On August 21, TeraWulf Inc. rose 5.17% in regular trading, trading at $17.21/share, with turnover of $74.59 million. The rally was driven by newly disclosed holding data showing Google nearly doubled its stake in the company to 14%, serving as a major capital endorsement of TeraWulf's AI infrastructure strategy.

The increased position from a tech giant comes as TeraWulf's business pivot gains tangible traction. The company signed a 20-year lease agreement with Anthropic at its Justified Data campus in Kentucky, projected to generate approximately $19 billion in contract revenue over the initial term. Q2 HPC leasing revenue reached $31.93 million, accounting for roughly 71% of total revenue, confirming that the company's revenue center has substantively shifted toward AI infrastructure from its legacy bitcoin mining operations.

However, challenges remain. Q2 EPS came in at -$1.94, far worse than the -$0.22 consensus estimate, and Morgan Stanley recently cut its price target from $72 to $62.50 while maintaining an Overweight rating. Analysts note the significant time gap between the $19 billion contract value and current quarterly revenue recognition as a key tension in the valuation framework.

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