TeraWulf

TeraWulf (WULF, Nasdaq) does not make chips, and it does not rent GPUs by the hour. It owns two industrial power sites — a decommissioned coal plant’s grid interconnection in western New York and a stake in a nuclear-adjacent mining venture in Pennsylvania — and it leases the buildings it puts on top of that power to whoever needs capacity for the AI capex buildout. Applied Digital, TEXXR’s other miner-to-datacenter report, runs the same conversion; TeraWulf’s version leans on a cleaner power story. TEXXR’s corpus first tags the company in September 2021, when bitcoin miners including TeraWulf partnered with nuclear plant owners to use excess carbon-free capacity, drawing criticism from environmentalists even as it happened — three months after two Beowulf Energy veterans, Paul Prager and Nazar Khan, incorporated TeraWulf in January 2021, and roughly a year before it reached Nasdaq through a reverse merger with IKONICS, an imaging-technology shell company, in a deal that closed that December.

The zero-carbon pitch did not survive contact with a regulator’s mailbox. A 2024 Hunterbrook Media investigation found that TeraWulf’s flagship Lake Mariner facility, which draws 45% of its load from the New York Power Authority, ran on power NYPA itself said could not legally be called renewable — and that TeraWulf had not bought the renewable energy credits that would let it make the claim anyway. In the months that followed, TeraWulf dropped “zero-carbon” language from its homepage and social banners, without publicly disputing the finding. The same report flagged that TeraWulf paid $20.3 million in 2023 — 38% of its combined operating and administrative expenses — to Beowulf Electricity & Data, a private company Prager also controls. None of that is a fraud finding; it is the gap between a marketing line and a permitting filing, and it is worth holding next to everything that follows, because the power story is the whole investment case.

The current arc starts with a tenant, not a chip order. In August 2025, TeraWulf signed hosting deals with Fluidstack — two 10-year agreements for more than 200 megawatts at Lake Mariner, about $3.7 billion in contracted revenue over the initial terms and up to $8.7 billion with extensions — and Google backstopped $1.8 billion of Fluidstack’s lease obligations for warrants on roughly 8% of TeraWulf; the stock jumped 22% that day. Four days later, Google lifted its stake to 14%, near $3.2 billion total, backstopping another $1.4 billion tied to a 160-megawatt expansion. The structure was not a one-off: that September, Google guaranteed $1.4 billion of a separate Fluidstack lease — this one with Cipher Mining, not TeraWulf — for an option on a 5.4% Cipher stake, and by February 2026 the Journal reported the pattern as Google policy, not a single deal. TeraWulf and Fluidstack expanded again that October, launching a joint venture at a new Abernathy, Texas site for another 168 megawatts.

Then, in July 2026, TeraWulf cut Fluidstack out of the next deal and sold it the last one. TeraWulf signed a lease with Anthropic worth roughly $19 billion over 20 years, for a 401-megawatt campus at its Justified Data site in Hawesville, Kentucky, with first power due in the second half of 2027. The same day, TeraWulf sold its Abernathy stake — 50.1% of the joint venture — to a Fluidstack-led investor group for about $530 million across three installments, monetizing roughly $450 million of invested capital at a premium, cash it says will fund a campus it owns outright rather than one it splits with a partner. Three days later, Bloomberg reported a debt raise of $3.5 billion — TeraWulf’s first entry into the leveraged-loan and high-yield market — to build the Kentucky site, with Morgan Stanley leading. Bank of America had initiated coverage weeks earlier, citing a development pipeline it put at 1.8 to 3 gigawatts of critical IT load by 2030; the stock is up roughly 95% for the year.

TEXXR’s entity index returns exactly one article tagged to “TeraWulf” across its full corpus history: the Anthropic lease itself. A parallel query for “WULF” — the ticker that headlines the corpus’s own Google-stake story — returns zero. All five edges in TeraWulf’s graph trace to just three articles: the Anthropic lease, the August 2025 Google stake increase (which produced three separate edges — the stake, the Lake Mariner funding it unlocked, and the resulting stock jump), and the 2021 nuclear-partnership piece. Querying edges between TeraWulf and Fluidstack — the counterparty on TeraWulf’s largest disclosed lease commitment outside the Anthropic deal, and the buyer of its Abernathy stake — returns zero: the same CoreWeave-shaped gap that shows up in Applied Digital’s own graph.

The cohort comparison sharpens the point. Core Scientific — the miner CoreWeave tried and failed to buy outright — carries 16 tagged articles in TEXXR’s corpus, almost all about that acquisition fight rather than its own AI-hosting build. Hut 8 carries two, including its own Fluidstack-anchored, Anthropic-backed Louisiana lease. IREN, which struck a $9.7 billion Microsoft deal in November 2025, carries zero. The bitcoin-to-AI-datacenter conversion trade is one of the more consequential rewrites in the current cycle — and TEXXR’s own coverage record has barely begun to name the companies running it, including the one whose power story is the reason the trade exists at all.

Positioning: how much of WULF is sold short, on the record brokers file twice a month. It lags by design — read it as where the crowd stood, not where it stands.

• The Kentucky financing. TeraWulf’s first-ever leveraged loan and high-yield raise, roughly $3.5 billion led by Morgan Stanley, is the first test of whether lenders price the Anthropic lease the way Google prices its own AI stakes elsewhere — with the tenant’s credit doing the work the landlord’s balance sheet can’t.
• Whether the backstop-and-warrant structure spreads further. Google has now run it at TeraWulf and Cipher Mining. Applied Digital, Core Scientific, IREN, and Hut 8 all sit in the same conversion trade without it, so far — a gap that could close fast.
• The Abernathy proceeds. $530 million due across three installments through April 2027 — whether it funds a third wholly owned campus, as TeraWulf says, or gets absorbed by the new debt instead.
• Short interest against the backlog. Roughly 22% of TeraWulf’s float was reported sold short as of mid-2026, against a stock up about 95% for the year and a $19 billion contracted lease — a split the record doesn’t resolve on its own.
• Whether the carbon-accounting question resurfaces. A 2024 investigation found Lake Mariner’s power couldn’t be legally called zero-carbon and TeraWulf hadn’t bought credits to fix that; whether the same scrutiny follows the company to a 401-megawatt campus running at AI-scale utilization is untested.

TeraWulf lives or dies by the same constraint as these names — small equal-weighted groups, one constraint each. Not investment products: see all categories.