On July 10, TeraWulf declined 5.45% in regular trading, trading at $21.9/share, with turnover of $243 million. The stock gave back a portion of its recent two-day recovery rally, reflecting continued market uncertainty surrounding its landmark data center agreement with Anthropic.

TeraWulf recently announced a 20-year lease agreement with AI research company Anthropic for its Justified Data campus in Hawesville, Kentucky, projected to generate approximately $19 billion in full-cycle contract revenue. The facility will accommodate roughly 401MW of critical IT load, with initial capacity expected online in H2 2027 and full capacity by early 2028. Concurrently, TeraWulf sold its 50.1% majority stake in the Texas Abernathy joint venture to Fluidstack for approximately $450 million.

While the deal secured long-term revenue visibility, concerns over an estimated $4 billion in development capital expenditure initially triggered a 12%-plus selloff on July 7. The stock subsequently rebounded approximately 7% and 5% over two consecutive sessions before today's pullback. Multiple investment banks maintain buy ratings, with Morgan Stanley targeting $42, Bernstein at $36, and Bank of America at $34.

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