Data Centers · Report

TeraWulf is shifting from bitcoin mining to AI data center leasing, backed by $27 billion in long-term contracts.

A bitcoin miner converting into a contracted AI capacity lessor at this scale signals more large-scale lease demand flowing to ex-miner campuses and the peers that compete for them.

Trade pressSlicast · October 13, 2026 at 11:53 UTC · US · Source: Pluang

importance 92

TeraWulf has transitioned from bitcoin mining to leasing AI data centers, securing over $27 billion in long-term contracted revenue across 839MW of critical IT loads. Key leases include a 20-year, 401MW agreement with Anthropic and several deals backed by Fluidstack and Google, projecting annual rent of about $1.76 billion once fully operational.

Despite expected negative earnings until rents increase by 2028, the company trades at an EV/stabilized EBITDA multiple of around 11-12x, supported by strong tenants and power assets. The stock is rated as a high-risk, long-term buy, suitable only as a small portfolio position due to tenant concentration, dilution, and construction timing risks.

TeraWulf's market capitalization stands at $6.67 billion as of Oct 13, 2026, 18:41 WIB, with an enterprise value of $9.29 billion. The stock price is currently $13.15, down 1.65% on the day, while trading volume reached 16,714,743 shares. On Pluang, the order activity heavily favors buying at 96%, indicating strong investor interest despite the recent price dip.

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