rose only 0.8%, indicating a targeted bid for operators with contracted AI capacity rather than the broad sector. Peer IREN Limited also sits in the same read-across bucket with its NVIDIA cloud partnership.
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.
Artificial Intelligence › AI Compute Cloud & Neoclouds ▲Pricing
IREN · Demand · Positive Zuckerberg's comments validate Iren's strategy of holding back capacity, and its available power becomes more valuable as competitors lock up supply.
META · Demand · Positive Meta's CEO confirms the company is paying significant premiums for compute, indicating strong demand for data center capacity.
HUT · Demand · Positive Hut 8's 15-year $9.8 billion lease with Meta locks in long-term demand for its compute capacity.
NBIS · Demand · Positive Nebius' five-year $27 billion deal with Meta demonstrates robust demand for its compute offerings.
WULF · Demand · Positive Terawulf's 20-year $19 billion deal with Anthropic secures long-term demand for its compute capacity.
Anthropic · Demand · Positive Terawulf's 20-year $19 billion deal with Anthropic is mentioned as a competitor locking up capacity, indicating strong demand for compute from Anthropic.
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.
Cloud & Digital Infrastructure › Mega-cap Hyperscalers ▼Capital
Artificial Intelligence › AI Data Center & Build-out ▼Capital
MCO · Capital · Positive Moody's issued the warning itself, highlighting its analytical relevance and potentially increasing demand for its credit rating services.
GS · Capital · Negative Morgan Stanley structured large AI-related private credit deals; Moody's warning that returns may be inadequate threatens the bank's deal profitability and reputation.
AVGO · Capital · Negative Moody's warns AI debt may yield inadequate returns; Broadcom is tied to large private credit deals ($35B) and its debt holdings could be at risk.
MS · Capital · Negative Morgan Stanley structured large AI-related debt deals; Moody's warns these may face inadequate returns, posing risk to its structured credit business.
BLK · Capital · Negative CEO Fink acknowledges $10T infrastructure investment from savings/pension accounts, but Moody's warning on AI debt returns poses risk to BlackRock's fixed-income portfolios.
META · Capital · Negative Moody's warns AI debt may yield inadequate returns; Meta's $27B data hub debt is cited as a large private credit deal.
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.
Artificial Intelligence › AI Data Center & Build-out ▲Demand
Artificial Intelligence › Foundation Models & Research Labs Demand
Cloud & Digital Infrastructure › Mega-cap Hyperscalers Competition
WULF · Capital · Positive TeraWulf plans $3.5B debt raise and signed a 20-year lease with Anthropic expected to generate ~$19B revenue; analysts raised price targets.
Anthropic · Demand · Positive Anthropic signed a 20-year lease for the Kentucky data center campus, securing capacity.
MS · Capital · Positive Morgan Stanley is expected to lead the $3.5 billion debt financing, generating fee income.
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.
WULF · Demand · Positive Anthropic signed a 20-year, $19 billion compute capacity lease with TeraWulf, driving demand for TeraWulf's services.
GOOG · Demand · Positive Anthropic signed a five-year, $200 billion deal with Alphabet for cloud computing capacity and AI chips, driving demand for Alphabet's services.
AMZN · Capital · Positive Amazon has a large stake in Anthropic, which is reportedly worth $965 billion, boosting Amazon's investment value.
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.
Artificial Intelligence › AI Power & Cooling ▲Demand
Artificial Intelligence › Build-out, Construction & Engineering ▲Demand
Artificial Intelligence › AI Server OEM & System Integration ▲Demand
Artificial Intelligence › AI Compute Cloud & Neoclouds ▲Demand
WULF · Demand · Positive TeraWulf signed a 20-year lease with Anthropic for 401MW capacity, generating $19B in contracted revenue.
WULF · Capital · Positive TeraWulf sold its 50.1% stake in Abernathy Joint Venture, booking a profit on its $450M investment.
IREN · Demand · Positive IREN is a leading candidate for a $15B, 1.4GW data center deal with Anthropic in Australia, and analyst upgrade cites massive revenue growth.
IREN · Capital · Positive Analyst Paul Meeks upgraded IREN to buy with a $58 price target, forecasting massive revenue growth.
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.
Artificial Intelligence › Build-out, Construction & Engineering ▲Demand
WULF · Demand · Neutral Signed $19B Anthropic data-center lease, boosting AI orderbook to $27B, but stock fell 8% due to unfinalized credit support and sector selloff.
WULF · Capital · Negative Stock fell 8% despite analyst target hikes, due to unfinalized credit support and broad AI-infrastructure selloff.
APLD · Capital · Negative Shares fell 6% in a broad AI-infrastructure selloff, with no company-specific news.
CIFR · Capital · Negative Shares fell 4% in a broad AI-infrastructure selloff, with no company-specific news.
IREN · Capital · Negative Shares fell 7% in a broad AI-infrastructure selloff, with no company-specific news.
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.
BE · Demand · Positive Bloom Energy is in the nuclear energy sector, which is mentioned as a top-performing sector benefiting from AI enthusiasm and reshoring initiatives.
CRDO · Demand · Positive Credo Technology is in the AI and semiconductor sectors, which are highlighted as top-performing areas benefiting from AI enthusiasm.
STRL · Demand · Positive Sterling Construction is in the infrastructure sector, which benefits from infrastructure spending and reshoring initiatives mentioned.
WULF · Demand · Positive Terawulf is in the nuclear energy sector, which is mentioned as a top-performing sector benefiting from AI enthusiasm and reshoring initiatives.
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.
Energy Transition & Power Demand › Behind-the-Meter & On-site Power ▲Demand
Artificial Intelligence › AI Power & Cooling ▲Demand
BE · Demand · Positive Growing demand for fuel cells to power AI data centers drives stock surge; expanded Brookfield partnership provides $25B financing.
WULF · Demand · Positive Anthropic signed a long-term data center lease with TeraWulf, expected to generate ~$19B in revenue.
Anthropic · Demand · Positive Anthropic signed a long-term data center lease with TeraWulf, indicating expansion and demand for compute capacity.
BAM · Capital · Positive Expanded partnership with Bloom Energy increases project financing from $5B to $25B, boosting Brookfield's investment exposure.
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.
Artificial Intelligence › AI Server OEM & System Integration Demand
WULF · Demand · Positive HPC revenue surpassed Bitcoin mining revenue, with colocation contracts from AI tenants like Core42 and FluidStack, and Google-backed infrastructure agreements.
BTC · Demand · Negative TeraWulf's shift away from Bitcoin mining reduces demand for Bitcoin mining infrastructure, but Bitcoin itself is not directly impacted.
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.
Artificial Intelligence › AI Data Center & Build-out ▲Supply
Artificial Intelligence › AI Server OEM & System Integration Competition
CORZ · Demand · Positive Core Scientific is converting Bitcoin mining facilities into AI data centers with long-term triple-net leases, already collecting rent from CoreWeave.
HUT · Demand · Neutral Hut 8 secured a $9.8 billion 15-year triple-net lease for Beacon Point, but the site is not operational until 2027 and the company lost $1.98 per share in Q1 2026.
WULF · Demand · Neutral TeraWulf reported $21 million in HPC leasing revenue but trades at 82 times sales and faces dilution from an $800 million stock offering.
CRWV · Demand · Positive CoreWeave is the tenant leasing data center capacity from Core Scientific, benefiting from the AI infrastructure demand.
BTC · Competition · Negative Bitcoin mining is being de-emphasized by these companies pivoting to AI, implying reduced mining activity.
BTC · Demand · Negative Bitcoin mining is being wound down by Core Scientific and others, reducing demand for Bitcoin as a mining asset.
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