NEW YORK, July 26, 2026, 14:26 EDT — U.S. markets closed.
- TeraWulf closed Friday at $18.46, down 7.9%, but gained 1.7% for the week.
- Preliminary disclosed-term math puts the Anthropic lease at about $2.37 million per megawatt-year. That is roughly 28% above two selected AI-infrastructure agreements.
- The Federal Reserve meets July 28-29. TeraWulf’s next listed company event is its August 5 earnings call.
TeraWulf ended Friday at $18.46, down 7.9%. The stock still rose 1.7% from the prior Friday’s close.
The shares remain 16.9% below their July 6 close. That session followed the announcement of TeraWulf’s $19 billion Anthropic lease.
The gap defines the current trade. Customer demand looks firm. Construction cash flow remains deferred.
Under the lease, rent begins only when each phase is delivered. Initial capacity is due in late 2027, with the full 401 megawatts expected by early 2028.
A preliminary base-term calculation values the Anthropic contract at $2.37 million per megawatt-year. That exceeds selected recent agreements.
| Agreement | Critical IT load | Base term | Contract value | Nominal revenue per MW-year |
|---|---|---|---|---|
| TeraWulf–Anthropic | 401 MW | 20 years | About $19.0 billion | About $2.37 million |
| Hut 8 NASDAQ:HUT–investment-grade tenant | 352 MW | 15 years | $9.8 billion | About $1.86 million |
| TeraWulf–Fluidstack, 2025 contracts | More than 200 MW | 10 years | About $3.7 billion | No more than $1.85 million |
Preliminary, undiscounted calculation dividing disclosed base-term value by years and megawatts. It excludes renewals and does not measure profit, cash timing or present value.
The Anthropic figure is 27.6% above Hut 8’s second Beacon Point lease. It is at least 28% above TeraWulf’s earlier Fluidstack contracts.
These are not identical products. Lease structures, escalators, services and delivery schedules differ. TeraWulf’s Fluidstack agreements, for example, include annual escalators and power-related charges.
“The Anthropic lease validates our strategy and establishes a long-duration revenue stream,” Chief Executive Paul Prager said when announcing the contract. TeraWulf Inc.
Credit support also matters. Anthropic’s payment obligations are expected to carry investment-grade backing, according to TeraWulf’s regulatory filing.
The funding bridge remains substantial. TeraWulf separately agreed to sell its 50.1% Abernathy venture stake for about $530 million. That represents an approximately 18% gross premium over its disclosed $450 million investment.
The consideration is staged. The agreement called for $250 million within 14 days, $150 million by December 31 and about $130 million by April 30, 2027.
First-quarter figures showed the capital intensity. HPC supplied 62% of revenue, while investing cash outflow reached $712.8 million. Cash plus restricted cash stood at $3.09 billion on March 31.
Subsequent equity sales raised about $1.23 billion gross. That strengthened funding capacity, but also expanded the share count.
Friday’s decline was not isolated. CoreWeave NASDAQ:CRWV lost 11.4%, while IREN Limited NASDAQ:IREN fell 8.7%. TeraWulf’s drop was smaller.
The weekly paths differed. IREN gained 10.3%, while CoreWeave slipped 1.8%. TeraWulf finished between them with its 1.7% rise.
Rates are the nearer catalyst. The Federal Open Market Committee meets Tuesday and Wednesday, when borrowing-cost expectations could move capital-heavy AI infrastructure stocks.
TeraWulf’s second-quarter call follows on August 5 at 08:00 EDT. Investors will seek updated cash, capital-spending and construction figures. Confirmation of the first Abernathy payment will also matter.
Risks: Construction delays, power constraints, financing costs or permit changes could reduce project returns. Further equity issuance would dilute existing holders.
The lease economics look strong. The next rerating needs proof of delivery.
