TeraWulf

TeraWulf (WULF, Nasdaq) does not make chips, and it does not rent GPUs by the hour. It owns industrial power sites — a decommissioned coal plant’s grid interconnection in western New York and two campuses in Kentucky — and it leases the buildings it puts on top of that power to whoever needs capacity for the AI capex buildout. Applied Digital, another miner-to-datacenter name here, 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 — eight months after two Beowulf Energy veterans, Paul Prager and Nazar Khan, incorporated TeraWulf in January 2021, and three months 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 drew 45% of its load from the New York Power Authority, ran on power NYPA itself said could not be claimed as 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, and did not answer Hunterbrook’s question about why. 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 closed 60% higher that day, on our as-traded closes. Four days later, Google lifted its stake to 14% pro forma, backstopping another $1.4 billion tied to a 160-megawatt expansion, about $3.2 billion in all. 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, citing sources, that Google had backstopped several miners’ data centers to spread use of its chips. 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 planned debt raise of $3.5 billion in loans and high-yield bonds — TeraWulf’s first leveraged loan — to build the Kentucky site, with Morgan Stanley expected to lead. 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. By the day of the lease the stock had nearly doubled for the year.

TEXXR’s entity index returns four articles tagged to “TeraWulf” across its full corpus history, as of October 27 — and one of them is the Anthropic lease logged twice. 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 21 tagged articles in TEXXR’s corpus. Hut 8 carries nine, including its own Fluidstack-anchored, Google-backstopped lease for Anthropic in Louisiana. IREN, which struck a $9.7 billion Microsoft deal in November 2025, carries nine. 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 leveraged loan, part of a planned $3.5 billion raise Morgan Stanley is expected to lead and no SEC filing yet records, 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 Google backstop spreads further. Google has run it with warrants at TeraWulf and Cipher Mining, and backstopped Hut 8’s Louisiana lease, per Hut 8’s 10-K. Whether it reaches Applied Digital, Core Scientific or IREN is open.
• The Abernathy proceeds. $530 million due across three installments through April 2027 — whether it funds wholly owned campuses, 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 in July 2026, when the stock had nearly doubled for the year, against 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 NYPA power couldn’t be claimed as renewable 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.