TeraWulf (NASDAQ:WULF) stock as of July 7 has risen 95% year-to-date, closing at $22.10, up about 4.86% in a single day, far outperforming peers such as Cipher Mining, Applied Digital, etc. The core driver is the 20-year lease agreement signed with AI company Anthropic, expected to bring about $19 billion in contract revenue.
TeraWulf Signs 20-Year Lease Agreement with Anthropic, Expected to Bring About $19 Billion in Contract Revenue
According to reports, the 20-year lease agreement between TeraWulf and Anthropic (developer of the Claude chatbot) is expected to bring about $19 billion in contract revenue; before this agreement takes effect, TeraWulf's total platform contract revenue had already exceeded $13 billion. The agreement is located at the Justified Data campus in Hawesville, Kentucky, with a design capacity of approximately 401 MW, capable of supporting critical IT loads; TeraWulf expects the lease agreement to obtain investment-grade credit rating support, which is rare among mining companies transitioning to AI.
CEO Paul Prager said: "We are building a power-advantaged platform that will increasingly demonstrate its differentiated advantages in a market with constrained power supply."
Kentucky 401 MW Campus Initial Capacity to Go Online in H2 2027, Fully Operational in Early 2028
According to TeraWulf official information, the Justified Data campus in Hawesville, Kentucky, has a design capacity of approximately 401 MW, capable of supporting critical IT loads; initial capacity is expected to go online in the second half of 2027, and fully operational in early 2028.
TeraWulf's overall expansion plan targets adding 250 to 500 MW of critical IT capacity annually at sites in New York, Texas, Kentucky, and Maryland.
Q1 2026: HPC Leasing Revenue of $21.02 Million Exceeds 60% of Total Revenue
According to TeraWulf's Q1 2026 financial report, HPC leasing revenue reached $21.02 million, accounting for over 60% of total revenue; digital asset mining revenue fell to $12.99 million, indicating a clear shift in business structure from Bitcoin mining to high-performance computing leasing.
TeraWulf also agreed to sell its 50.1% stake in the Texas Abernathy joint venture to an investment group led by Fluidstack, cashing out at a premium of approximately $450 million.
Peer Comparison: WULF Up 95% Far Ahead, CIFR Up 44%
According to reports, among Bitcoin miners undergoing AI infrastructure transformation, TeraWulf's stock performance far exceeds peers:
WULF (TeraWulf): +95%, closing at $22.10; primary catalyst is the 20-year lease agreement with Anthropic
CIFR (Cipher Mining): +44%, closing at $21.37; has contracted 700 MW HPC capacity, tenants include Fluidstack, Google, and Amazon
APLD (Applied Digital): +37%, closing at $33.51; Polaris Forge 2 campus 200 MW hyperscale data center lease, CoreWeave Q quarterly revenue up 139% YoY
IREN: +15%, closing at $43.59; signed a $3.4 billion five-year AI cloud contract with Nvidia, reportedly also signed a $9.7 billion agreement with Microsoft
Analyst Consensus Target Price $36, but WULF Beta Coefficient is 4
According to reports, analysts' consensus target price for WULF stock is $36, well above the current price; the rating distribution is 5 "Strong Buy," 8 "Buy," with no "Sell" or "Hold" ratings currently. However, WULF's Beta coefficient is 4, meaning market sentiment volatility may dominate short-term price movements; the Anthropic project is not expected to be fully operational until early 2028, and construction, approval, or financing risks remain.
Market watch points include visible construction milestones for the Hawesville plan in the second half of 2026, whether the Abernathy asset monetization is completed according to terms, and formal credit rating actions related to the Anthropic lease.
Frequently Asked Questions
Why has TeraWulf stock surged significantly this year?
According to reports, the main drivers are the 20-year lease agreement with Anthropic (expected to bring about $19 billion in contract revenue), the sale of Texas joint venture shares cashing out approximately $450 million, and Q1 2026 HPC leasing revenue already accounting for over 60% of total revenue, with the business structure shifting from Bitcoin mining to AI infrastructure leasing.
What is analysts' target price for TeraWulf stock?
According to reports, analysts' consensus target price for WULF is $36, with a rating distribution of 5 "Strong Buy," 8 "Buy," and currently no "Sell" or "Hold" ratings.
When will TeraWulf's Kentucky Anthropic campus become operational?
According to TeraWulf official information, the Justified Data campus in Kentucky has a design capacity of approximately 401 MW, with initial capacity expected to go online in the second half of 2027 and full operation expected in early 2028.
