Anthropic lease will generate billions for TeraWulf, this analyst says

ATB Capital Markets analyst Martin Toner says TeraWulf’s (TeraWulf Stock Quote, Chart, News, Analysts, Financials NASDAQ:WULF) new Anthropic lease and Abernathy divestiture strengthen the company’s AI data centre platform.

In a July 7 update, Toner maintained his “Outperform” rating on TeraWulf and raised his target to $51.00 from $46.00

TeraWulf announced a 20-year lease with Anthropic at its Justified Data campus in Hawesville, Ky., along with the sale of its 50.1% stake in the Abernathy joint venture.

“Together, these actions underscore the commercial momentum building behind the platform, while reinforcing our view that TeraWulf’s development pipeline carries a valuation premium not yet fully reflected in the current share price,” Toner said.

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The Anthropic lease is expected to generate about $19-billion of contracted revenue over its initial term. Toner said the deal secures a tier-one tenant for the 401-megawatt site and represents a new high-water mark for total revenue and revenue per megawatt.

The critical IT load is expected to be deployed sequentially between the second half of 2027 and early 2028.

TeraWulf also sold its 50.1% interest in the 168-megawatt Abernathy project in Texas to a Fluidstack-led group for about $530-million. Toner said the sale monetizes TeraWulf’s roughly $450-million investment at a 17.8% premium.

Management plans to redirect the capital into its wholly owned AI data centre pipeline, while maintaining full operational and asset control.

Toner said the Anthropic lease meets management’s prior target to secure a major tenant for Justified Data around the end of Q2 2026. He also said exiting Abernathy removes complex joint venture accounting from TeraWulf’s financial reporting.

Toner expects TeraWulf to generate Adjusted EBITDA of US$145.1-million on revenue of US$344.5-million in fiscal 2026, improving to Adjusted EBITDA of US$718.4-million on revenue of US$1.08-billion in fiscal 2027.

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