NEW YORK, July 30, 2026, 19:01 EDT
- The stock finished at $17.82, rising 18.1%, though still 3.5% under its value on July 24.
- FERC has cleared the acquisition of four Morgantown generation units with a combined capacity of approximately 216 megawatts.
- Initial calculations on the contract indicate a revenue-density benefit as high as 35% compared to the latest peer agreement.
TeraWulf Inc. NASDAQ:WULF ended Thursday’s session up 18.1% at $17.82 after receiving federal clearance for its acquisition of a Maryland power plant, providing a fresh catalyst for the stock.
The decision is significant as access to the power grid is now the key limiting factor for AI. It enables TeraWulf’s Chesapeake Data division to secure roughly 216 MW of current generation capacity.
However, the stock lagged behind four key AI-infrastructure peers, whose average increase was 24.9%—6.8 points higher than TeraWulf.
Bitcoin climbed 1.5%, undermining a crypto-centric rationale for Thursday’s market shift.
| Asset | Price or level | Thursday move |
|---|---|---|
| TeraWulf Inc. NASDAQ:WULF | $17.82 | up 18.1% |
| Nasdaq Composite | 25,122.18 | gained 2.78% |
| Bitcoin | $64,791 | added 1.46% |
Shares of Microsoft Corp. NASDAQ:MSFT climbed over 15% following a positive outlook. Capital spending came in below expectations, helping to allay broader concerns about profits from AI. The Philadelphia semiconductor index rose 8.2%.
Shares of infrastructure companies tied to the power sector rose more sharply.
| Company | Close | Day move | Market value |
|---|---|---|---|
| TeraWulf Inc. NASDAQ:WULF | $17.82 | +18.1% | $7.54 billion |
| Core Scientific Inc. NASDAQ:CORZ | $21.81 | +20.4% | $7.10 billion |
| IREN Ltd. NASDAQ:IREN | $38.26 | +30.7% | $12.77 billion |
| Cipher Digital Inc. NASDAQ:CIFR | $22.66 | +28.1% | $9.18 billion |
| Applied Digital Corp. NASDAQ:APLD | $27.97 | +20.4% | $7.89 billion |
Looking at contracts, TeraWulf appears stronger. The company’s lease with Anthropic posts a greater headline revenue density compared to the minimum disclosed by Core.
| Infrastructure agreement | Critical load | Initial term | Headline revenue | Revenue per MW-year |
|---|---|---|---|---|
| TeraWulf–Anthropic | Roughly 401 MW | 20 years | Approximately $19 billion | Roughly $2.37 million |
| Core Scientific–Advanced Micro Devices Inc. NASDAQ:AMD framework | Roughly 530 MW | 15 years | Over $14 billion | Over $1.76 million |
Initial reporter estimates, not yet adjusted.
TeraWulf is priced at approximately $2.37 million per MW-year. Core’s disclosed floor is above $1.76 million. As a result, the visible margin is capped at roughly 35%.
The comparison leaves out escalators, customer funding and operating expenses. It does not account for varying construction timelines or contract safeguards.
Chief Executive Paul Prager said the Anthropic lease “validates our strategy and establishes a long-duration revenue stream.” The 401-MW campus is expected to begin operations in late 2027, with full capacity anticipated by early 2028. TeraWulf Inc.
FERC approved just the transfer of ownership. Approvals for state permits, zoning, and the planned switch to gas are still pending. TeraWulf has proposed a one-gigawatt power project at Morgantown.
The rebound failed to offset the earlier decline. TeraWulf rose 1.7% over the past week, but was down 3.5% as of Thursday.
| Trading window | Closing-price path | Change |
|---|---|---|
| Previous full week, July 17–24 | $18.16 to $18.46 | Rise of 1.7% |
| Since July 24 | $18.46 to $17.82 | Decline of 3.5% |
| Wednesday, July 29 | $17.09 to $15.09 | Down 11.7% |
| Thursday, July 30 | $15.09 to $17.82 | Increase of 18.1% |
The upcoming test is scheduled for Wednesday, August 5. TeraWulf plans to release its second-quarter earnings ahead of its 8 a.m. EDT conference call. Early consensus estimates indicate a projected loss of $0.24 per share.
Investors are monitoring funding, construction outlays, and initial billing dates. Bitcoin mining exposure remains relevant until the new AI campuses begin operations.
Risks: The FERC decision leaves environmental, zoning, and grid matters unresolved. PJM’s market monitor cautioned that retiring current capacity may transfer costs to consumers. The Anthropic campus will not reach full operation before early 2028.
The next hurdle is cash. Investors require a clear, financed transition from signed megawatt agreements to generating billable capacity.
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