New York, July 9, 2026, 17:04 EDT
- TeraWulf Inc. NASDAQ:WULF ended the regular session at $23.20, gaining 1.62%. The stock was quoted at $23.33 in late after-hours trade before 4:45 p.m. EDT.
- Investing.com, citing Bloomberg News, reported the company is lining up around $3.5 billion in debt for its AI data center project in Kentucky. Morgan Stanley NYSE:MS is slated to head up the financing, according to the report.
- TeraWulf’s debt plan is the real trial for its big headline figure. Its 20-year Anthropic lease pencils out to around $950 million a year in average contracted revenue. But rent payments begin only when capacity gets delivered.
TeraWulf Inc. NASDAQ:WULF traded higher Thursday after the company put a number on the cost of converting its $19 billion Anthropic lease into an operational AI campus: $3.5 billion in fresh debt.
This is important now as the focus moves from “who signed the lease?” to “who pays for the build?” The package being reported would use leveraged loans—which companies with more debt often take on—and high-yield bonds. Those bonds pay more, but lenders are taking more credit risk. Investing.com
The Kentucky site will be big, even for AI infrastructure. TeraWulf said Anthropic plans to lease around 401 megawatts of critical IT load—power for servers and other computing hardware—at the Justified Data campus in Hawesville, Kentucky.
| Measure | Figure | Investor read-through |
|---|---|---|
| Reported debt package | ~$3.5 billion | That’s roughly 18% of the $19 billion top-line lease |
| Anthropic lease value | ~$19 billion over 20 years | Straight average works out to about $950 million yearly |
| Capacity under lease | 401 MW | About $47.4 million per MW in locked-in revenue across 20 years |
| Debt per MW | ~$8.7 million | This is the initial financing per megawatt before lease return builds |
| Market value at latest quoted data | ~$9.81 billion | Debt package is about 36% of stock market cap |
The rent doesn’t kick in right away. TeraWulf said in its filing that capacity will come online in phases, starting late 2027 and finishing in early 2028. Anthropic will start paying rent once each leased site is ready.
TeraWulf ended the day at $23.20, swinging from $23.01 to $24.57 on more than 50 million shares traded. Buyers showed up across AI-infrastructure names. The Nasdaq Composite added 1.30% late.
| Company/index | Ticker | Latest price/level | Day move | Market cap |
|---|---|---|---|---|
| TeraWulf Inc. | NASDAQ:WULF | $23.20 | up 1.7% | $9.81 bln |
| Applied Digital Corporation | NASDAQ:APLD | $32.29 | added 2.7% | $9.11 bln |
| Cipher Digital Inc. | NASDAQ:CIFR | $23.26 | rose 6.5% | $9.42 bln |
| Nasdaq Composite | — | 26,206.89 | gained 1.30% | — |
The shift in the peers didn’t come out of nowhere. Compass Point’s Michael Donovan and Ed Engel said Applied Digital, TeraWulf, and Cipher are a few AI-infrastructure stocks still trading under the value of their signed data-center deals. The analysts said investors should focus more on locked-in rental income, not just old bitcoin-mining metrics.
TeraWulf Chairman and CEO Paul Prager said the Anthropic lease “validates our strategy” and creates a “long-duration revenue stream.” Prager said selling the Abernathy site to a group led by Fluidstack lets TeraWulf put capital back into projects where it keeps direct ownership and control over operations. TeraWulf Inc.
The ramp is steep. TeraWulf posted $34.0 million in Q1 revenue, with $21.0 million from high-performance computing leases. HPC, or high-performance computing, covers big computing setups for AI and other tough workloads. The company had 60 MW of active critical IT HPC capacity at Lake Mariner on March 31, well under the 401 MW connected to Anthropic.
The risk is clear. Delays in building, higher costs for power or gear, or tough loan terms could delay rent and hurt the stock. TeraWulf said results may change if it can’t finish campuses as planned, keep within budgets, get good financing, or handle power and other operating risks.
Investors are watching for the next numbers to move shares, and they won’t be as flashy as the lease. Key figures are coming on debt pricing, covenants, construction updates and when the first rent starts rolling in. At this point, WULF has moved beyond a simple bitcoin miner pivoting to AI. The trade now is on credit execution, with a big tenant locked in.
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