• TeraWulf (NasdaqCM:WULF) arranged its first $3.5b leveraged loan to fund a large data center buildout.

• The financing is linked to a 20 year, $19b high performance computing lease with Anthropic.

• The new capital will support development of a data center campus in Kentucky focused on AI infrastructure.

TeraWulf is moving further away from its roots in Bitcoin mining and leaning into AI infrastructure as a core business line. The stock trades around $23.2 and is up 9.5% over the past week and 82.1% year to date, with a very large gain over the past year. For shareholders, this financing shift ties directly to a long term, contracted revenue opportunity with Anthropic.

The use of a $3.5b leveraged loan changes TeraWulf’s capital structure and raises both funding and execution risk around the Kentucky buildout. At the same time, the company is pairing higher leverage with an investment grade style contract, which may appeal to lenders and equity holders looking for clearer cash flow visibility. How effectively TeraWulf converts this financing into reliable, long duration AI infrastructure revenue will be central to the stock’s next phase.

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Quick Assessment

• ✅ Price vs Analyst Target: TeraWulf trades at US$23.20 versus a consensus target of US$38.59, around 39% below analyst expectations.

• ⚖️ Simply Wall St Valuation: Valuation status is marked as unknown, so investors do not yet have a clear Simply Wall St fair value signal.

• ❌ Recent Momentum: The stock is down 8.3% over the past 30 days, even after the Anthropic data center announcement.

There’s only one way to know the right time to buy, sell or hold TeraWulf. Head to Simply Wall St’s company report for the latest analysis of TeraWulf’s Fair Value.

Key Considerations

• 📊 The US$3.5b leveraged loan and 20 year, US$19b Anthropic lease shift TeraWulf further toward contracted AI infrastructure revenue rather than Bitcoin mining.

• 📊 Watch how quickly the Kentucky data center campus is built, how much debt sits on the balance sheet, and any updates to the Anthropic contract terms.

• ⚠️ Key risks include the company’s current losses, higher leverage from the new loan, and execution risk if construction timelines or costs do not match expectations.