# 📈 WULF (TeraWulf) Stock Investigation — July 6, 2026 ## What Changed: Two Blockbuster Transactions ### 1️⃣ Anthropic Signs 20-Year Lease at Justified Data Campus (Kentucky) - **Counterparty:** Anthropic (the leading AI company behind Claude) - **Location:** Hawesville, KY (~1 hour southwest of Louisville) - **Capacity:** ~401 MW of critical IT load - **Timeline:** First power delivery H2 2027; full 401 MW by early 2028 - **Revenue:** ~**$19 billion** in contracted revenue over the initial 20-year term - **Credit quality:** Supported by investment-grade credit - **Renewal:** Two successive 5-year renewal options held by Anthropic ### 2️⃣ Sale of Abernathy JV Stake to Fluidstack - TeraWulf sold its **50.1% stake** in the 168 MW Abernathy, Texas data center campus - Total consideration: ~**$530 million** (3 installments: $250M within 14 days, $150M by Dec 31 2026, ~$130M by Apr 30 2027) - Monetizes TeraWulf's ~**$450M investment at a premium** - Capital to be redeployed into wholly owned AI infrastructure ## 📊 Stock Reaction - **Premarket jump:** WULF shares surged **~16–20%** on the news - **Year-to-date:** WULF is up **>80% in 2026** - Stock was trading around **~$21.18** on the news day ## 🔑 Why It Matters | Significance | Detail | |---|---| | **Validation of pivot** | TeraWulf began as a crypto miner and has transformed into an AI data center infrastructure company. Landing Anthropic — one of the world's top AI labs — as a 20-year anchor tenant validates that strategy. | | **Massive revenue visibility** | ~$19B of contracted revenue over 20 years gives TeraWulf a long-duration, predictable cash flow stream backed by investment-grade credit — rare for a company of this size. | | **Capital recycling** | Selling the Abernathy JV frees up ~$530M for deployment into wholly owned projects where TeraWulf keeps 100% of the economic upside and operational control. | | **AI infrastructure demand** | This deal underscores the relentless demand for AI data center capacity. 401 MW is enormous — comparable to hyperscaler-scale campuses. | | **Sector read-through** | AI companies are locking in multi-decade, multi-billion-dollar infrastructure commitments, signaling conviction that AI compute demand will persist for decades. | ## 📚 Strongest Sources (Ranked) 1. **TeraWulf Official Press Release** (GlobeNewswire, July 6, 2026) — *Primary source*: All definitive financial terms, MW capacity, phasing, renewal options, and management commentary. [Link](https://investors.terawulf.com/news-events/press-releases/detail/142/terawulf-announces-anthropic-lease-at-justified-data-campus-and-sale-of-majority-interest-in-abernathy-joint-venture-to-fluidstack) 2. **CNBC** (Brian Sullivan & Spencer Kimball, July 6, 2026) — *Lead financial news outlet*: Notes the pivot from crypto mining, YTD stock performance (+80%), premarket surge, and key capacity/revenue figures. [Link](https://www.cnbc.com/2026/07/06/anthropic-terawulf-data-center-ai.html) 3. **Yahoo Finance / Quartz** (Cris Tolomia, July 6, 2026) — *Best detail on Abernathy JV sale mechanics*: Revealed the $530M total consideration paid in three tranches and the two 5-year renewal options. [Link](https://finance.yahoo.com/technology/ai/articles/anthropic-signs-20-19-billion-125624952.html) 4. **Yahoo Finance / Investing.com** (Louis Juricic, July 6, 2026) — *Stock price reaction data*: Confirmed 20% intraday surge. [Link](https://finance.yahoo.com/news/terawulf-stock-soars-20-anthropic-124116502.html) 5. **Seeking Alpha** (Nivedita Hazra, July 6, 2026) — *Investor-focused summary*: Headline numbers confirmed. [Link](https://seekingalpha.com/news/4611675-terawulf-signs-20-year-anthropic-lease-for-data-campus-expecting-to-make-19b-in-revenue-shares-rally) ## Bottom Line This is a **transformative, company-defining day** for TeraWulf. The Anthropic lease is the largest single customer commitment in the company's history and effectively locks in nearly $1B/year in revenue for two decades. Paired with the premium monetization of Abernathy, TeraWulf is positioned with both a massive backlog and a war chest to build more wholly owned AI infrastructure. The stock's >80% YTD rally reflects the market rewarding this strategic pivot from crypto mining to AI data center ownership.