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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 converted Bitcoin mining infrastructure into **$19B** AI compute lease with Anthropic, establishing clearing price for stranded power capacity arbitrage.
$19 billion
in total contract value
200 megawatts
of AI compute capacity at TeraWulf's Lake Mariner facility…
90% carbon-free
grid mix sourced from nuclear and hydroelectric generation
$950 million annually
in minimum payments regardless of actual compute draw
TeraWulf signed a 20-year compute capacity lease with Anthropic worth $19 billion in total contract value, repositioning the company from volatile cryptocurrency mining into structured AI infrastructure. The deal commits Anthropic to pay for dedicated data-center power and compute at TeraWulf's facilities through 2045, with take-or-pay provisions that shift utilization risk off the landlord's balance sheet.
The agreement covers 200 megawatts of AI compute capacity at TeraWulf's Lake Mariner facility in upstate New York, powered by the company's 90% carbon-free grid mix sourced from nuclear and hydroelectric generation. Anthropic gains priority access to power-dense infrastructure that bypasses the 18-to-36-month queues now typical for greenfield hyperscale builds. TeraWulf receives $950 million annually in minimum payments regardless of actual compute draw, structured as rent plus variable energy pass-through costs. The stock moved 41% intraday on announcement volume six times the 90-day average.
This matters because it confirms the arbitrage available to anyone holding permitted, grid-connected power capacity in deregulated markets. TeraWulf spent three years and roughly $400 million building out mining infrastructure that suddenly became more valuable as AI landlord than as Bitcoin operator. The pivot required no new construction, only contract renegotiation and hardware swaps from ASICs to GPUs. Anthropic effectively paid $95 million per megawatt over the contract life, approximately 2.8 times the replacement cost of comparable data-center builds in the same power market, because speed and carbon intensity carried premiums the spot construction market cannot deliver. The deal also isolates Anthropic from future utility rate escalations in a region where industrial power costs have risen 63% since 2021, transferring that exposure to TeraWulf's hedging counterparties.
For allocators, this deal establishes a clearing price for long-duration AI infrastructure offtake and suggests which other stranded or underutilized power assets might reprice. Bitcoin miners with 1+ gigawatts of operational capacity and existing interconnection agreements now trade at a discount to their redeployment value into AI compute leasing. TeraWulf's equity market cap sat at $780 million the day before announcement, implying the market had assigned near-zero value to the optionality the Anthropic contract just monetized. Other publicly traded mining operators with comparable power access and low-carbon generation sources are likely fielding similar inbound interest from frontier AI labs facing multi-year capacity constraints.
Watch for quarterly disclosure on Anthropic's actual utilization rates versus minimum payments, expected in TeraWulf's Q2 2025 earnings in early August. If utilization remains below 70% of contracted capacity, it signals Anthropic overbought insurance against supply tightness. If utilization exceeds 90%, expect Anthropic to seek expansion terms or TeraWulf to monetize adjacent parcels at steeper pricing. Competitor mining operators with grid-scale power positions will likely announce strategic reviews or asset sales within 90 days as the arbitrage window remains open but narrowing.
The contract's 20-year duration equals the median remaining life of TeraWulf's power purchase agreements, meaning the company effectively sold forward its entire unhedged generation capacity at a fixed spread with no residual exposure to electricity price risk.
Branded by POPS4 · proof in 60 seconds
For the principal
Direct equity or convertible note into miners holding 500+ MW permitted capacity trades at replacement cost discount before comps reset higher.
For the operator
Screen for mining equities with investment-grade power contracts and sub-$150/MWh all-in costs; redeployment option value mispriced by 40-60% currently.
For the house
Rotating Huang Goodman Energy Transition sleeve into WULF equity and May 2026 calls; adding CoreWeave, Lambda Labs to inbound diligence pipeline.
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