DekmarTrades
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TeraWulf sits at AI's next bottleneck, power, having shifted its crypto mining facilities into leasing power for AI. The grid cannot deliver enough electricity to run the chips companies have bought at full capacity, and nuclear will take a long time to approve and regulate. TeraWulf has now announced a $19 billion deal with Anthropic. x.comÂ
TeraWulf stands out among bitcoin miners pivoting to AI data centers because its massive 20-year Anthropic deal gives it real legitimacy, and some capacity is already energized, moving it beyond pure hype. Plenty of execution and buildout risk remains before that partnership produces, and the chart is losing its uptrend line, suggesting more short-term chop. Long term, it should do well if the buildout goes well and the AI revolution is real. x.comÂ
TeraWulf is a play on the AI capacity shortage, as big AI companies and labs race to lock in capacity years ahead. It builds power-backed AI data centers, and Anthropic signed a 20-year deal with it for 401MW. AI cloud backlogs have surpassed $150B, and one provider said it could sell out its 2027 capacity at today's terms. x.comÂ
TeraWulf's reported $20 billion lease with Anthropic and roughly 3 gigawatts of compute capacity look like barely hidden fraud for a formerly bankrupt company now competing with Meta on capacity. x.com x.comÂ
IREN and Nebius look most attractive in AI cloud on projected 2027 revenue growth relative to their EV/revenue multiples. IREN is listed at 297% growth and 4.74x, and Nebius at 266% and 4.26x; TeraWulf and Cipher Mining have similar projected growth but multiples above 9x. x.comÂ
TeraWulf's pivot from bitcoin mining to AI compute is drawing financing and analyst support after a reported $19B AI data-center lease with Anthropic. Per Bloomberg, citing CFO Patrick Fleury, it plans about $3.5B of leveraged loans and high-yield bonds, run by Morgan Stanley, to build the Kentucky campus under a 20-year Anthropic lease. Rosenblatt and Bernstein raised targets, with Bernstein seeing up to 70% upside. It must hold above $24.50 to keep its reclaim alive. x.com x.comÂ
Financing strain threatens smaller AI-related plays. Elon Musk says debt markets have nearly closed to firms without substantial non-AI-data-center revenue. Neoclouds, energy, HVAC, electronics and builders will be a much smaller field in a year; its 'guppy' plays can be shorted here toward zero. CoreWeave, IREN and Vertiv look troubled, perhaps Nebius; Ouster, Applied Digital, Ultra Clean, Cipher Digital, WhiteFiber, TeraWulf and IPG Photonics too. x.com x.comÂ
TeraWulf looks well positioned as Google seeks third-party infrastructure that lets it bring its own hardware. Google said on earnings that relying on third parties for infrastructure hits its margins, which likely favors hosts that let it deploy its own systems over neoclouds or GPU-as-a-service, making AI infrastructure REITs best placed. @RHouseResearch, who studies this more deeply, also sees TeraWulf as set up well. x.com x.com x.comÂ
Nvidia's CUDA retains developers, putting it among 12 stocks that could dominate the decade ahead. Nebius's GPU rental price rise signals demand; Fabrinet and Credo supply AI connectivity. DraftKings has betting scale; Microsoft has Azure and an OpenAI partnership; Figma anchors design work; Shopify powers stores. TeraWulf pivots power sites to AI leases; Constellation, the largest US nuclear operator, signs big-tech power deals; Meta spends on AI; Uber has autonomous-vehicle partnerships. x.com … Show more
Heavily indebted data-center and compute names, including CoreWeave, IREN, Cipher, TeraWulf, Core Scientific, Riot, MARA, Hut 8, Bitdeer and Bit Digital, are vulnerable if credit tightens next year. High-debt firms get punished in tightening, especially if a credit freeze stalls projects, and panicked markets sell everything. TeraWulf shows the risk, with a $427.6 million Q1 net loss, $713 million of quarterly cash burn and $7.09 billion of liabilities. This is a macro basket trade. x.com x.com … Show more
TeraWulf's lease rates are repricing higher as scarce powered shells grow more valuable. Lake Mariner's Fluidstack leases came in around $1.86M per MW-year and the Anthropic deal at roughly $2.37M, a 27% increase. Nvidia's 15%+ AI server price hike falls on tenants, not landlords, making speed to power more valuable. Its warrant charge hits when the stock rises, so headline EPS is an anti-signal. The key watch item is pricing on the $3.5B Kentucky loan this fall. x.comÂ
