데이터센터 · 리포트

TeraWulf는 비트코인 채굴에서 AI 데이터센터 임대 사업으로 전환하고 있으며, 270억 달러 규모의 장기 계약이 이를 뒷받침하고 있습니다.

비트코인 채굴 기업이 이 규모로 AI 계약 용량 임대 사업자로 전환하는 것은, 채굴 전환 데이터센터 캠퍼스와 이를 놓고 경쟁하는 동종 기업들로 대규모 임대 수요가 더 많이 몰리고 있음을 시사한다.

업계 전문지Slicast · 2026년 10월 13일 11:53 UTC · 미국 · 출처: Pluang

중요도 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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