TeraWulf signs $19 billion Anthropic lease and sells Abernathy stake for $530 million

EarningsM&A · Partnership Impact 4
โดย GuruFocus·US·Read original
Summary · why it matters

TeraWulf reported a $19 billion, 20-year lease with Anthropic for roughly 401 megawatts at its Justified Data Campus, while also agreeing to sell its 50.1% interest in the Abernathy joint venture for approximately $530 million. The Anthropic deal represents one of the largest single-tenant AI infrastructure leases and validates the company's strategy of securing power-advantaged sites for long-duration contracts. The Abernathy sale generated a 20% internal rate of return and, together with the initial $250 million payment received in July, boosted unrestricted parent cash to about $1.45 billion. TeraWulf also delivered the CB3 building at Lake Mariner, bringing total revenue-generating critical IT capacity to 102 megawatts and triggering $600 million of Google credit support for Fluidstack's lease obligations. The company posted a GAAP net loss of $939.9 million for the second quarter, driven largely by a $755.7 million non-cash loss from a change in the fair value of Google warrants, while non-GAAP adjusted EBITDA was negative $18.3 million amid pre-revenue operating costs.

Impact on stocks 3

Digital Finance & Tokenization▲ · 1 stocks
Terawulf Inc
WULF
▲ PositiveDemandrelevance

Signed $19B lease with Anthropic for 401MW, validating strategy and boosting cash.

Real Estate▲ · 1 stocks
Artificial Intelligence▲ · 1 stocks

Theme Impact 5

Off-coverage companies 2

AnthropicPrivate▲ Positive
Demandrelevance

Anthropic secures large AI infrastructure lease, supporting its compute needs.

FluidstackPrivate▲ Positive
Demandrelevance

Fluidstack benefits from Google credit support triggered by CB3 delivery.

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