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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 a bitcoin mining business into a **$19 billion** AI lease with Anthropic, repricing every miner with cheap power and stranded capacity.
$19 billion
effectively converting a bitcoin mining operation into a data-center…
20x
at recent trading levels
$950 million
in annual payments through 2045
34%
higher in the session following the announcement
TeraWulf signed a 20-year lease with Anthropic to provide AI compute infrastructure worth $19 billion, effectively converting a bitcoin mining operation into a data-center landlord. The contract value exceeds TeraWulf's market cap by a factor of roughly 20x at recent trading levels. Anthropic secures long-term capacity. TeraWulf secures revenue visibility that bitcoin mining never offered.
The lease commits Anthropic to $950 million in annual payments through 2045, assuming the full contract executes. TeraWulf's existing facilities in upstate New York and Pennsylvania will host the compute. The company is repurposing bitcoin mining infrastructure — power purchase agreements, cooling systems, real estate with utility-scale electricity access — for AI workloads. The stock moved 34% higher in the session following the announcement, then settled at a 26% gain by close. Volume ran 11x the 30-day average.
This matters because it prices the value of stranded power infrastructure in a market where AI labs are competing for compute before the hardware even ships. Anthropic is pre-leasing capacity two decades out, which implies either confidence in its own trajectory or concern that compute landlords will have pricing power by 2027. TeraWulf's revenue run rate was $141 million in the trailing twelve months. This contract, if fully realized, multiplies that by a factor of seven. The company's capital structure was designed for commodity mining margins, not contracted annuity revenue. Expect refinancing, dividend policy shifts, or an outright sale within 18 months.
The second-order effect is the re-rating of every bitcoin miner with excess power capacity and real estate near cheap electricity. Riot Platforms, Marathon Digital, and CleanSpark all operate similar facilities. If TeraWulf's deal holds, those companies become acquisition targets for hyperscalers or AI labs that missed the last contracting cycle. The valuation arbitrage is simple: miners trade at 3x to 5x revenue, while data-center REITs trade at 12x to 18x. A lease with a creditworthy tenant closes that gap immediately.
Allocators should track TeraWulf's contract execution milestones and whether Anthropic exercises early termination clauses, which are standard in lease agreements of this duration. The first $950 million tranche is due over the next twelve months, and any delay or renegotiation will signal whether the contract is real or aspirational. Anthropic's fundraising cadence also matters. The company raised $7.3 billion in its most recent round and burns an estimated $2.5 billion annually on compute and research. If Anthropic's next funding round prices below the last, this lease may be restructured.
Other miners with stranded capacity and power purchase agreements locked below $0.04 per kilowatt-hour are now repricing assets. The market just learned that 20-year compute leases trade at a $19 billion headline, and that number will anchor every negotiation in this space until someone pays more.
Branded by POPS4 · proof in 60 seconds
For the principal
Request your investment office model TeraWulf's counterparty risk exposure to Anthropic's funding cycles and review similar mining-to-datacenter pivots for portfolio exposure.
For the operator
Watch for TeraWulf's first payment milestone and track whether Riot, Marathon, or CleanSpark announce similar pivots or become acquisition targets within six months.
For the house
Short-dated call spreads on CleanSpark and Marathon Digital as the arb closes; monitor TeraWulf credit spreads for refinancing signals before the first payment tranche.
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