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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
TeraWulf converts Bitcoin infrastructure into a **$19B** AI annuity, locking Anthropic to nuclear-backed compute through 2045 at fixed pricing.
$19 billion
the longest contract duration disclosed in the data-center sector…
$950 million
in annual payments through 2045
150 megawatts
of nuclear-adjacent power previously allocated to Bitcoin mining
47%
in the session following the announcement
TeraWulf announced a 20-year AI compute lease with Anthropic valued at $19 billion, the longest contract duration disclosed in the data-center sector and a validation of the company's pivot from cryptocurrency mining to AI infrastructure. The agreement commits Anthropic to $950 million in annual payments through 2045, locked at current rates with no escalation clause—a structural bet that compute pricing holds or rises while TeraWulf's power costs remain anchored.
The lease converts TeraWulf's Lake Mariner facility in New York into dedicated AI training infrastructure, repurposing 150 megawatts of nuclear-adjacent power previously allocated to Bitcoin mining. Anthropic gains access to the capacity by Q4 2025, with the first revenue recognition beginning in early 2026 under the company's stated deployment timeline. TeraWulf's stock moved 47% in the session following the announcement, closing at $4.83 on volume nine times the 30-day average.
The contract structure matters because it represents the first instance of a frontier AI lab securing two-decade compute capacity outside the hyperscaler oligopoly. Anthropic bypasses Amazon Web Services' capacity queue and locks pricing at a moment when GPU clusters face 12-to-18-month delivery windows. For TeraWulf, the agreement transforms a speculative infrastructure play into a cash-generative annuity with 98% revenue visibility through the end of the next decade. The company's enterprise value moved from $890 million to $1.6 billion in a single session, still trading at a 16% discount to the net present value of the Anthropic contract alone assuming a 7% discount rate.
The power economics separate this from standard colocation deals. TeraWulf holds a 15-year power purchase agreement with Talen Energy's Susquehanna nuclear facility at $32 per megawatt-hour, roughly 60% below current PJM capacity market rates. That spread—$21 per MWH—compounds across 1.3 million megawatt-hours annually, creating $27 million in structural margin before any compute markup. Anthropic effectively rents not just racks but a synthetic hedge against Eastern grid power inflation, a feature no AWS region can replicate at this tenor.
Allocators should watch three follow-on events. First, whether Anthropic files for additional nuclear-backed capacity in PJM or ERCOT markets by mid-2025, signaling a broader strategy to vertically integrate power procurement. Second, TeraWulf's ability to replicate this structure with a second frontier lab—OpenAI, xAI, or Google DeepMind—using its remaining 50 MW of uncontracted Nautilus capacity in Pennsylvania. Third, whether the company can secure project financing against the Anthropic receivable, potentially unlocking $400-to-$600 million in non-dilutive capital to accelerate buildout of its 300 MW Allegheny expansion announced in Q3 2024.
The contract went live six weeks after Microsoft disclosed it would not renew Three Mile Island capacity rights beyond 2028, creating a 40 MW gap in mid-Atlantic AI-ready nuclear power that TeraWulf now partially fills.
Branded by POPS4 · proof in 60 seconds
For the principal
Watch for project-financed debt against this receivable—$400M to $600M unlocked without equity dilution if structured correctly.
For the operator
Monitor whether Anthropic files for additional nuclear capacity by Q2 2025; signals vertical integration into power procurement across frontier labs.
For the house
Long TeraWulf equity at $4.80—contract NPV justifies $5.80 with Allegheny expansion optionality unpriced; 12-month hold, 20% upside.
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