TeraWulf 주가가 Anthropic과의 대규모 AI 인프라 용량 거래를 발표한 후 급등했다.

TeraWulf Inc.'s stock rallied 4.15 percent on October 2, 2026, following a series of analyst initiations and coverage of the company's expanding AI infrastructure pivot. The catalyst centers on a landmark power and capacity agreement that underscores TeraWulf's transformation from pure-play bitcoin miner to AI data-center landlord.

**The Deal**

TeraWulf secured Kentucky Public Service Commission approval for a Retail Electric Service Agreement providing up to 482 MW of power for its Justified Data Campus, anchoring a project estimated at $4.0–$4.5 billion in initial capital investment. The cornerstone is a 20-year lease with Anthropic for approximately 401 MW of critical IT load, with options to extend ten additional years. The deal carries an estimated $19 billion in contracted revenue over its term, backed by expected investment-grade credit — representing contracted cash flow visibility that extends decades into the future.

The Justified Data Campus leverages a brownfield strategy, repurposing a former aluminum smelter with existing heavy power infrastructure, which accelerates deployment and reduces capex relative to greenfield development. TeraWulf has also secured an 839 MW contracted capacity pipeline across three tenants, signaling a portfolio approach rather than a single-tenant project.

**Analyst Coverage**

Wells Fargo, UBS, Freedom Capital, and Jones all initiated coverage with Buy or Overweight ratings, with price targets ranging from $19 to $30. Wells Fargo launched at Overweight with a $30 target; UBS assigned a Buy with a $24 target, arguing that full capacity leasing could support valuations near $30 per share; Freedom Capital placed a Buy at $19 with a suggested $14 "floor"; and Jones added a $30 target. FactSet consensus data show a mean Street target in the mid-$30s and an overall Buy rating.

Rothschild & Co Redburn provided the contrarian view, initiating coverage at Neutral with a $15 target. The firm highlighted rising risks from tightening credit markets and constrained hyperscaler balance sheets, cautioning that AI infrastructure valuations may have outpaced credit market realities.

**Financials and Execution Risk**

TeraWulf is in heavy build-out mode. Trailing revenue stands near $168.5 million with deeply negative margins and free cash flow of approximately negative $992 million in the latest reported quarter. The company has raised over $1.1 billion in equity and deployed more than $1.0 billion into property and equipment—a classic "spend now, collect later" posture. Leverage remains manageable with total debt-to-equity around 0.16, though working capital is negative and the current ratio sits below 1.

Stock price action has reflected consolidation after a sharp rerating. WULF traded down from the $17–$18 range in early September to the mid-$15s, closing near $15.49 on October 2, with intraday trading between $15.20 and $15.60. The tight five-minute candles and absence of panic selling suggest digestion of prior gains rather than forced liquidation.

**Outlook**

The spread between street targets (mid-$30s consensus) and current trading levels ($15.49) reflects a significant sentiment gap. TeraWulf's real fundamentals—power access, an investment-grade anchor tenant, and contracted revenue visibility—differentiate the story from pure hype, yet execution risk remains substantial. Negative free cash flow, ongoing heavy capex requirements, and dependence on sustained AI infrastructure demand cycles all amplify volatility. Emerging regulatory pressures, including Massachusetts' new data-center rules, also hint at tightening compliance costs for future AI infrastructure projects, even as TeraWulf's flagship Kentucky campus operates under Kentucky jurisdiction.