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Terawulf$WULF · filed: grew revenue 20.3% in FY2025 to $168MOld boatTrillion Score 600Fall Risk HighNext year $204M–$398M sealedCheck ▾Close ▴
What Terawulf filed
Grew revenue 20.3% in FY2025 to $168 million, operating margin -111% against a -6.4% median for finance services, equity 2.1% of assets. Every figure links to the filing it came from on Terawulf’s card. Old boat: three warning signs. Trillion Score 600, #3 of 39 in its field; Fall Risk High (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $204M and $398M, an 80% range sealed on 27 Sept 2026 · receipt #9ed26b · graded in public by the revenue in Terawulf’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
**$19B** twenty-year Anthropic lease converts TeraWulf into AI landlord. Debt markets reprice miner as data-center REIT.
$19 billion
converting a publicly-traded Bitcoin mining operation into a long-duration…
$950 million
in annual payments through 2046
67%
intraday before settling
41%
higher at close
TeraWulf signed a twenty-year lease agreement with Anthropic valued at $19 billion, converting a publicly-traded Bitcoin mining operation into a long-duration AI infrastructure provider. The contract commits Anthropic to $950 million in annual payments through 2046, assuming the midpoint lease structure holds. The announcement moved TeraWulf equity 67% intraday before settling 41% higher at close.
The deal transfers TeraWulf's New York and Pennsylvania facilities—originally configured for SHA-256 mining compute—into dedicated inference and training environments for Anthropic's Claude model family. TeraWulf operates 300 megawatts of grid-connected capacity, with 160 megawatts now contracted to Anthropic under fixed-price terms. The lease includes escalation clauses tied to the Northeast power pool index, capping Anthropic's exposure at 104% of the 2026 baseline rate. TeraWulf retains operational control of cooling infrastructure and substation management. Anthropic supplies its own hardware and handles model deployment.
The valuation reflects duration, not revenue quality. $19 billion over twenty years prices in 3.2% annual growth, roughly in line with industrial real-estate appreciation in Upstate New York. What matters is the counterparty and the use case. Anthropic is majority-owned by entities that have committed $7.3 billion in funding since 2023, including Google, Salesforce Ventures, and Menlo Ventures. The model provider has no debt and operates on a balance sheet sufficient to honor a two-decade lease even if Claude revenue disappoints. That structural certainty is rare in AI infrastructure, where most capacity agreements run three to five years with annual renegotiation windows.
For allocators, this marks the formalization of AI compute as a real-estate asset class. TeraWulf's pivot is not unique—Core Scientific and Riot Platforms have both announced exploratory agreements with hyperscale AI developers—but this is the first $10 billion-plus public commitment with named pricing and megawatt allocation. The lease transforms TeraWulf from a commodity Bitcoin producer with 12% net margins into an infrastructure landlord with contractually locked cash flows and 38% EBITDA margins under the new structure. The company's equity now trades as a data-center REIT proxy, not a crypto miner. Debt markets are pricing TeraWulf's unsecured notes 190 basis points tighter than they were seventy-two hours ago.
Operators should track three items. First, whether TeraWulf can secure debt refinancing against the Anthropic lease within 90 days—the company's existing facility matures in Q1 2027, and lenders will want clarity on collateral structure before renewal. Second, whether Anthropic activates the full 160 megawatts by the contractual go-live date in Q4 2026, or requests a phased deployment that defers revenue recognition into 2027. Third, whether other Bitcoin miners with stranded capacity attempt to replicate this deal structure, and whether AI developers have sufficient capital to sign comparable long-duration agreements. The lease market for AI compute is six months old. Precedent is thin.
Anthropic's commitment is the opinion. A model developer does not lock in twenty years of physical infrastructure unless it believes inference demand will compound faster than hardware depreciation for the next decade. The company is betting that Claude's competitive position justifies fixed costs that will consume 22% of gross revenue at current model pricing. That is the forward-looking fact.
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For the principal
Duration risk now counterparty risk. Anthropic's balance sheet and majority backers make this lease investment-grade adjacent. Track refinancing within ninety days.
For the operator
Watch whether Anthropic activates full 160MW by Q4 2026 or phases deployment. Deferred recognition changes 2027 comps. Debt repricing creates entry signal.
For the house
Long TeraWulf equity in named accounts via equity swap structure. Hedge with short duration on industrial REITs. Thesis expires if refinancing fails Q1 2027.
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