Wall Street spustila první „Neocloud“ ETF zaměřený na firmy pronajímající AI výpočetní výkon hyperscalerům. Fond sází na čistou expozici vůči AI infrastruktuře místo širšího QQQ.
A new ETF launched this August targets the companies renting AI compute directly to hyperscalers, offering something QQQ never could: pure-play exposure to contracted infrastructure backlogs worth hundreds of billions. The tradeoffs, however, are not small.
Invesco QQQ Trust (NASDAQ:QQQ) offers AI exposure through the customers rather than the suppliers. QQQ’s top holdings are the hyperscalers spending on AI infrastructure. That has worked, but QQQ dilutes the pure AI-compute rental trade through hundreds of billions in unrelated market cap. On August 6, 2026, Wall Street launched the first ETF built to isolate that trade: a “Neocloud” fund holding the companies renting AI compute back to those same hyperscalers. It landed the same day as a sister photonics and optics ETF, which carries a 0.65% management fee. The question is whether the trade justifies moving away from QQQ.
What Broad AI Funds Actually Give You QQQ’s AI thesis is second-order. Its megacap holdings sell chips, rent cloud services, and build models, but AI sits inside diversified businesses generating cash from unrelated products. Neocloud names are 100% AI infrastructure, contracted years out, and financed against those contracts. If hyperscaler capex doubles again, QQQ moves modestly. The Neocloud basket moves with it directly.
Names Inside the New ETF CoreWeave (NASDAQ:CRWV) is the anchor. Q2 revenue hit $2.6 billion, up 112% year over year, with a revenue backlog of $104 billion and more than $25 billion in net new customer commitments added early in Q3. Adjusted EBITDA margin was 59%. CEO Michael Intrator described it as an inflection point where “scale began to translate into expanding operating leverage.”
Nebius Group (NASDAQ:NBIS | NBIS Price Prediction) grew revenue 454% to $582 million, with a first-ever capacity auction clearing 15% above its highest prior Blackwell price. Applied Digital (NASDAQ:APLD) sits on $36 billion of total contracted lease value, with roughly 76% tied to investment-grade hyperscalers. TeraWulf (NASDAQ:WULF) signed a 20-year, roughly $19 billion lease with Anthropic for 401 megawatts at its Kentucky campus. IREN inked a five-year, $3.4 billion AI Cloud contract with NVIDIA tied to the eventual deployment of 600,000 GPUs. Lumentum is the optics arm: fiscal Q4 revenue jumped 109% to $1.01 billion, with non-GAAP operating margin at 36.6%.
Where This Basket Actually Wins Against QQQ This is concentration by design, and that is the whole point. QQQ gives you fractional exposure to companies where AI revenue is still buried inside much broader businesses. The neocloud basket, on the other hand, is contracted forward in a big way, with $104 billion at CoreWeave, roughly $37.5 billion at Nebius, and $33 billion at TeraWulf. Every additional dollar of hyperscaler capex, which Applied Digital’s Wes Cummins recently pegged at “nearly $700 billion,” up from around $400 billion, flows straight into the companies that have the power, the sites, and the GPU allocations to absorb it. QQQ catches a sliver of that action. The Neocloud ETF captures the bulk of it.
Tradeoffs Worth Naming In the last week alone, CoreWeave fell 18.63%, and Nebius fell 21.55%. CoreWeave’s Q2 interest expense reached $640 million, versus $267 million a year earlier. TeraWulf posted a $939.92 million net loss driven mostly by non-cash warrant marks. IREN took a $140.4 million non-cash impairment, retiring mining hardware. Customer concentration is real: Nebius disclosed three customers representing 24%, 21%, and 14% of revenue, and TeraWulf leans on Anthropic and Google’s $600 million credit backstop for Fluidstack. None of these names pay a dividend.
The idea is to ride the AI infrastructure wave with guardrails. We wrote a free guide on seven suppliers powering the buildout, from power to cooling to networking, here: 7 Stocks Powering the AI Boom (That Aren’t Chipmakers).
How to Think About the Swap These two funds are structurally very different. QQQ is a broad, diversified core holding you can build a portfolio around. The Neocloud ETF, by contrast, is a satellite that hones in on one specific theme, and it does it through structurally levered, cash-flow-negative businesses. A partial reallocation could make sense here. If you size the Neocloud fund as a modest slice of your AI exposure rather than swapping it in for QQQ entirely, you get that pure-play upside without betting your whole portfolio on capital markets staying open for six companies at the same time. One word of caution, though. If you are working in a taxable account, cost basis matters a lot before you start rotating out of appreciated QQQ shares.
Signals That Would Change the Call Whether this actually works comes down to just two things. First, you have to watch what the hyperscalers are planning to spend on capex. Second, capital markets need to stay open and cooperative. CoreWeave alone raised roughly $18 billion in the second quarter, which gives you a sense of the scale we are talking about. If either of those two pillars weakens, the neocloud ETF will take a much bigger hit than QQQ. But if both hold up, the concentration works in your favor. The smart move is a measured position, sized so that even a total loss would not derail your broader plan, and then weigh that against the diversified exposure a broad tech ETF already gives you.
Contact [email protected] for any questions or corrections.
Kentucky PSC schválila dohodu TeraWulf Retail Electric Service Agreement pro až 482 MW pro Justified Data Campus v okrese Hancock County. Komise uvedla, že dohoda chrání stávající zákazníky a spravedlivě rozděluje náklady i rizika.
PSC order validates a responsible large-load development model that protects existing customers, assigns project-specific costs and risks to TeraWulf, and creates incremental value for utilities and communities | Source: TeraWulf Inc.
EASTON, Md., Aug. 24, 2026 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a vertically integrated owner, developer and operator of large-scale digital infrastructure, today announced that the Kentucky Public Service Commission (“PSC”) has approved the Retail Electric Service Agreement (“RESA”) supporting up to 482 megawatts (“MW”) of electric service for TeraWulf’s Justified Data Campus in Hancock County, Kentucky.
The approval represents an important milestone for Justified and, in TeraWulf’s view, validates a strong model for responsible large-scale data center development: securing substantial power capacity while ensuring that project-specific costs and risks are borne by the large-load customer, protecting existing ratepayers and creating incremental value for utilities and local communities.
In its August 21, 2026 order, the Commission concluded:
“After consideration of the entire record, the Commission finds that the proposed RESA contains adequate protections for existing customers, appropriately allocates financial and operational risks, establishes rates that are fair, just and reasonable, and provides for adequate and reliable service.”
Under the approved structure, TeraWulf is responsible for the market, transmission, delivery and other costs attributable to serving its load, together with customer-specific infrastructure costs and substantial credit-support obligations. The agreement also includes negotiated demand adders and customer charges that provide incremental contributions to Big Rivers Electric Corporation (“Big Rivers”) and Kenergy Corp. (“Kenergy”).
The Commission specifically found that the direct pass-through of market and delivery costs ensures that TeraWulf bears the costs attributable to its service and that the customer-specific terms do not provide TeraWulf an unreasonable preference or advantage or subject other customers to an unreasonable prejudice or disadvantage.
“Power is the gating factor for AI infrastructure, but how you bring that power to market matters,” said Paul Prager, Chief Executive Officer of TeraWulf. “At Justified, we’re taking a former industrial site with existing transmission infrastructure and putting it back to productive use at scale. We’re paying the costs associated with our load, protecting existing ratepayers, and making a significant long-term investment in Kentucky. We believe that’s the right model for responsible data center development, and the Commission’s decision is an important validation of that approach.”
The Justified Data Campus is being developed at the former Century Aluminum Hawesville facility, where approximately 482 MW of existing transmission capability remains available following the closure of the aluminum smelter. Reusing existing industrial infrastructure allows TeraWulf to pair large-scale power availability with redevelopment of a previously industrialized site.
The PSC also recognized the economic benefits associated with the project, including anticipated capital investment, employment and expansion of the local tax base. Based on current expected development costs of approximately $10 million to $12 million per MW of critical IT load, TeraWulf currently estimates approximately $4.0 billion to $4.5 billion of investment in site development and the initial data halls, exclusive of additional investment by customers in computing equipment and related infrastructure.
The Commission stated that “the proposed reuse of an existing industrial site, anticipated capital investment, employment, and additional tax base provide further support for the public-interest benefits asserted in the record.”
The Commission further found that the RESA’s rate structure, credit protections, cost allocation and operational provisions provide adequate safeguards for system reliability and existing utility customers.
The PSC’s approval authorizes Big Rivers and Kenergy to implement the RESA in accordance with its terms.
A Scalable Framework for Responsible Digital Infrastructure
TeraWulf believes the Justified structure demonstrates several principles that can support responsible development of large-scale digital infrastructure:
Leverage existing infrastructure: Justified repurposes an established industrial site with substantial existing transmission capacity. Protect existing customers: Project-specific market, delivery and infrastructure costs are borne by TeraWulf rather than shifted to other utility customers. Align risk with the large-load customer: TeraWulf assumes market-price, load and customer-specific infrastructure risks and maintains significant credit support. Create incremental utility value: Negotiated demand charges and customer fees provide contributions to Big Rivers and Kenergy beyond reimbursement of the direct costs of serving TeraWulf. Drive durable local investment: The project is expected to bring billions of dollars of investment, new jobs and an expanded tax base to Hancock County and the Commonwealth of Kentucky.
TeraWulf believes this combination of power availability, contractual risk allocation, existing infrastructure reuse and local economic benefits can serve as a replicable framework for meeting rapidly growing demand for AI and high-performance computing infrastructure.
About TeraWulf
TeraWulf develops, owns and operates large-scale, power-backed digital infrastructure in the United States, purpose-built for high-performance computing and artificial intelligence workloads. The Company combines long-term control of land, power and interconnection infrastructure with deep in-house expertise in energy markets, infrastructure development and data center operations. TeraWulf operates the Lake Mariner Data Campus in New York and is developing and pursuing additional large-scale campuses in Kentucky, New York and Maryland. The Company also operates existing bitcoin-mining infrastructure at Lake Mariner, portions of which are being repurposed to support contracted HPC development.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (2) TeraWulf’s ability to complete its data center campuses and future strategic growth initiatives in a timely manner or within anticipated cost estimates; (3) operational risks associated with its data centers and TeraWulf’s ability to perform under its existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (6) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (9) other risks and uncertainties detailed from time to time in TeraWulf’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.
Applied Digital má 1,4 GW smluvně zajištěného kritického IT zatížení oproti 839 MW u TeraWulf. Tržní kapitalizace obou firem je téměř stejná, 7,8 mld. USD vs. 7,7 mld. USD.
Applied Digital (APLD -5.03%) and TeraWulf (WULF -4.92%) are two of the top AI stocks riding the data center wave. Both neocloud companies develop and operate facilities that serve hyperscalers, but their stock returns have been a little different this year.
TeraWulf is up by 36%, while Applied Digital has gained just 11%. Is that gap just a fluke, or is it a sign of things to come? Here's what investors should consider.
Image source: Getty Images
Applied Digital has the advantage with gigawatts Gigawatts are the name of the game when it comes to analyzing neocloud and colocation providers that offer IT capacity to hyperscalers. The more gigawatts a company has, the more revenue it can make.
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Applied Digital has secured 1.4 gigawatts of contracted critical IT load, which comes to roughly $36 billion in total contracted lease revenue. Most of these contracts have 15-year terms, including two deals for 300 megawatts at the company's Delta Forge 1 and Polaris Forge 3 sites.
TeraWulf only has 839 megawatts of leased capacity. Most of that came from a 20-year deal with Anthropic for $19 billion that covers 401 megawatts.
Neither of these companies is able to deliver all of this capacity yet. TeraWulf told investors that revenue from the Anthropic deal will start to materialize in the second half of 2027, while revenue generation across all 401 megawatts is expected by early 2028.
Applied Digital also has the bigger pipeline Not only does Applied Digital have more contracted power, but it also has the bigger pipeline. Secured deals make it easier for neocloud and colocation providers to secure financing to build out their infrastructure, while pipelines increase the number of gigawatts, which can result in more lucrative contracts in the future. Further price improvements seem likely as demand for compute capacity continues to expand rapidly.
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Applied Digital has an active pipeline of roughly 3 gigawatts, while TeraWulf's is about 2.1 gigawatts. These figures do not include power or land for which they are still in the early stages of discussion and due diligence, so the size of the gap between them could change quickly. Earlier in the year, TeraWulf announced the acquisition of a Kentucky site that exceeded 1 gigawatt. Another deal like that for Terawulf that could completely close the gap, while a similar deal for Applied Digital would meaningfully expand it.
All of those secured gigawatts can only be transformed into revenue-producing assets if the neoclouds can secure lease deals for their services. That part isn't a problem since demand for compute is so high, but both companies have to ensure they are getting good terms for their capacity.
TeraWulf is aiming to boost its contracted capacity by 250 megawatts to 500 megawatts each year. That would give it between 1 gigawatt and 2 gigawatts of additional contracted power by 2030, which would put its total between 2 gigawatts and 3 gigawatts. Applied Digital has outlined a path to 3 gigawatts of contracted power by 2031, assuming it can lease at least 500 megawatts per year.
The companies have similar market caps Applied Digital has a larger gigawatt pipeline and more capacity under contract, so one might be surprised that their market caps are very similar. Applied Digital's is $7.8 billion, compared to Terawulf's $7.7 billion.
Applied Digital's valuation lead should be larger, especially since its revenue and net income are also higher than Terawulf's. It also has a higher revenue growth rate than Terawulf as more contract revenue gets recognized.
Both companies are at the center of the AI boom and have long-term deals fueling their growth and access to competitive financing. However, Applied Digital has more going for it right now. More contracted power, a deeper gigawatt pipeline, higher revenue, and lower losses highlight the bullish thesis when comparing these two growth stocks.
TeraWulf could have been the better pick if their valuations were miles apart, but the fact that Applied Digital's market cap is barely more than TeraWulf's makes Applied Digital the better pick.
Akcie Cipher Mining klesly o 9 % na 16,77 USD a TeraWulf o 7 % na 16,45 USD, protože rostoucí výnosy amerických státních dluhopisů tlačí dolů valuace AI těžařů kryptoměn. Výnos 10letého amerického dluhopisu je 4,7 %. Pod tlakem jsou i další jména v sektoru.
Shares of Bitcoin (CRYPTO:BTC) miners pivoting to AI infrastructure are moving lower together Tuesday morning, with Cipher Mining (NASDAQ:CIFR) stock down 9% to $16.77 and TeraWulf (NASDAQ:WULF) shares down 7% to $16.45. Rising Treasury yields sit at the center of the move.
The 10-year yield is trading near the upper end of its 52-week range, pressuring long-duration cash flow valuations across a group financing multi-year data center construction against contracted revenue arriving later. HIVE Digital Technologies (NASDAQ:HIVE) shares are down 7% to $2.87, giving back most of Monday’s surge. MARA Holdings stock is down 5% to $9.24, and Riot Platforms shares are down 4% to $19.23.
Rising Yields Reprice the AI Miner Trade The 10-year Treasury yield is 4.7%, near the top of its 52-week range of 3.9% to 4.7%. Every name in this cohort is spending heavily now against revenue arriving in 2027 and 2028, and higher rates raise both borrowing costs and the discount rate applied to future cash flows.
The Nasdaq is down more than 1% and the Philadelphia Semiconductor Index is down more than 5%, so AI infrastructure exposure is under pressure across the board. Each miner in this group retains Bitcoin mining operations and treasury exposure while building HPC capacity for AI tenants, making long-term rates a unified driver (we profiled seven non-chipmaker suppliers powering the same buildout in a free AI infrastructure report).
Cipher Mining Takes the Hardest Hit Cipher Mining stock is absorbing extra pressure beyond the macro, with major sell-side firms adjusting their views on the heavy AI infrastructure pivot. As a capital-intensive Bitcoin miner building industrial-scale high-performance computing data centers for hyperscale tenants, Cipher occupies a concentrated corner of the group with stock up 25% year to date through Monday’s close, so Tuesday’s decline arrives from a level that had absorbed sizable gains earlier in the year.
TeraWulf operates Lake Mariner in New York with 102 MW of revenue-generating critical IT capacity and 336 MW under construction and controls a pipeline of roughly 2.1 GW across five sites with 839 MW of contracted capacity under long-term leases with Anthropic and Core42. The stock was up 53% year to date through Monday’s close, while Riot Platforms has secured 241 MW of contracted critical IT capacity at Rockdale representing $9.8 billion in long-term contracted revenue, with a Corsicana campus under a non-binding letter of intent for up to 1 GW and its shares up 58% year to date through Monday’s close.
TeraWulf, Riot, MARA, and HIVE Follow MARA Holdings operates 19 data centers across four continents, holds a bitcoin treasury of 35,577 BTC and recently secured rights to a 2 GW site in Texas as part of a targeted powered land portfolio of up to 4.8 GW. The stock was up 8% year to date through Monday’s close.
HIVE Digital Technologies surged Monday on a five-year, $350 million GPU cloud services agreement through its BUZZ HPC subsidiary expected to generate $70 million in annualized revenue, with $185 million in capital expenditures and a $35 million upfront customer deposit. That deal offered no protection once yields moved, and its shares were up 19% year to date through Monday’s close.
The Sector ETF Confirms Group-Wide Selling The Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) is down 6% to $47.32, sitting in the middle of individual name declines. That placement signals group-wide selling rather than isolated weakness, and WGMI is a narrow thematic fund concentrated in Bitcoin miners, carrying meaningful concentration risk.
The fund was up 31% year to date through Monday’s close.
What to Watch The bull case is that Cipher Mining, TeraWulf, Riot, MARA, and HIVE hold contracted revenue backlogs, controlled scarce power capacity, and long-duration leases with creditworthy AI customers, none of which changed Tuesday. The bear case is that these are loss-making businesses in heavy investment phases where higher rates directly raise capital costs, and Cipher Mining specifically is absorbing analyst reductions.
Given the volatility of this cohort and low absolute share prices of some names, position sizing should stay moderate. Traders could look for signs that the 10-year yield breaks above its 52-week high. Shareholders may want to keep an eye on whether their exposure can absorb further rate volatility before 2027 and 2028 lease deliveries begin producing cash flow.
Contact [email protected] for any questions or corrections.
TeraWulf uzavřela 20letý pronájem pro Anthropic na kampusu v Kentucky, který má pokrýt asi 401 MW a přinést zhruba 19 miliard USD smluvních tržeb. Akcie jsou letos nahoře o 40,82 %.
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TeraWulf (NASDAQ:WULF) stock is leading a group of Bitcoin (CRYPTO:BTC) miner-turned-AI-infrastructure companies in 2026, with shares up 40.82% year to date. Applied Digital (NASDAQ:APLD) stock is up 18.52%, IREN Limited (NASDAQ:IREN) stock is up 2.57%, and Core Scientific (NASDAQ:CORZ) stock is up 33.52%, putting TeraWulf ahead of all three peers.
The broader backdrop has also been favorable, with the Global X Data Center & Digital Infrastructure ETF (NASDAQ:DTCR) up 31.78% year to date. That suggests TeraWulf stock isn’t simply benefiting from a rising digital-infrastructure tide, since its gain has exceeded the ETF’s performance.
TeraWulf’s Anthropic Deal Is a Major Catalyst The biggest recent driver for TeraWulf has been its 20-year lease with Anthropic at the Justified Data campus in Kentucky. The agreement covers approximately 401 megawatts of critical IT load and is expected to generate roughly $19 billion of contracted lease revenue over its initial term, with initial capacity expected online in the second half of 2027 and the full campus ramping by early 2028.
TeraWulf also agreed to sell its 50.1% interest in the Abernathy Joint Venture to a Fluidstack-led investor group, monetizing an approximately $450 million investment at a premium. That transaction could give TeraWulf more capital to deploy into wholly owned AI infrastructure, while the Anthropic lease provides investors with another long-duration contracted revenue stream.
Wall Street Sees More Upside for WULF Needham raised its TeraWulf stock price target to $33 from $28 in July while maintaining a Buy rating, citing the attractiveness of the Anthropic lease and the continued strength of AI infrastructure demand. Needham’s updated estimates also incorporated the removal of the Abernathy joint venture and the addition of the Justified Data lease.
The bullish case rests on TeraWulf converting its power and land portfolio into long-term AI infrastructure contracts, while its earlier Fluidstack arrangements provide another piece of contracted HPC (high-performance computing) capacity. TeraWulf’s Q1 results already showed the transition taking shape, with $21 million of HPC lease revenue accounting for more than half of its $34 million of total revenue.
Peers Have Catalysts, Too Applied Digital has continued building out its AI data center portfolio, including additional capacity at its North Dakota campus, while IREN has been expanding its AI Cloud business. IREN recently announced $2.8 billion of new customer contracts and raised its year-end AI Cloud annualized run-rate revenue target to more than $4 billion, with roughly 85% of that target under contract.
Core Scientific has arguably produced one of the more important recent peer catalysts after announcing an agreement with Advanced Micro Devices (NASDAQ:AMD | AMD Price Prediction) for up to 2.5 gigawatts of data center capacity. Core Scientific’s Q2 results also showed colocation revenue of $136.7 million, while billing capacity reached 437 megawatts by mid-July, highlighting how quickly the business is shifting toward contracted AI infrastructure.
What to Watch Now TeraWulf stock’s lead in 2026 so far suggests that investors are placing a premium on its combination of contracted demand, power availability and long-term customer relationships. The bear case is that TeraWulf still has to execute expensive, complex construction projects, and much of the largest revenue opportunity from Anthropic won’t begin until future capacity is delivered.
The comparison with APLD stock, IREN stock and CORZ stock also shows that investors have several ways to play the same AI infrastructure theme. TeraWulf stock could remain a strong performer if management executes on its contracted buildout, but the stock’s substantial gain already reflects considerable optimism.
Investors considering TeraWulf stock should keep their position sizes moderate given the company’s capital requirements, execution risks and history of volatility. The DTCR ETF could offer a more diversified way to participate in the data-center buildout, while investors who choose individual names may want to watch for whether TeraWulf continues converting its development pipeline into contracted, revenue-producing capacity.
Contact [email protected] for any questions or corrections.
TeraWulf ve 2. čtvrtletí zvýšil tržby na 44,8 mil. USD, hlavně díky pronájmu HPC, který vzrostl mezikvartálně o 52 % na 31,9 mil. USD. Po čtvrtletí podepsal 20letý pronájem s Anthropic za zhruba 401 MW a přibližně 19 mld. USD smluvních tržeb.
Texas Power Play: Hut 8 Sparks a $9.8B AI Infrastructure DealTeraWulf NASDAQ: WULF said its second-quarter results reflected growing high-performance computing, or HPC, lease revenue as additional capacity came online at its Lake Mariner campus, alongside a broader expansion strategy that includes a major Anthropic lease in Kentucky, the acquisition of the Muskie Data Campus and a planned sale of its interest in the Abernathy joint venture.
Revenue totaled $44.8 million in the second quarter, up from $34.0 million in the first quarter. HPC lease revenue rose 52% sequentially to $31.9 million and accounted for about 71% of total revenue, according to Chief Financial Officer Patrick Fleury.
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IREN’s $2.8 Billion AI Contract Haul Changes the Stock’s StoryThe company reported a GAAP net loss attributable to TeraWulf of $939.9 million, compared with a $427.6 million loss in the prior quarter. Fleury said the increase was primarily driven by a $755.7 million non-cash loss from the change in fair value of Google warrants, reflecting an increase in TeraWulf’s stock price. The adjustment had no impact on liquidity, he said. Non-GAAP adjusted EBITDA was negative $18.3 million, versus negative $4.1 million in the first quarter, as the company incurred pre-revenue operating and development costs ahead of further HPC capacity deliveries.
Lake Mariner Capacity Moves Into Service Chairman and CEO Paul Prager said the company completed its CB-3 building at Lake Mariner, bringing total revenue-generating critical IT capacity at the campus to 102 megawatts as of early July. The completion also satisfied conditions for $600 million of Google credit support for Fluidstack’s lease obligations to become effective.
How TeraWulf’s Anthropic Deal Booted Up a $19B AI EmpireChief Technology Officer Nazar Khan said the first CB-4 data hall was in Level 2 commissioning and was expected to enter Level 3 commissioning in mid-August. TeraWulf expects the first CB-4 data hall to reach its contractual delivery milestone and begin generating lease revenue in late September. The first CB-5 data hall is expected to begin energizing in very early January.
Khan said electrical labor availability and customer-driven design optimization had been the most significant execution variables. TeraWulf added a second electrical contractor and scaled its workforce to support roughly 1,000 electricians at peak staffing levels.
Fluidstack lease amendments executed in early July increased contracted capacity at both CB-4 and CB-5 from 162 MW to 168 MW. Fleury said TeraWulf will contribute about $150 million for tenant fit-out costs incurred through June 30, 2026, in exchange for more than $300 million of incremental lease revenue over the initial 10-year term. Including the expanded contracted capacity, the amendments are expected to add more than $500 million of lease revenue over the initial lease terms.
TeraWulf’s reported HPC leasing segment profit margin was approximately 28% during the quarter. Fleury said that figure included tenant fit-out revenue and costs, $6.8 million of pre-revenue operating costs at WULF Compute and $6.0 million of development costs at uncontracted sites. Excluding those items, the segment margin was approximately 80%, compared with the company’s long-term target of about 85%.
Kentucky Expansion Includes Anthropic Lease Following the quarter’s end, TeraWulf signed a 20-year lease with Anthropic for approximately 401 MW of critical IT capacity at the Justified Data Campus in Hawesville, Kentucky. Prager said the agreement represents approximately $19 billion in contracted revenue during the initial lease term and expands the company’s relationship with Anthropic.
The company also acquired the Muskie Data Campus in Eastern Kentucky, a gigawatt-scale development site located in an industrial park. The campus is being developed with Kentucky Power, an American Electric Power company, under electric service arrangements governed by a Kentucky Public Service Commission-approved data-center tariff.
Kentucky Power is expected to build a new 345-kilovolt substation connected to AEP’s existing 765-kilovolt transmission system, with initial electric service expected in the fourth quarter of 2028. TeraWulf said it is increasingly optimistic that Muskie could eventually expand to as much as 2 GW, and management said commercialization discussions were active with prospective customers.
Management reiterated its target of contracting an incremental 250 MW to 500 MW of critical IT capacity annually. Khan said that range reflects not only customer demand but also the capital, equipment and labor required to execute projects, noting that a project at the high end of the range can require nearly $5 billion of total capital.
Abernathy Sale and Chesapeake Progress TeraWulf agreed after quarter-end to sell its entire 50.1% interest in the Abernathy joint venture for approximately $530 million. Fleury said the transaction represents a 20% internal rate of return on TeraWulf’s original investment. The company received an initial $250 million payment in July, expects another $150 million on or before Dec. 31, 2026, and expects approximately $130 million on or before April 30, 2027, subject to transaction terms.
Prager said selling the investment would allow TeraWulf to focus capital and management attention on large-scale projects where it controls the site, power infrastructure, development process and customer relationship.
Separately, the Federal Energy Regulatory Commission on July 29 authorized TeraWulf’s proposed acquisition of the Morgantown site, a key regulatory condition toward closing the Chesapeake transaction. The site includes approximately 210 MW of existing grid-connected generation and could potentially support an integrated generation, storage and data-center campus with up to 1 GW of data-center capacity, subject to remaining closing conditions and required consents.
Liquidity and Capital Outlook Cash and restricted cash totaled approximately $3.0 billion at June 30. Parent-level unrestricted cash was approximately $1.2 billion at quarter-end and increased to about $1.45 billion after the initial Abernathy payment.
At WULF Compute, gross cash totaled approximately $1.9 billion, or about $1.5 billion after accounting for debt service reserves and interest-during-construction accounts. The company had completed approximately $2.3 billion of project capital expenditures at Lake Mariner, with about $1.7 billion remaining; roughly two-thirds of the remaining spending is committed.
TeraWulf now estimates total WULF Compute project costs of approximately $9.1 million per critical IT MW, within its original $8 million to $10 million per-MW guidance range. Fleury said the updated estimate incorporates electrical labor constraints and evolving customer equipment and operational requirements.
The company said existing liquidity and expected Abernathy proceeds should fund its remaining Lake Mariner commitments, planned Muskie equity investment and letter-of-credit needs, the proposed Chesapeake acquisition and other sites being pursued without accessing equity capital markets. Management said it expects to use project-level financing for future development, while maintaining what Fleury described as conservative leverage and a healthy equity layer.
About TeraWulf (NASDAQ:WULF)TeraWulf, Inc NASDAQ: WULF is a digital asset infrastructure company focused on the development and operation of zero-carbon bitcoin mining facilities. The company integrates sustainable power generation with high-density data center technologies to deliver environmentally responsible digital asset mining services. Its core business revolves around designing, building and operating large-scale mining projects powered exclusively by renewable or emissions-free energy sources.
One of TeraWulf’s flagship projects is “Project Nautilus,” located in Tompkins County, New York, which harnesses hydroelectric power sourced from the New York State Electric & Gas (NYSEG) grid.
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TeraWulf Inc. (WULF - Free Report) came out with a quarterly loss of $0.37 per share versus the Zacks Consensus Estimate of a loss of $0.2. This compares to a loss of $0.05 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -85.00%. A quarter ago, it was expected that this company would post a loss of $0.16 per share when it actually produced a loss of $0.44, delivering a surprise of -175%.
Over the last four quarters, the company has not been able to surpass consensus EPS estimates.
TeraWulf, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $44.77 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.31%. This compares to year-ago revenues of $47.64 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
TeraWulf shares have added about 64.3% since the beginning of the year versus the S&P 500's gain of 13%.
What's Next for TeraWulf?While TeraWulf has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for TeraWulf was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.16 on $81.16 million in revenues for the coming quarter and -$1.54 on $304.6 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Marex Group PLC (MRX - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 12.
This company is expected to post quarterly earnings of $1.36 per share in its upcoming report, which represents a year-over-year change of +33.3%. The consensus EPS estimate for the quarter has been revised 4.8% higher over the last 30 days to the current level.
Marex Group PLC's revenues are expected to be $589 million, up 17.8% from the year-ago quarter.
TeraWulf uzavřel s Anthropic 20letou smlouvu na zhruba 401 MW kapacity pro AI, která má přinést asi 19 miliard USD smluvních výnosů. První zařízení mají začít fungovat koncem roku 2027.
Bitcoin (BTC -0.66%) mining revenue can rise or fall with Bitcoin prices, competition from other miners, and electricity costs. TeraWulf (WULF -0.90%) is trying to reduce revenue volatility by leasing data center infrastructure to artificial intelligence (AI) customers.
Image source: Getty Images.
TeraWulf recently signed a 20-year agreement to provide Anthropic with roughly 401 megawatts of AI computing capacity. The lease is expected to generate approximately $19 billion of contracted revenue, with the first facilities scheduled to begin operating in late 2027.
However, with TeraWulf stock up nearly 242% in the past year (as of July 31), investors must determine how much of that opportunity is already reflected in the share price.
Why Bitcoin miners are turning to AI Bitcoin-mining machines cannot be converted into AI servers. The real opportunity lies in the power infrastructure some miners already control, including land, grid interconnections, substations, electrical systems, and cooling equipment.
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Bitcoin miners that already control land, grid connections, and substations may be able to deliver AI capacity faster than developers starting from scratch. But only a few can make the shift, because AI data centers need highly reliable power, advanced cooling, fast networking, and substantial financing.
TeraWulf is already making progress. The company's 60 megawatts of operating AI and high-performance computing (HPC) capacity generated $21 million of lease revenue in the first quarter, compared with $13 million from Bitcoin mining. HPC leasing accounted for about 62% of total revenue.
TeraWulf's opportunity can increase expenses The Anthropic lease is expected to generate about $19 billion over its initial 20-year term, averaging $950 million annually. However, this is not current revenue or profit. Anthropic will begin paying rent only as TeraWulf delivers each phase. Additionally, construction, operating, and financing costs will reduce the amount ultimately available to shareholders.
TeraWulf must spend heavily on construction before it can collect rent from Anthropic. The company has not yet disclosed the project's total cost or full financing plan. TeraWulf exited the first quarter with $5.3 billion in debt.
It has already used stock sales to help fund its expansion. An April common stock offering and other share issuances increased its share count from 425.1 million on March 31 to 495.5 million on May 5. Hence, while further stock sales could fund construction, they could also dilute existing shareholders.
Is WULF still worth buying? TeraWulf's market capitalization was around $8.75 billion as of July 31. Hence, investors are already valuing the company at almost 9.2 times the Anthropic lease's simple average annual revenue, even before including the remaining construction capital.
While the valuation and execution risks cannot be ignored, TeraWulf's strengths include a 20-year contract with Anthropic, direct ownership of the infrastructure, and an AI-hosting business that is already generating revenue.
TeraWulf appears to be a higher-risk, higher-reward stock that is best kept as a small position. The key question is how the company will fund the Anthropic campus. Affordable project financing would support the investment case, while another large stock sale could dilute existing shareholders.
Akcie Cipher Digital a TeraWulf v pondělí klesly, i když nové analýzy oběma firmám zvedly cílové ceny nad 30 USD. Chardan u TeraWulf zahájil sledování s doporučením Buy a cílem 32 USD a u Cipher Digital také zahájil sledování s doporučením Buy a cílem 32 USD.
Shares of Cipher Digital (NASDAQ:CIFR) and TeraWulf (NASDAQ:WULF) are lower Monday afternoon, extending a rough month for bitcoin-miner-turned-AI-infrastructure names. Cipher Digital stock trades at $21.12, off 9%, while TeraWulf stock sits at $17.65, down 4%.
The declines come despite two fresh research reports pointing to price targets above $30, and they cap a stretch of sharp volatility across the neocloud cohort. TeraWulf stock is still up 54% year to date (YTD), and Cipher Digital stock is up 43% YTD, so today’s drop reads as a continuation of a pipeline valuation reset rather than a break in the bull thesis.
Analyst Reports Split on the Group Chardan initiated TeraWulf stock at a Buy rating with a $32 price target, framing the company as a first mover in the shift to AI data center infrastructure with four lease agreements secured and a management team skilled at navigating power-constrained markets. Chardan’s Bill Papanastasiou also initiated Cipher Digital stock at Buy with a $32 target, citing hyperscaler and neo-cloud leases and Cipher Digital’s status as the only operator in its peer group partnered with Amazon (NASDAQ:AMZN | AMZN Price Prediction) Web Services.
Keefe Bruyette raised its Cipher Digital price target to $32 from $27 while keeping Outperform, flagging unallocated Electric Reliability Council of Texas (ERCOT) “Batch Zero” capacity as a possible major value unlock. However, Keefe Bruyette trimmed TeraWulf’s target to $30 from $33, still Outperform, which is a cut, not the hike Cipher Digital received.
Both firms remain positive on high-performance computing (HPC) colocation demand into Q2 2026 miner earnings but selective on funding concerns and model-layer risk from AI-lab tenants, favoring hyperscaler and investment-grade leases across the group. The split reflects a market increasingly rewarding contracted, investment-grade cash flows over speculative AI-lab exposure.
Selloff Spreads Across the Neocloud Cohort IREN Limited (NASDAQ:IREN) stock is down 4% at $35.56, and Applied Digital (NASDAQ:APLD) stock is down 4% at $26.13, extending a month of double-digit drawdowns across the group. Applied Digital shares have slid 33% over the past month, and IREN shares are off by 25% over the same window.
The CoinShares Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) holds all four names, so the fund captures the theme in one vehicle. It’s a narrow, single-theme product with high beta, and the fund’s concentration means that your exposure can swing hard in either direction. Investors playing the space directly should consider modest position sizes.
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Comparing the 2026 Setups TeraWulf’s setup rests on a 2.3 GW platform, more than $13 billion in contracted revenue, and anchor tenants Core42, Fluidstack, and Alphabet‘s (NASDAQ:GOOGL) Google via credit backstop. CEO Paul Prager described a “power-advantaged platform… increasingly differentiated in a market constrained by access to power”, and a recent $1 billion equity raise funds the Hawesville, Kentucky campus.
Cipher Digital counters with 700 MW of contracted HPC capacity, roughly $11.4 billion in contracted revenue on 10-to-15-year terms, and an AWS lease at Black Pearl worth $5.5 billion over 15 years. A Fluidstack/Google lease at Barber Lake adds another $3.8 billion. CEO Tyler Page called “2026…the year of execution for Cipher.”
The bear case for both stocks is real, though. TeraWulf’s Q1 FY2026 net loss reflected a $216.32 million non-cash warrant revaluation, and Cipher Digital carries about $5.2 billion in total debt, with interest expense that surged to $59.16 million from $777,000 year over year (YoY). Funding capacity and tenant credit quality remain the swing factors between now and Q2.
What to Watch Investors can watch for whether Cipher Digital shares stabilize near $21 and whether TeraWulf stock holds above its 200-day moving average of $17.45. Q2 earnings from the miner cohort in the coming weeks can reset how the market prices contracted HPC revenue against near-term GAAP losses, and either name may retest lower before the setup firms up.
The broader tape is telling investors that pipeline announcements alone no longer clear the bar. What matters now is executed leases with investment-grade counterparties, funded capex, and visible cash-flow ramps into 2027. Both TeraWulf and Cipher Digital have pieces of that story, but the market wants proof rather than promise.
For traders, the setup rewards patience over conviction sizing. Waiting for Q2 prints and any Batch Zero clarity from ERCOT can offer a cleaner entry than buying on a drawdown today.
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TeraWulf uzavřel s Anthropic 20letý pronájem kampusu Justified Data v Hawesville, Kentucky, který má přinést asi 19 miliard USD smluvních výnosů. Zároveň prodává 50,1% podíl v Abernathy JV za zhruba 450 milionů USD.
Long-Term AI Infrastructure Lease Expected to Generate ~$19 Billion of Contracted Revenue Over Initial Term
Abernathy Transaction Monetizes Approximately $450 Million Investment at a Premium and
Provides Capital to Expand Wholly Owned AI Infrastructure Portfolio
EASTON, Md., July 06, 2026 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner, developer, and operator of vertically integrated digital infrastructure, today announced two significant transactions that further advance its strategy of developing, owning, and operating large-scale AI infrastructure campuses.
The Company has executed a 20-year lease agreement with Anthropic at its Justified Data campus in Hawesville, Kentucky. The lease is expected to generate approximately $19 billion of contracted revenue over the initial lease term.
Separately, TeraWulf has entered into a definitive agreement to sell its 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by its joint venture partner, Fluidstack. The transaction monetizes TeraWulf's approximately $450 million investment at a premium to invested capital, unlocking significant capital for redeployment into wholly owned AI infrastructure opportunities.
Collectively, the transactions enhance TeraWulf’s long-term revenue visibility, strengthen its financial position, and further align the Company’s capital with infrastructure platforms where it maintains direct ownership, customer relationships, and operational control.
Anthropic Executes 20-Year Lease at Justified Data Campus
TeraWulf has entered into a 20-year lease agreement with Anthropic for a purpose-built AI infrastructure campus at the Justified Data site in Hawesville, Kentucky.
The campus will accommodate approximately 401 MW of critical IT load and will be developed in multiple phases. Initial capacity is expected to be placed into service during the second half of 2027, with the campus ramping to the full 401 MW by early 2028.
The lease is expected to generate approximately $19 billion of contracted lease revenue over the initial term and is expected to be supported by an investment-grade credit.
TeraWulf Monetizes Abernathy Investment
Under the terms of the Abernathy transaction, TeraWulf will sell its entire 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by Fluidstack, its joint venture partner and a leading AI cloud infrastructure provider.
The Abernathy Joint Venture was established in 2025 to develop a 168 MW critical IT load AI data center campus in Abernathy, Texas. Since the project's inception, TeraWulf and Fluidstack have worked closely to advance the development of the campus. Following the closing of the transaction, Fluidstack will continue to leading the project.
The sale enables TeraWulf to realize the value created through its $450 million investment and redeploy that capital into AI infrastructure opportunities where it can capture greater long-term economic value through direct ownership and operation.
Management Commentary
Paul Prager, Chairman and Chief Executive Officer of TeraWulf, commented:
“When we announced the Justified Data campus acquisition in February, we told investors that we expected to secure a major customer commitment by around the end of the second quarter of 2026. The timing of today's announcement reflects the completion of final documentation and customary transaction processes, and we are proud to announce this landmark partnership with Anthropic.”
“The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world’s leading AI companies. The lease provides approximately $19 billion of contracted lease revenue over its initial term, creates a framework for future expansion, and demonstrates the value of our ability to source power, develop infrastructure, and secure long-term customer commitments.”
“At the same time, the sale of our ownership interest in Abernathy to a group led by Fluidstack crystallizes the value created through that investment and generates significant capital for redeployment into infrastructure platforms where we maintain direct ownership, customer relationships, and operational control.”
“Together, these transactions position TeraWulf for its next phase of growth. Our strategy is centered on owning and operating critical infrastructure assets, maintaining direct relationships with our customers, and controlling the long-term evolution of our campuses. We believe this model provides the greatest opportunity to generate durable cash flows and attractive long-term returns for shareholders.”
Strategic Benefits
Following completion of the transactions, TeraWulf expects to:
Add approximately $19 billion of contracted revenue under the initial 20-year lease term.Further expand its long-term infrastructure relationship with Anthropic, one of the world's leading AI companies.Bring the initial Anthropic capacity at Justified Data online in the second half of 2027.Monetize its approximately $450 million investment in the Abernathy Joint Venture at a premium to invested capital, while simplifying TeraWulf's financial statements and streamlining financial reporting through the elimination of joint venture accounting.Recycle capital into wholly owned AI infrastructure opportunities where TeraWulf can capture greater long-term economic value through direct ownership and operation.Further strengthen TeraWulf’s position as a leading owner, developer, and operator of AI infrastructure. Together, these transactions demonstrate TeraWulf's ability to create value across the AI infrastructure lifecycle – from originating and developing large-scale campuses, to securing long-term customer commitments, to monetizing mature infrastructure investments and redeploying capital into future growth opportunities.
About TeraWulf
TeraWulf develops, owns, and operates large-scale digital infrastructure designed to support AI, high-performance computing (HPC), and other advanced compute workloads. Leveraging deep expertise in energy markets, power infrastructure, and grid integration, the Company develops and operates purpose-built facilities where power availability, scalability, and operational execution are critical competitive advantages. By strategically securing and monetizing high-value power resources, TeraWulf is well-positioned to serve the growing infrastructure needs of hyperscalers, AI innovators, and enterprise customers. Learn more at terawulf.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (2) TeraWulf’s ability to complete our data center campuses and future strategic growth initiatives in a timely manner or within anticipated cost estimates; (3) operational risks associated with our data centers and our ability perform under its existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (6) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (9) other risks and uncertainties detailed from time to time in TeraWulf’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.
TeraWulf oznámil, že výnosy z HPC leasingu ve 1. čtvrtletí 2026 mezikvartálně vyskočily o 117 % na 21 milionů USD a tvořily téměř 62 % celkových výnosů. IREN naopak dolů tlačí slabší těžba bitcoinu a odpisy.
Key Takeaways WULF's HPC leasing revenues surged 117% sequentially in Q1 2026 and accounted for 62% of total revenues.IREN is growing AI cloud revenues, but lower bitcoin mining revenues are pressuring near-term results.WULF benefits from long-term HPC contracts, while IREN faces transition-related impairment charges. IREN Limited (IREN - Free Report) and TeraWulf (WULF - Free Report) are key players in the artificial intelligence (AI) infrastructure market that offer next-generation data center infrastructure targeting high-performance computing (HPC), AI workloads and scalable computing. IREN Limited is one of the world’s largest and lowest-cost bitcoin miners that operate next-generation data centers using renewable energy, while TeraWulf focuses on HPC data centers designed for AI workloads.
Currently, IREN and WULF have an opportunity to capitalize on the emerging AI space as the need for AI compute infrastructure is witnessing a CAGR of 23.8%, per a report by MarketsAndMarkets. With this strong industry growth forecast, the question remains: Which stock has more upside potential? Let’s break down their fundamentals, growth prospects, market challenges and valuation to determine which offers a more compelling investment case.
The Case for IREN StockIREN’s recent financial results reflect its ongoing shift toward AI cloud services. In the third quarter of fiscal 2026, AI Cloud Services revenues were $33.6 million compared with $17.3 million in the previous quarter, reflecting sequential growth of 94.2%. Here, strong AI infrastructure demand and rising contracted capacity are expected to continue supporting growth in IREN's AI cloud business.
IREN’s recent partnership with NVIDIA to strengthen its AI cloud business is a key positive. The company signed a $3.4 billion, five-year AI cloud contract with NVIDIA to deploy Blackwell GPUs across 60 megawatts of air-cooled capacity at its Childress campus in Texas. The above-mentioned contract should contribute around $700 million in annual recurring revenues (ARR) and support future growth in AI cloud revenues.
However, IREN is seeing near-term pressure on revenues as it moves away from Bitcoin mining and focuses more on AI cloud services. In the third quarter of fiscal 2026, total revenues fell 21.6% from the previous quarter. Management said that this drop was mainly due to lower Bitcoin mining revenues, which declined 33.6% on a sequential basis in the third quarter of fiscal 2026.
IREN is shifting power and infrastructure away from mining and toward AI workloads. AI cloud revenues are increasing, but they are not yet large enough to fully make up for the drop in mining revenues. Management said this pressure should be temporary. As more GPUs are installed and AI cloud contracts ramp up, AI revenues are expected to become the main source of revenue. Until then, quarter-over-quarter results may remain uneven.
Further, higher costs relating to the recognition of impairment charges on IREN’s Bitcoin mining hardware, as it shifts toward AI cloud infrastructure, continue to weigh on IREN’s prospects. In the fiscal third quarter, impairment charges amounted to $140.4 million, representing a whopping increase from $31.8 million incurred in the prior quarter. These impairment charges reflect the declining importance and value of IREN’s legacy mining business. IREN’s transition to AI cloud means that these charges are expected to continue in the near term, which may put reported profitability under pressure in the upcoming quarters.
The Case for WULF StockTeraWulf is rapidly transforming from a Bitcoin miner into an AI infrastructure company, where the company's HPC leasing business is becoming the main driver of growth. In the first quarter of 2026, HPC leasing revenues were $21 million, which increased 117% sequentially and contributed to nearly 62% of total revenues.
The growth was driven by the completion of the Core42 deployment at the Lake Mariner facility. During the first quarter, TeraWulf delivered all 60 megawatts of contracted capacity to Core42 and began generating revenues from the lease. This was the first quarter in which HPC leasing made a meaningful contribution to the company's financial results.
The contribution from HPC leasing is expected to increase further in the coming quarters. TeraWulf is developing additional capacity for Fluidstack and Google at Lake Mariner. The company expects CB-3 to begin operations shortly, while CB-4 and CB-5 are scheduled to come online in the third and fourth quarters of 2026. As these facilities come online, HPC leasing revenues should continue to grow.
The segment also carries higher profitability. Management stated that the reported HPC segment's profit margin was approximately 50% in the first quarter. Excluding tenant fit-out work, pre-revenue operating expenses and development costs for future sites, the profit margin would have been approximately 85%.
The business mix is also becoming more predictable. Bitcoin mining revenues depend on Bitcoin prices, mining difficulty and network conditions. In contrast, HPC leasing revenues come from long-term contracts with customers. Management stated that future revenue growth will increasingly come from contracted, credit-backed HPC customers rather than mining operations.
With additional capacity scheduled to enter service during 2026 and strong demand from AI and hyperscale customers, HPC leasing appears set to become TeraWulf's primary revenue and profit driver.
How Do Estimates Compare for IREN & WULF?The Zacks Consensus Estimate for IREN’s fiscal 2026 loss is pegged at 40 cents per share, revised downward over the past 30 days. The company reported earnings of 4 cents per share in fiscal 2025.
The consensus mark for WULF’s 2026 loss is pegged at $1.53 per share, narrower than the loss of $1.66 per share reported in 2025.
IREN vs. WULF: Price Performance and ValuationYear to date, shares of IREN and WULF have returned 55.3% and 143.8%, respectively.
IREN Vs. WULF: YTD Price Return Performance
Image Source: Zacks Investment Research
In terms of the forward 12-month price/sales ratio, WULF is trading at 23.09X, higher than IREN’s 7.82X. Despite trading at a higher P/S multiple, WULF’s valuation premium is supported by the increasing contribution of its high-margin HPC leasing business and stronger revenue visibility from long-term customer contracts.
IREN vs. WULF: Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research
Conclusion: WULF Has an Edge Over IRENBoth IREN and WULF are key players in the AI infrastructure space, but their near-term outlooks are quite different. Currently, IREN faces near-term risks from lower bitcoin mining revenues and rising impairment charges as the company moves away from Bitcoin mining to focus more on AI cloud services.
In contrast, TeraWulf’s HPC leasing contributed nearly 62% of first-quarter 2026 revenues and is becoming the company's primary growth driver. The business is supported by long-term contracts with customers such as Core42, Fluidstack and Google, providing greater revenue visibility than Bitcoin mining operations.
Currently, WULF carries a Zacks Rank #3 (Hold), giving the stock a clear edge compared to IREN, which has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
