NEW YORK, July 19, 2026, 11:08 EDT – TeraWulf NASDAQ:WULF shares slipped under the April offer price, despite the company recently announcing a $19 billion lease agreement with Anthropic.
- Shares ended Friday at $18.16, marking a 17.3% decrease compared to the prior Friday.
- The shares closed 4.4% under April’s $19 common-stock offering price.
- The reported $3.5 billion debt proposal is 3.4 times larger than April’s total gross raise.
U.S. cash markets did not open on Sunday. TeraWulf closed up 1.0% on Friday, though the stock dropped 17.3% over the week.
The drop wiped out the stock’s gains above its April funding value. This came after a $19 billion Anthropic lease was disclosed on July 6.
The trading indicates investors are factoring in financing and delivery risks rather than concerns about customer demand. TeraWulf is yet to complete construction of the 401-megawatt Kentucky campus.
| Security | July 17 close | Five-day change* |
|---|---|---|
| TeraWulf | $18.16 | -17.3% |
| IREN NASDAQ:IREN | $33.62 | -18.3% |
| CoreWeave NASDAQ:CRWV | $73.21 | -17.6% |
| Core Scientific NASDAQ:CORZ | $20.94 | -10.9% |
| Nasdaq Composite | 25,520.24 | -2.9% |
Stock returns reflect closing prices from July 10 to July 17. Nasdaq data is based on MarketWatch’s five-day metric.
TeraWulf’s loss was nearly on par with IREN and CoreWeave. The Nasdaq Composite lost only 2.9%. The difference suggests a broader reevaluation of valuations in the capital-intensive AI infrastructure sector.
New York increased targeted pressure on Tuesday, pausing permits for new data centers with a minimum capacity of 50 megawatts. Existing data centers remain unaffected.
WULF dropped 7.1% on Tuesday and declined a further 7.2% on Thursday, before rebounding 1.0% on Friday.
Chief Executive Paul Prager stated that Lake Mariner is up and running, with all necessary approvals in place for its ongoing expansion. “Clear rules and higher standards separate real projects from speculative ones,” he wrote. LinkedIn
Two brokers disagreed over the likelihood of a significant short-term effect. Cantor Fitzgerald maintained its Overweight rating and $37 price target. Rosenblatt’s Chris Brendler reaffirmed a Buy rating with a $30 target.
The main contributor to value is located in Kentucky, not New York. Anthropic plans to lease around 401 megawatts at the Justified Data campus.
Phased delivery will begin in late 2027 and continue into early 2028. Rent will commence upon delivery of each phase.
TeraWulf projects $19 billion in contracted revenue during the first 20-year period. Anthropic’s commitments are anticipated to have investment-grade backing.
TeraWulf is planning to raise about $3.5 billion in debt, according to Chief Financial Officer Patrick Fleury, who told Bloomberg that the deal is anticipated to launch this year. The financing could consist of leveraged loans and high-yield bonds.
The proposed debt amounts to roughly 3.4 times April’s $1.036 billion gross equity raise. Shares closed Friday down 4.4% from that offer price.
The scope surpasses existing operations. First-quarter revenue reached $34 million, with $21 million generated from HPC leases. Cash and restricted cash stood at $3.1 billion.
TeraWulf’s investor relations page displayed no scheduled events for the upcoming week as of Sunday. Investors are set to start Monday looking for updates on financing terms and the status of the New York permit.
Risks: Delays to rent payments may result from Kentucky construction, power delivery and debt-market conditions. New York has yet to finalize its permit rules. Anthropic rent payments start only once each phase is handed over.
Currently, TeraWulf is trading under its previous key equity benchmark. The contract size is substantial, as is the financing challenge.
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