On July 13, TeraWulf fell 5.14% in regular trading, trading at $20.84/share, with turnover of $174 million. The stock gave back gains from a two-day recovery rally that followed the initial post-deal sell-off.

On the news front, TeraWulf recently announced a 20-year lease agreement with AI research company Anthropic for its Justified Data campus in Hawesville, Kentucky, expected to generate approximately $19 billion in contract revenue over the full lease term. The campus can accommodate about 401MW of critical IT load, with initial operations expected in H2 2027 and full capacity by early 2028. When the deal was first disclosed, the stock plunged over 12% as investors reacted negatively to the implied massive capital expenditure required. Despite subsequent recovery rallies, renewed selling pressure suggests the market remains cautious about execution risk and capex burden.

Additionally, the company sold its 50.1% majority stake in the Texas Abernathy joint venture to Fluidstack for approximately $450 million. Multiple investment banks maintain Buy ratings, with Morgan Stanley targeting $42 and Bernstein targeting $36.

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