TeraWulf Signs $19 Billion 20-Year Anthropic Lease, Bernstein Maintains $36 Target

According to Bernstein, TeraWulf signed a $19 billion, 20-year lease with Anthropic on Monday, covering 401 megawatts of IT load at its Justified Data campus in Hawesville, Kentucky. The deal delivers an average annual yield of $2.4 million per megawatt, exceeding Bernstein's earlier $1.9 million assumption.

TeraWulf also sold its 50.1% stake in the Abernathy joint venture to a Fluidstack-led investor group for $530 million. Bernstein maintained its Outperform rating and $36 price target on WULF, citing improved economics from the Anthropic contract offset by the loss of Abernathy income, with steady-state estimates largely unchanged.