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.
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.
What caused TeraWulf shares to decline nearly 8% on Friday?
WULF ended Friday, July 24 at $18.46, down 7.93%. The stock fluctuated between $18.39 and $20.11 during the active session. Despite the decline, WULF rose approximately 1.7% for the entire week. In comparison, the Nasdaq Composite slipped 2.1% over the same timeframe. TeraWulf did not release any new operational updates since July 22. The specific reason for Friday's movement is still unclear.
What is causing WULF to trade under its closing price from the Anthropic agreement?
Shares of WULF are currently down 16.9% from their closing price on July 6. That session came after TeraWulf announced a long-term lease with Anthropic. The agreement secures approximately 401 megawatts over a span of twenty years. TeraWulf forecasts around $19 billion in lease revenue under the contract. Rent payments will commence only after the respective construction phases become operational. The first phase is set to be delivered in late 2027, with full completion targeted for early 2028. The lower share price points to concerns about the deal’s execution; however, there have been no announced amendments to the contract.
What does the $19 billion revenue figure indicate for investors?
The straightforward average amounts to about $950 million in yearly revenue. Actual payments each year could fluctuate, as facilities are delivered in phases. The contracted revenue figure does not represent profit or current value. Details on construction costs, financing, and future operating margins have not been disclosed. Anthropic’s obligations are anticipated to be backed by investment-grade credit support. This backing is beneficial, but it does not eliminate development risk.
What is TeraWulf’s level of exposure to the data-center moratorium in New York?
The July 14 order targets data centers with a minimum 50 megawatts requirement. It halts incomplete state discretionary permit submissions for as long as one year. Permit applications already marked complete receive separate consideration under this order. As of the end of March, Lake Mariner had 60 megawatts of operational HPC capacity. On May 8, Cayuga was still undergoing site-plan review, leaving its exposure uncertain. TeraWulf has yet to release a comprehensive project-level impact analysis.
What will investors look for from TeraWulf in its second-quarter earnings report?
TeraWulf will hold its earnings call on August 5 at 8:00 a.m. ET. In the first quarter, revenue was $34.0 million, with 62% coming from HPC. Adjusted EBITDA was still negative at $4.1 million. The net loss, totaling $427.7 million, reflected a $216.3 million charge from warrant revaluation. Investors are seeking updates on HPC revenue, energized capacity, capital expenditures, and cash burn. New York permitting developments have become important as well.
Is TeraWulf able to finance its AI growth plans without issuing more shares?
As of March 31, unrestricted cash stood at about $2.63 billion. Cash used for investing activities in the first quarter amounted to $712.8 million. Following the quarter's close, equity sales generated gross proceeds of approximately $1.23 billion. The firm has also obtained a $250 million revolving credit facility. Abernathy consideration totals around $530 million, payable in three tranches. The initial $250 million installment was scheduled for July, but it has not yet been confirmed as received. The amount of future equity needed is unclear since construction expenses related to Anthropic have not been specified.
What is the level of dilution risk that current shareholders face?
As of March 31, there were 425.1 million shares outstanding. A further 64.8 million shares were issued through subsequent ATM and public offerings, equating to an approximate 15.3% increase before accounting for other changes to share count. At the end of March, 80.9 million warrants and 47.5 million RSUs were also outstanding. Not all of these securities result in immediate dilution. In the first quarter, stock-based compensation totaled $101.4 million. The latest figures may have changed, as this data is as of March.
Does TeraWulf remain a bitcoin miner, or has it shifted to become an AI-infrastructure provider?
HPC leasing accounted for $21.0 million, making up 62% of revenue in the first quarter. Bitcoin mining contributed $13.0 million, or the remaining 38%. TeraWulf produced 168 bitcoin, a decrease from 372 in the same period last year. The company now identifies HPC as its main strategic priority. Bitcoin continues to be significant. Movements in cryptocurrency prices may still impact revenue and investor sentiment.
Could elevated short interest lead to more volatility in the coming week?
As of July 15, reported short interest stood at 104.4 million shares, making up about 30.1% of the declared public float. With an average volume of 31.2 million, this represented a coverage of close to 3.3 trading days. Elevated short interest can fuel both rapid surges and steep drops in price. Estimates for the float differ by data provider. The reported percentage should be considered an approximation.
Which catalysts and price levels will be key in the week ahead?
No company event is scheduled before the August 5 earnings call. The closest downside reference is Friday’s low at $18.39. The stock last finished 2.8% under the $19.00 offering price from April. July’s intraday low was recorded at $16.55. The Anthropic session on July 6 ended at $22.21. Permit or financing updates may surpass these price levels. These values are reference points, not predictions.
Jerzy Lewandowski is a senior markets editor at TS2.tech. His coverage ranges from stocks and semiconductors to AI and the broader global markets. He studied economics at the University of Warsaw and worked in investment analysis before becoming a financial journalist. Follow Jerzy Lewandowski on Google News.
