NEW YORK, August 3, 2026, 16:04 EDT
- Preliminary late trading figures showed TeraWulf at about $18.85, rising 6.7%.
- The annual revenue per critical megawatt from Anthropic’s lease is about 27% higher than that generated by Fluidstack’s lease.
- TeraWulf Inc. is scheduled to report second-quarter results on Wednesday. Analysts’ preliminary revenue estimate is $44.71 million.
TeraWulf Inc. NASDAQ:WULF climbed roughly 7% on Monday after B. Riley Securities raised its price target to $40 from $32. Analyst Nick Giles maintained a Buy recommendation. The U.S. cash session had just ended, with consolidated closing data still being finalized.
The shift held significance as bitcoin rose by under 1%. The Nasdaq Composite climbed 2.21%, supported in part by shares connected to AI. The market’s reaction indicates investors viewed TeraWulf more as an infrastructure play than a stand-in for bitcoin.
The division was evident in near-close prices. The equity numbers listed below are sourced from delayed market data.
| Asset | Price | Monday move |
|---|---|---|
| TeraWulf Inc. NASDAQ:WULF | $18.85 | rose 6.7% |
| CoreWeave Inc. NASDAQ:CRWV | $85.60 | climbed 19.3% |
| Core Scientific Inc. NASDAQ:CORZ | $22.78 | advanced 9.9% |
| Cipher Digital Inc. NASDAQ:CIFR | $24.55 | added 10.0% |
| IREN Ltd. NASDAQ:IREN | $39.60 | increased 7.6% |
| Bitcoin | $63,827 | gained 0.7% |
TeraWulf underperformed compared to leading data-center peers, yet outpaced bitcoin by roughly six percentage points. Its movement largely tracked with IREN.
The long-term attraction for investors is reflected in TeraWulf’s lease rates. Anthropic’s 20-year deal generates approximately $2.37 million per critical megawatt each year, while Fluidstack’s lease agreements yield around $1.86 million per critical megawatt using the same straightforward calculation.
| Customer | Initial term | Disclosed load | Initial-term revenue | Revenue per MW-year |
|---|---|---|---|---|
| Anthropic | 20 years | ~401 critical IT MW | ~$19.0 billion | ~$2.37 million |
| Fluidstack | 10 years | ~360 critical IT MW | ~$6.7 billion | ~$1.86 million |
| Core42 | 10 years | 72.5 GPU-optimized MW | ~$1.1 billion | ~$1.52 million |
Basic estimate based on reported revenue, length of term and capacity.
Anthropic reports a revenue density approximately 27% above Fluidstack’s. However, this does not confirm stronger margins. The numbers do not account for discounting, escalators, construction costs, or delivery schedules. Core42’s data is based on a distinct capacity definition, reducing comparability for that entry.
Fluidstack’s leases are backed by a $3.2 billion guarantee from Alphabet Inc.’s Google unit NASDAQ:GOOGL. This credit assurance helps balance out their reduced revenue density.
The trio of customer agreements accounts for approximately $26.8 billion in initial-term revenue. On an annualized basis, this would be around $1.73 billion. However, recognized revenue will be booked significantly later. Fluidstack deliveries extend through 2026, while Anthropic begins in 2027 and achieves full capacity by early 2028.
Markets experienced turbulence the previous week. WULF fell 4.3% between July 24 and July 31. Monday’s gain offset the loss for the week.
| Date | Closing or preliminary price | Daily move |
|---|---|---|
| July 24 | $18.46 | -7.9% |
| July 27 | $17.98 | -2.6% |
| July 29 | $15.09 | -11.7% |
| July 30 | $17.82 | +18.1% |
| July 31 | $17.66 | -0.9% |
| August 3 | ~$18.85 | +6.7% |
B. Riley has set a $40 target for Giles, which is roughly 112% higher than Monday’s early price. The firm described the recent decline in AI-infrastructure stocks as overdone. This target reflects an analyst estimate and is not formal company guidance.
The upcoming report on Wednesday is the next significant test. Zacks projects revenue at $44.71 million, reflecting a 6.2% decrease from the previous year. Despite this, it would represent sequential growth of 31.5%.
| Reporting period | Total revenue | HPC lease revenue | Comparison |
|---|---|---|---|
| Q2 2025 actual | $47.6 million | $0 | Revenue came primarily from mining |
| Q1 2026 actual | $34.0 million | $21.0 million | HPC comprised 62% of overall revenue |
| Q2 2026 preliminary consensus | $44.71 million | Not disclosed | Down 6.2% year on year; up 31.5% from last quarter |
Chief Financial Officer Patrick Fleury described the opening quarter as “a more stable, contracted revenue model.” The second quarter’s lease contribution is expected to reveal if this shift has gained momentum. TeraWulf Inc.
TeraWulf is set to release results ahead of its scheduled call at 8:00 a.m. EDT on August 5. Investors are expected to focus on Fluidstack rental commencements, outstanding delivery timelines, and capital expenditure figures. An update on the status of the Abernathy stake sale is also anticipated.
Risks: Interest expense in the first quarter totaled $67.1 million. Stock-based compensation amounted to $101.4 million. Major projects must still undergo construction and receive customer approval. Delays, higher costs, or additional dilution could balance out increased contract values.
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