TeraWulf (NASDAQ:WULF), an AI and bitcoin mining infrastructure operator, closed at $20.24, down 8.87%. Premarket Anthropic lease news and a midday pullback kept investors focused on the company’s AI buildout and funding plans.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) fell 0.45% to 7,503.85, while the Nasdaq Composite (NASDAQINDEX:^IXIC) fell 1.16% to 25,818.69. Among digital infrastructure and bitcoin mining with high-performance computing/AI hosting peers, Cipher Digital (NASDAQ:CIFR) closed at $20.47, down 5.80%, and CleanSpark (NASDAQ:CLSK) closed at $12.48, down 7.62%.
What this means for investors
TeraWulf’s decline shifted focus from the scale of its Anthropic lease to the execution needed to generate revenue. The 20-year agreement secures a significant AI infrastructure contract, with approximately $19 billion in expected lease revenue and 401 megawatts of planned critical IT load. Initial service is scheduled for the second half of 2027, with full capacity targeted for early 2028. As a result, investors will now be focusing on construction, power delivery, funding, and project timing.
The Abernathy stake sale introduces a capital allocation perspective. By selling its majority interest in the joint venture, TeraWulf is monetizing an approximately $450 million investment and reallocating capital to directly owned AI infrastructure projects. The key challenge now will be whether the company can convert long-term AI demand into sustainable revenue without increasing additional execution or financing risks.
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