On July 6, TeraWulf Inc. surged 27.91% in pre-market trading, trading at approximately $25.35/share, with turnover of $14.60 million.

The sharp rally was driven by the announcement that TeraWulf has signed a lease agreement with leading AI research company Anthropic at its Justified data campus. Simultaneously, the company disclosed the sale of its majority stake in the Abernathy joint venture to Fluidstack. The Anthropic lease represents a significant validation of TeraWulf's strategic pivot toward high-performance computing and AI infrastructure.

This development builds on TeraWulf's aggressive expansion strategy, including its acquisition of a hyperscale HPC site in Eastern Kentucky capable of supporting over one gigawatt of data center capacity, and its $900 million equity offering in April priced at $19 per share to fund data center construction. Wall Street has maintained a broadly bullish stance on the stock, with Morgan Stanley holding an Overweight rating with a $42 price target, Bernstein initiating at Outperform with a $36 target, and BofA Securities initiating at Buy with a $34 target.

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